Schwartz v. Opus Bank
Opus Bank Securities Litigation
Case No: 2:16-cv-07991-AB-JPR

Frequently Asked Questions

 

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  • The Notice is being sent to you pursuant to an order of the United States District Court for the Central District of California (the “Court”) because you or someone in your family may have purchased Opus common stock as described in the Notice. The Court has directed us to send you the Notice because, as a potential Class Member, you have a right to know about your options before the Court rules on the proposed Settlement of this case. Additionally, you have the right to understand how a class action lawsuit may generally affect your legal rights.

    A class action is a type of lawsuit in which the claims of a number of individuals are resolved together, thus providing the class members with both consistency and efficiency. In a class action lawsuit, the Court selects one or more people, known as class representatives, to sue on behalf of all people with similar claims, commonly known as the class or the class members. Once the class is certified, the Court’s resolution of all issues, whether or not favorable, is binding on the class, except for any persons who choose to exclude themselves from the class (for more information on excluding yourself from the Class, please read “What if I do not want to be a part of the Settlement? How do I exclude myself?” located below). In the Action, the Court has directed that Lead Plaintiff and Lead Counsel have primary responsibility for prosecuting all claims against Defendants on behalf of investors who purchased Opus common stock during the Class Period.

    The Court in charge of this case is the United States District Court for the Central District of California, and the case is known as Schwartz v. Opus Bank, Case No. 2:16-cv-07991-AB-JPR (the “Action”). The Judge presiding over this case is the Honorable André Birotte Jr. The person who is suing is called the plaintiff, and those who are being sued are called defendants. In this case, the Lead Plaintiff is Arkansas Public Employees Retirement System, and the Defendants consist of Opus and two of its current and former executives, Stephen H. Gordon (“Gordon”) and Michael L. Allison (“Allison”). The proposed Settlement is with all the foregoing Defendants, for the benefit of themselves and the Released Parties.

    The Notice explains the lawsuit, the Settlement, your legal rights, what benefits are available, who is eligible for them, and how to get them. The purpose of the Notice is to inform you of this case; that it is a proposed class action; how you might be affected; how to object, if you wish, to the proposed Settlement and/or the other matters to be considered by the Court at the Final Approval Hearing; and how to exclude yourself from the proposed Settlement and the Class if you wish to do so. It also is being sent to inform you of the terms of the proposed Settlement, and of a hearing to be held by the Court to consider the fairness, reasonableness, and adequacy of the proposed Settlement and the other matters identified below (the “Final Approval Hearing”).

    1. The Final Approval Hearing was held on November 2 at 10:00 a.m. before the Honorable André Birotte Jr. at the United States District Court for the Central District of California, United States Courthouse, 350 West First St., Los Angeles, CA 90012, Courtroom 7B to determine:
      1. whether the proposed settlement of the Action on the terms and conditions provided for in the Stipulation is fair, reasonable, adequate, and in the best interests of the Class and should be approved by the Court;
      2. whether a judgment should be entered, as proposed in the Stipulation, which, among other things, would dismiss the Action against Defendants with prejudice and release, on behalf of the Class, the Released Claims against the Released Parties (the “Judgment”);
      3. whether, for purposes of the Settlement, the Class should be finally certified; whether Lead Plaintiff should be finally appointed as Class Representative for the Class; and whether Lead Counsel should be finally appointed as Class Counsel for the Class;
      4. whether the proposed Plan of Allocation is reasonable and should be approved by the Court; and
      5. whether Lead Counsel’s request for an award of attorneys’ fees and reimbursement of Litigation Expenses should be approved by the Court.
      6. The Notice does not express any opinion by the Court concerning the merits of any claim in the Action, and the Court still has to decide whether to approve the Settlement. Any distribution will not be paid until after the completion of all claims processing. Please be patient.
  • On October 26 , 2016, Plaintiff Nancy Schwartz filed a class action complaint in the United States District Court for the Central District of California against Opus, Gordon, and Nicole M. Carrillo. The Action was filed on behalf of a class comprised of purchasers of Opus common stock between July 28, 2014 and October 17, 2016, inclusive, asserting, among other claims, claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”). The case was assigned to the Honorable André Birotte Jr.

