The information contained on this web page is only a
summary of information presented in more detail in the Notice of Pendency of
Class Action and Proposed Settlement, Settlement Fairness Hearing, and Motion
for Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”),
which you can access by clicking here. Since this website is just a summary, you
should review the Notice for additional details.
Your Legal Rights Are Affected Whether You
Act Or Do Not Act. Please read the Notice carefully.
IF YOU BOUGHT OR ACQUIRED LEHMAN-ISSUED STRUCTURED PRODUCTS UNDERWRITTEN AND SOLD BY UBS FINANCIAL SERVICES, INC. ("UBSFS") IN 2007 AND 2008, YOU COULD RECEIVE A PAYMENT FROM A CLASS ACTION SETTLEMENT.
A LIST OF THE STRUCTURED
PRODUCTS INVOLVED IN THIS ACTION CAN BE DOWNLOADED BY CLICKING HERE.
IMPORTANT DATES AND DEADLINES
SUBMIT A CLAIM FORM
Postmarked no later than February 4, 2014
Postmarked no later than November 19, 2013
OBJECT TO THE
Received no later than November 19, 2013
10, 2013 at 4:30PM
United States District Court for the Southern
District of New York
Receive no payment and give up your rights.
The Court’s Settlement Hearing
Court will hold a Settlement Hearing at 4:30 p.m. on December 10, 2013, at the
Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, Courtroom 21B,
New York, NY 10007. At this hearing, the
Honorable Lewis A. Kaplan will consider whether the Settlement is fair,
reasonable, and adequate. The Court also
will consider the proposed Plan of Allocation for the Net Settlement Fund and
the application of Class Counsel for attorneys’ fees and reimbursement of
What is this case
class action Settlement involves securities known as structured products that
were issued by Lehman Brothers Holdings Inc. and underwritten and sold by UBS
Financial Services Inc. in 2007 and 2008.
Structured products are a kind of security that consists of a fixed income
security and a type of derivative, such as a basket of securities, options,
commodities, or foreign currencies. Some
of the structured products involved in the class action also offered “principal
protection.” A list of the structured
products that are part of this Settlement can be downloaded by clicking here.
lawsuit alleges that UBSFS violated federal securities laws in underwriting and
selling the Structured Products. The
plaintiffs contend, among other things, that the offering materials for the
Structured Products contained materially false and misleading statements and
omitted material information about Lehman’s financial condition and about the
“principal protection” feature of some of the Structured Products. During the litigation, the plaintiffs also
inquired into the procedures by which UBSFS structured, marketed, and sold the
Structured Products, the sales commissions earned, and communications between
UBSFS financial advisors and customers.
UBSFS denies that it did anything wrong, or that any purchasers of
Structured Products incurred losses due to any alleged misrepresentations or
omissions in the offering materials.
The Settlement Benefits
A Settlement Fund of $120,000,000 (before deduction of
attorneys’ fees and expenses and administrative costs) will be distributed to
certain investors who bought or acquired the securities identified on Exhibit A
during the relevant time period, and who make a “Recognized Claim” under the
proposed Plan of Allocation. Plaintiffs
estimate that Settlement Class Members who purchased or acquired Structured
Products with a total face value of approximately $892 million may have
suffered damages during the relevant time period. Assuming all Settlement Class Members submit
valid and timely claims, plaintiffs estimate that the average recovery per
damaged Structured Product under the Settlement is $1.34 for Structured
Products with a face value of $10.00 and $134.00 for Structured Products with a
face value of $1,000.00, before
deduction of Court-awarded attorneys’ fees and expenses and administrative
can use the proposed Plan of Allocation to calculate your Recognized
Claim. It is unlikely that you will
receive the full amount of your Recognized Claim, however, because your payment
will depend on the number of valid Claim Forms that
are received and the total of all Settlement Class Members’ Recognized Claims.
The Plan of Allocation can be downloaded by clicking here.
The Rights of the Settlement Class Members
If you are a Class
Member, you have the following options:
Submit a Claim Form
If you are a potential Settlement Class
Member, to be eligible to share in the distribution of the Settlement proceeds,
you must timely submit a valid Claim Form, which can be found by clicking here, postmarked
no later than February 4, 2014. If you are a potential Settlement Class
Member and do not submit a valid Claim Form, you will not be eligible to share
in the distribution of the Net Settlement Fund, but you will nevertheless be
bound by any judgments or orders entered by the Court in the Action.
yourself from the Settlement
If you are a potential Settlement Class
Member, but wish to exclude yourself from the Settlement Class, you must submit
a written request for exclusion that is in accordance with the instructions set
forth in the Notice and is postmarked no later than November 19, 2013. If you are a potential Settlement Class
Member and do not timely exclude yourself from the Settlement Class, you will
be bound by any judgments or orders entered by the Court in the Action.
to the Settlement
Any objections to the proposed
Settlement, Plan of Allocation, or Class Counsel’s application for attorneys’
fees and reimbursement of expenses must be mailed to the Court, Class Counsel,
and Defense Counsel in accordance with the instructions set forth in the
Notice, and received by each no later
than November 19, 2013.
website and the Notice summarize
s the proposed Settlement. For more details regarding this Settlement
please reference the Stipulation dated September 11, 2013 or other documents
filed in the case under the “Court Documents” link on the left. You may also contact the Claims Administrator
or Class Counsel for further information regarding this Settlement:
In re Lehman Brothers Equity/Debt
(Structured Products Litigation)
c/o A.B. Data, Ltd.
PO Box 170707
Milwaukee, WI 53217
Daniel C. Girard
GIRARD GIBBS LLP
Street, 14th Floor
Francisco, CA 94108
If you have questions, you may call the Lehman Brothers Structured Products Litigation Help Line at 888-211-3565 or email info@LehmanSPSettlement.com.