    On February 23, 2017, the Court appointed APERS as Lead Plaintiff and the law firm Cohen Milstein as Lead Counsel.

    On April 24, 2017, Lead Plaintiff filed an Amended Class Action Complaint (“Amended Complaint”) on behalf of a class comprised of purchasers of Opus common stock between January 26, 2015 and January 30, 2017, inclusive, against Opus and Gordon. The Amended Complaint also named Allison as a Defendant and dropped claims against Nicole M. Carrillo. The Amended Complaint asserts, among other things, that Defendants misled investors in violation of Sections 10(b) and 20(a) of the Exchange Act. Specifically, the Amended Complaint asserts that Defendants knowingly or recklessly represented to investors (1) that Opus had a disciplined and conservative approach to the extension of credit, stringent underwriting standards, and robust credit controls in place; and (2) that Opus had appropriate personnel, resources, systems, and procedures in place to monitor and report to the investing public the true status of its loan portfolio and, in particular, to establish proper loss reserves for its loan portfolio including loans made by Opus’ Commercial Bank division. The Amended Complaint asserts that these representations were false and misleading at the time they were made.

    On June 23, 2017, Defendants moved to dismiss the Amended Complaint. Lead Plaintiff filed an opposition to Defendants’ motion on August 7, 2017, and Defendants filed a reply in support of their motion on September 6, 2017. Defendants filed a request for judicial notice in support of their motion, Lead Plaintiff filed an opposition to their request, and Defendants filed a reply in support of their request on the same dates, respectively. A hearing on Defendants’ motion to dismiss was scheduled for November 17, 2017.

    On November 1, 2017, Lead Plaintiff, Defendants, and certain of Defendants’ insurance carriers participated in a full-day mediation session with Gregory P. Lindstrom, Esq. of Phillips ADR. At the conclusion of the mediation session, the parties agreed in principle to settle the case for $17 million, subject to the negotiation of the Stipulation and Court approval. This settlement in principle was memorialized in a memorandum of understanding executed by the parties and dated November 3, 2017.

  • Lead Plaintiff and Lead Counsel believe that the claims asserted against the Defendants have merit. Lead Plaintiff and Lead Counsel recognize, however, that there are significant risks with respect to proving liability and damages in addition to the expense and length of continued proceedings necessary to pursue their claims against the Defendants through continued discovery, trial and appeals. Lead Plaintiff and Lead Counsel have, accordingly, considered the uncertain outcome of a Court ruling on Defendants’ motion to dismiss the Amended Complaint, trial and any appeals following a trial in complex lawsuits like this one.

    In light of the risks of continued litigation, Lead Plaintiff and Lead Counsel believe that the proposed Settlement is fair, reasonable, and adequate, and in the best interests of the Class. Lead Plaintiff and Lead Counsel also believe that the Settlement provides a substantial benefit now, namely payment on behalf of Defendants and the Released Parties of $17,000,000 in cash (less the various deductions described in the Notice), as compared to the risk that the claims would produce a similar, smaller, or no recovery after summary judgment, trial and appeals, possibly years in the future.

    Defendants have denied and continue to deny each and all of the claims alleged by Lead Plaintiff in the Action and affirm that they acted properly and lawfully at all times. Defendants have expressly denied and continue to deny all charges of wrongdoing or liability against them arising out of any and all of the conduct, statements, acts or omissions alleged, or that could have been alleged, in the Action. Defendants have, however, taken into account the uncertainty and risks inherent in any litigation, especially in a complex case such as this. Defendants have concluded that further conduct of the Action would be protracted and expensive, and that it is desirable that the Action be fully and finally settled in the manner and upon the terms and conditions set forth in the Stipulation.

  • If there was no Settlement and Lead Plaintiff failed to establish any essential legal or factual element of its claims against Defendants, neither Lead Plaintiff nor members of the Class would recover anything from Defendants. Also, if Defendants’ motion to dismiss the Amended Complaint was successful or Defendants were successful in proving any of their defenses, the Class likely would recover substantially less than the amount provided in the Settlement, or nothing at all.

  • If you are a member of the Class, you are subject to the Settlement unless you timely request to be excluded. The Class consists of: all persons or entities who purchased shares of Opus common stock between January 26, 2015 and January 30, 2017, inclusive. Excluded from the Class are: (1) Defendants and members of the immediate family of any Defendant; (2) any entity in which any Defendant has, or had during the Class Period, a controlling interest; (3) the officers and directors of Opus during the Class Period; and (4) the legal representatives, agents, executors, heirs, successors, or assigns of any of the foregoing excluded persons or entities who assert an interest in Opus common stock through or on behalf of any such excluded persons or entities. Also excluded from the Class are any putative Class Members who exclude themselves by filing a request for exclusion in accordance with the requirements set forth in the Notice.

    RECEIPT OF THE NOTICE DOES NOT NECESSARILY MEAN THAT YOU ARE A CLASS MEMBER OR THAT YOU ARE ELIGIBLE TO RECEIVE PROCEEDS FROM THE SETTLEMENT. IF YOU WISH TO PARTICIPATE IN THE SETTLEMENT, YOU MUST SUBMIT A PROOF OF CLAIM FORM POSTMARKED NO LATER THAN OCTOBER 22, 2018.

  • The Settlement Amount shall be deposited into the Escrow Account by Defendants’ insurance carriers within ten (10) calendar days following the later of (i) the entry of the Preliminary Approval Order by the Court, or (ii) receipt by Defendants of wire instructions for payment to the Escrow Account. At this time, it is not possible to make any determination as to how much individual Class Members may receive from the Settlement.

    The Net Settlement Fund (which equals the Settlement Fund of $17,000,000 less all Taxes, Notice and Administration Costs, and Lead Plaintiff’s Counsel’s attorneys’ fees and Litigation Expenses to the extent approved by the Court) shall be distributed based on the acceptable Proof of Claim Forms submitted by members of the Class. The Net Settlement Fund will be distributed to those Class Members who timely submit acceptable Proof of Claim Forms (“Authorized Claimants”) under the Plan of Allocation described below, or as otherwise ordered by the Court.

    Your share of the Net Settlement Fund will depend on the number of shares that Authorized Claimants submit to the Claims Administrator, relative to the Net Settlement Fund; how many shares you purchased and when you purchased them; whether you held or sold those shares; the date on which you sold those shares; and the price at which you sold them, among other factors. At this time, it is not possible to determine how much individual Class Members who are determined to be Authorized Claimants may receive from the Settlement.

    A payment to any Authorized Claimant that would amount to less than $10.00 in total will not be included in the calculation of the Net Settlement Fund, and no payment to those members of the Class will be made.

    For each Authorized Claimant, a “Recognized Loss” will be calculated. The calculation of a “Recognized Loss,” as described in paragraph 34 of the Notice, is not intended to be an estimate of, nor does it indicate, the amount that a Class Member might have been able to recover after a trial. Nor is the calculation of a Recognized Loss pursuant to the Plan of Allocation an estimate of the amount that will be paid to Authorized Claimants pursuant to the Settlement, which depends on the total Recognized Losses of all Authorized Claimants. The Recognized Loss formula provides the basis for proportionately allocating the Net Settlement Fund to Authorized Claimants. That computation is only a method to weigh Class Members’ claims against one another. Each Authorized Claimant will receive a pro rata share of the Net Settlement Fund based on his, her, or its Claim.

  • The Settlement has been approved, the Court entered Judgment. The Judgment will dismiss with prejudice the claims against Defendants in the Action and will provide that, upon the Effective Date of the Settlement, Lead Plaintiff and each Class Member, on behalf of themselves, their heirs, beneficiaries, trustees, executors, administrators, predecessors, successors and assigns, and any other person claiming by, through or on behalf of them, shall be deemed by operation of law to (a) have released, resolved, relinquished, waived, discharged and dismissed each and every one of the Released Claims against the Released Parties; (b) forever be enjoined from commencing, instituting or prosecuting any or all of the Released Claims against any of the Released Parties; and (c) forever be enjoined from instituting, continuing, maintaining or asserting, either directly or indirectly, whether in the United States or elsewhere, on their own behalf or on behalf of any class or any other person, any action, suit, cause of action, claim or demand against any person or entity who may claim any form of contribution or indemnity from any of the Released Parties in respect of any Released Claim or any matter related thereto.

    The Judgment will also provide that, upon the Effective Date of the Settlement, each of the Defendants, on behalf of themselves, their heirs, beneficiaries, trustees, executors, administrators, predecessors, successors and assigns, and any other person claiming by, through or on behalf of them, shall be deemed by operation of law to (a) have released, resolved, relinquished, waived, discharged and dismissed each and every one of the Settled Defendants’ Claims; (b) forever be enjoined from commencing, instituting or prosecuting any or all of the Settled Defendants’ Claims; and (c) forever be enjoined from instituting, continuing, maintaining or asserting, either directly or indirectly, whether in the United States or elsewhere, on their own behalf or on behalf of any class or any other person, any action, suit, cause of action, claim or demand against any person or entity who may claim any form of contribution or indemnity in respect of any Settled Defendants’ Claim or any matter related thereto.

    “Released Claims” means any and all claims, debts, demands, rights or causes of action or liabilities whatsoever (including, but not limited to, any claims for damages, interest, attorneys’ fees, expert or consulting fees, and any other costs, expenses or liability whatsoever), whether based on federal, state, local, statutory, or common law or any other law, rule or regulation, whether fixed or contingent, accrued or unaccrued, liquidated or unliquidated, at law or in equity, matured or unmatured, whether class or individual in nature, including both known claims and Unknown Claims, that (1) have been asserted in this Action by Lead Plaintiff, the Class Members, or any of them against any of the Released Parties, or (2) could have been asserted in any forum by Lead Plaintiff, the Class Members or any of them against any of the Released Parties which in any way arise out of, are related to, or are based upon (i) the purchase, sale, transfer, acquisition or ownership of Opus common stock during the Class Period and (ii) the allegations, transactions, facts, matters or occurrences, representations or omissions involved, set forth, or referred to in either of the complaints filed in this Action. Notwithstanding the foregoing, “Released Claims” does not include (1) claims relating to the enforcement of the Settlement or its terms and (2) the claims alleged in Klein v. Gordon, No. 8:17-cv-00123-AB-JPR (C.D. Cal.) and Dillard v. Gordon, No. BC651522 (Los Angeles Sup. Ct.).

    “Released Party” and “Released Parties” means any and all of the Defendants, each of the Defendants’ respective past and present subsidiaries, parents, successors, predecessors, assigns, affiliates, controlled persons, controlling persons, family members and partners, and as to each of the foregoing, their legal representatives, heirs, executors, administrators, trustees, beneficiaries, managers, officers, directors, agents, employees, and attorneys.

    “Settled Defendants’ Claims” means any and all claims, rights or causes of action or liabilities whatsoever, whether based on federal, state, local, statutory, or common law, or any other law, rule, or regulation, whether fixed or contingent, accrued or unaccrued, liquidated or unliquidated, at law or in equity, matured or unmatured, including both known claims and Unknown Claims, that have been or could have been asserted in the Action or any forum by any of the Defendants, and all persons and/or entities claiming by, through, or on behalf of them, against Lead Plaintiff, any of the Class Members, or their attorneys, which arise out of or relate in any way to the institution, prosecution, or settlement of the claims against Defendants in this Action. “Settled Defendants’ Claims” does not include claims by Defendants or the Released Parties relating to the enforcement of the Settlement or its terms.

    “Unknown Claims” means any and all Released Claims that Lead Plaintiff or any Class Member does not know or suspect to exist in his, her or its favor at the time of the release of the Released Parties, and any of the Settled Defendants’ Claims which any Defendant does not know or suspect to exist in his, her or its favor, which if known by him, her or it might have affected his, her or its decision(s) with respect to the Settlement. With respect to any and all Released Claims and Settled Defendants’ Claims, Lead Plaintiff and Defendants stipulate and agree that upon the Effective Date, Lead Plaintiff and Defendants shall each, for themselves and all persons claiming by, through, or on behalf of them, expressly waive, and each Class Member shall be deemed to have waived, and by operation of the Judgment shall have expressly waived, any and all provisions, rights and benefits conferred by any law of any state or territory of the United States, principle of common law, or any other law, rule or regulation that is similar, comparable, or equivalent to Cal. Civ. Code § 1542, which provides:

    A general release does not extend to claims which the creditor does not know or suspect exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.

    Lead Plaintiff and Defendants acknowledge, and Class Members’ and Defendants’ successors and assigns and any persons or entities claiming through or on their behalf shall, by operation of law, be deemed to have acknowledged, that the inclusion of “Unknown Claims” in the definition of Released Claims and Settled Defendants’ Claims was separately bargained for and was a material element of this Settlement.

  • Lead Plaintiff’s Counsel has not received any payment for their services in pursuing claims against Defendants on behalf of the Class, nor has Lead Plaintiff’s Counsel been reimbursed for their out-of-pocket expenses. Before final approval of the Settlement, Lead Counsel intends to apply to the Court for an award of attorneys’ fees from the Settlement Fund in an amount not to exceed 25% of the Settlement Fund (or $4,250,000), plus interest at the same rate and for the same time period as earned by the Settlement Fund. At the same time, Lead Counsel also intends to apply for the reimbursement of certain Litigation Expenses in an amount not to exceed $100,000 plus interest at the same rate and for the same time period as earned by the Settlement Fund. The sums that may be approved by the Court will be paid from the Settlement Fund. The Court’s approval of Lead Counsel’s application for an award of attorneys’ fees and Litigation Expenses, in whole or part, and any determination by any appellate court with respect thereto, is a matter separate and apart from the Court’s consideration of the fairness, reasonableness, and adequacy of the Settlement and will not affect the Settlement, if approved. Class Members are not personally liable for the payment of any sums awarded by the Court or any appellate court with respect to Lead Counsel’s application for attorneys’ fees and Litigation Expenses.

  • If you purchased Opus common stock as described above, and you are not excluded from the definition of the Class and you do not timely and properly request to exclude yourself from the Class in the manner provided in the Notice, then you are a member of the Class and you will be bound by the proposed Settlement if the Court approves it, and by any judgment or determination of the Court affecting the Class, including the Judgment and the releases therein. If you are a member of the Class, you must submit a Proof of Claim Form and supporting documentation to establish your entitlement to share in the Settlement. A Proof of Claim Form is included with the Notice, or you may go to the website maintained by the Claims Administrator for the Settlement to request that a Proof of Claim Form be mailed to you. The website is www.opusbanksecuritieslitigation.com. You may also request a Proof of Claim Form by calling toll-free (833) 609-9714 or emailing info@opusbanksecuritieslitigation.com. Copies of the Proof of Claim Form can also be downloaded from Lead Counsel’s website at www.cohenmilstein.com. Those who timely and properly exclude themselves from the Class, and those who do not submit timely and valid Proof of Claim Forms with adequate supporting documentation, will not be eligible to share in the Settlement. Please retain all records of your ownership of, or transactions in, Opus common stock during the Class Period, as they may be needed to document your claim. Do not submit original documentation with your Proof of Claim Form – submit copies only – because materials submitted will not be returned.

    As a Class Member, you are represented by Lead Plaintiff and Lead Counsel unless you enter an appearance through counsel of your own choice at your own expense. You are not required to retain your own counsel, but if you choose to do so, such counsel must file a notice of appearance on your behalf and must serve copies of his or her notice of appearance on the attorneys listed in the section below entitled, “When and Where Will the Court Decide Whether to Approve the Settlement?

    If you do not wish to remain a Class Member, you would have needed to exclude yourself from the Class by following the instructions in the FAQ below entitled, “What If I Do Not Want to Be a Part of the Settlement? How Do I Exclude Myself?

    If you wish to object to the Settlement or any of its terms, the proposed Judgment, the proposed Plan of Allocation, or Lead Counsel’s application for attorneys’ fees and reimbursement of Litigation Expenses, and if you do not exclude yourself from the Class, you would have needed to present your objections by following the instructions in the FAQ below entitled, “When and Where Will the Court Decide Whether to Approve the Settlement?

  • Each Class Member will be bound by all determinations and judgments, whether favorable or unfavorable, concerning the Settlement, if approved by the Court, unless such person or entity mails, by first class mail (or its equivalent outside the U.S.), or otherwise delivers a written request for exclusion from the Class, addressed to Opus Bank Securities Litigation, EXCLUSIONS, c/o JND Legal Administration, P.O. Box 91346, Seattle, WA 98111. The written request for exclusion must have been received by no later than October 19, 2018. Each person’s or entity’s written request for exclusion must clearly provide their (i) name, (ii) address, (iii) telephone number, (iv) number of shares of Opus common stock purchased or sold, (v) prices or other consideration paid or received for such share(s), (vi) the date of each purchase or sale transaction, and (vii) a statement that the Class member wishes to be excluded from the Class in Schwartz v. Opus Bank, Case No. 2:16-cv-07991-AB-JPR (C.D. Cal.). Each written request for exclusion must be signed by the person or entity requesting to be excluded. Requests for exclusion will not be valid if they do not include the information set forth above and are not received by the date stated above, unless the Court otherwise determines.

    Please keep a copy of everything you send by mail, in case it is lost during shipping.

    If a person or entity requests to be excluded from the Class, that person or entity will not receive any benefit provided for in the Settlement.

  • If you do not wish to object in person to the proposed Settlement, Judgment, Plan of Allocation and/or Lead Counsel’s application for an award of attorneys’ fees and Litigation Expenses, you do not need to attend the Final Approval Hearing. You can object to or participate in the Settlement without attending the Final Approval Hearing.

    The Final Approval Hearing was held on November 2, 2018, at 10:00 a.m., before the Honorable André Birotte Jr. in the United States District Court for the Central District of California, United States Courthouse, 350 West First St., Los Angeles, CA 90012, Courtroom 7B. The Court reserves the right to approve the Settlement, enter the Judgment, approve the Plan of Allocation or grant Lead Counsel’s request for attorneys’ fees and Litigation Expenses at or after the Final Approval Hearing without further notice to the members of the Class.

    Any Class Member who does not timely and properly request exclusion from the Class in accordance with paragraph 60 in the Notice may object to the proposed Settlement, Judgment, Plan of Allocation, or Lead Counsel’s application for an award of attorneys’ fees and Litigation Expenses. Objections must be in writing. You must file any written objection with the Clerk’s Office at the United States District Court for the Central District of California at the address set forth below. You must also serve the written objection on Lead Counsel for the Class and counsel for Defendants at the addresses set forth below. You must serve the written objection so that the Court and all counsel would have received the objections on or before October 19, 2018.

     

    Clerk’s Office
    Clerk of Court
    United States Courthouse
    350 West First St.
    Suite 4311
    Los Angeles, CA 90012
     

    Lead Counsel for the Class
    COHEN MILSTEIN SELLERS & TOLL PLLC
    Steven J. Toll
    Daniel S. Sommers
    S. Douglas Bunch
    1100 New York Ave. N.W.
    Suite 500, East Tower
    Washington, D.C. 20005
     

    Counsel for Defendants
    Katten Muchin Rosenman LLP 
    Eric A. Kuwana
    2900 K. St. N.W.
    North Tower, Suite 200
    Washington, D.C. 20007
     

    Unless the Court orders otherwise, your written objection will be considered only if it includes all of the following information: (a) your full name, address, and phone number; (b) a list and documentation of all of your transactions in Opus common stock during the Class Period, such as brokerage confirmation receipts or other competent documentary evidence of such transactions, including the amount and date of each purchase or sale and the price paid and/or received (including all income received thereon); (c) a written statement of all grounds for the objection accompanied by any legal support for the objection; (d) copies of any papers, briefs or other documents upon which the objection is based; and (e) your signature, even if you are represented by counsel.

    You may not object to the Settlement, or any aspect of it, if you are not a member of the Class or if you exclude yourself from the Class.

    If you wish to be heard orally at the Final Approval Hearing in opposition to the proposed Settlement, Judgment, Plan of Allocation, or Lead Counsel’s application for an award of attorneys’ fees and Litigation Expenses, you must also include in your written objection (that must be filed and served in the manner and time period set forth  in Paragraph 64-65 of the Notice) the following information: (a) a statement of your intention to appear at the Final Approval Hearing; (b) a list of all persons, if any, who will be called to testify in support of the objection and the subject of their expected testimony and the basis therefor; and (c) if you intend to appear at the Final Approval Hearing through counsel, a statement identifying all attorneys who will appear on your behalf.

    You may file a written objection without having to appear at the Final Approval Hearing. You may not appear at the Final Approval Hearing to present your objection, however, unless you first file and serve a written objection in accordance with the procedures described above, unless the Court orders otherwise.

    You are not required to hire an attorney to represent you in making written objections or in appearing at the Final Approval Hearing. If you decide to hire an attorney at your own expense, he or she must file a notice of appearance with the Court and serve it on Lead Counsel and Defendants’ Counsel at the addresses set forth  in paragraph 64 of the Notice so that the notice is received on or before October 19, 2018.

    If you object to the proposed Settlement, Judgment, Plan of Allocation, or Lead Counsel’s application for an award of attorneys’ fees and Litigation Expenses, or otherwise request to be heard at the Final Approval Hearing in the manner stated above, you are submitting to the jurisdiction of the Court with respect to the subject matter of the Settlement, including, but not limited to, the release of the Released Claims as against the Released Parties contained in the Judgment. If the Court overrules your objection and approves the Settlement or the part of the Settlement to which you have objected, you only will potentially share in the Net Settlement Fund if you have timely and properly filed a Proof of Claim Form in the manner stated in paragraph 56 of the Notice and the Claims Administrator approves your claim.

    The Final Approval Hearing may be adjourned by the Court without further written notice to the Class. Any new date for the Final Approval Hearing will be posted on the settlement website at www.opusbanksecuritieslitigation.com. If you intend to attend the Final Approval Hearing, you should confirm the date and time with Lead Counsel.

  • If you purchased Opus common stock for the beneficial interest of a person or organization other than yourself, you must either (i) within fourteen (14) days after you receive the Notice, request from the Claims Administrator sufficient copies of the Notice and Proof of Claim Form to forward to all such beneficial owners, and within fourteen (14) days of receipt of the copies of the Notice and Proof of Claim Form forward them to all such beneficial owners; or (ii) within fourteen (14) days after you receive the Notice, provide a list of the names and addresses of all such beneficial owners (preferably in electronic format (e.g., Excel .csv)) to Opus Bank Securities Litigation, c/o JND Legal Administration, P.O. Box 91346, Seattle, WA 98111 or by email to info@opusbanksecuritieslitigation.com. If you choose the second option, the Claims Administrator will send a copy of the Notice and Proof of Claim Form to each beneficial owner whose name and address you provide. Upon full compliance with these directions, nominees may seek reimbursement of their reasonable expenses actually incurred by providing the Claims Administrator with proper documentation supporting the expenses for which reimbursement is sought. Copies of the Notice and Proof of Claim Form may also be obtained by calling the Claims Administrator at (833) 609-9714, or may be downloaded from the settlement website, www.opusbanksecuritieslitigation.com, or Lead Counsel’s website, www.cohenmilstein.com.

  • This website contains only a summary of the terms of the proposed Settlement. More detailed information about the matters involved in the Action is in the notice and contained in other documents, like the Stipulation and the Amended Complaint. All inquiries concerning the Notice should be directed to:

     

    Opus Bank Securities Litigation
    c/o JND Legal Administration
    P.O. Box 91346
    Seattle, WA 98111
    (833) 609-9714
    info@opusbanksecuritieslitigation.com

    OR

    COHEN MILSTEIN SELLERS &
    TOLL PLLC
    Steven J. Toll
    Daniel S. Sommers
    S. Douglas Bunch
    1100 New York Ave. N.W.
    Suite 500, East Tower
    Washington, D.C. 20005
    (202) 408-4600
    stoll@cohenmilstein.com
    dsommers@cohenmilstein.com
    dbunch@cohenmilstein.com
    Lead Counsel

     

    DO NOT CALL OR WRITE THE COURT OR THE OFFICE OF THE CLERK OF COURT REGARDING THE NOTICE

FOR MORE INFORMATION

Visit this website often to get the most up-to-date information.

Mail

Opus Bank Securities Litigation
c/o JND Legal Administration
P.O. Box 91346
Seattle, WA 98111