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Saxena White P.A. and Kahn Swick & Foti, LLC Announce the Hearing on Attorneys' Fees and Expenses Relating to the Settlement of the Bank of America Corp. Stockholder Derivative Litigation
By: Marketwire .
Jan. 31, 2013 10:14 AM
NEW YORK, NY -- (Marketwire) -- 01/31/13 -- The following statement is being issued by Saxena White P.A. and Kahn Swick & Foti, LLC regarding the Bank of America Corp. Stockholder Derivative Litigation.
UNITED STATES DISTRICT COURT, SOUTHERN DISTRICT OF NEW YORK
In re Bank of America Corp. Securities, Derivative, and Employee Retirement Income Security Act (ERISA) Litigation
NOTICE OF HEARING ON ATTORNEYS' FEES AND EXPENSES
TO: ALL RECORD AND BENEFICIAL OWNERS OF BANK OF AMERICA CORP. COMMON STOCK AS OF JUNE 19, 2012, WHO CONTINUE TO OWN SUCH SHARES ("BAC STOCKHOLDERS"):
This Notice is given pursuant to an Order of the United States District Court for the Southern District of New York (the "Court"), to inform you of a hearing on attorneys' fees and expenses (the "Fee Hearing") in the above-captioned derivative action (the "Action"). The Fee Hearing arises out of the Settlement of this Action that resolves claims, brought derivatively on behalf of Bank of America Corporation ("BAC"), against certain of its current and former directors alleging violations of Section 14(a) of the Securities Exchange Act of 1934 and certain breaches of fiduciary duty in connection with BAC's acquisition of Merrill Lynch & Co., Inc., which closed on January 1, 2009. On January 11, 2013, the Court approved the Settlement as fair, adequate and reasonable to BAC. The Settlement results in a $62.5 million cash payment to BAC, and the implementation of corporate governance reforms addressing the alleged deficiencies that led to the Action, including the creation of a new board-level committee to oversee major acquisitions by BAC; modifications to the charter of BAC's Disclosure Committee to ensure more systematic oversight of the Bank's acquisition-related disclosures; changes to BAC's corporate governance guidelines related to director education requirements for BAC directors; and amendments to the charter of the Enterprise Risk Committee (ERC) of the BAC board of directors relating to the attendance of certain corporate officers at ERC meetings.
You are hereby notified that a hearing will be held on April 4, 2013, at 11:00 a.m., before the Honorable P. Kevin Castel, at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, Courtroom 12C, New York, NY 10007, for the purpose of determining whether the applications for attorneys' fees and expenses should be approved. Lead Counsel for Lead Plaintiffs Saxena White P.A., 2424 N. Federal Hwy., Ste. 257, Boca Raton, FL 33431 and Kahn Swick & Foti, LLC, 206 Covington St., Madisonville, LA 70447, along with Liaison Counsel for Lead Plaintiffs The Law Offices of Curtis V. Trinko, LLP, 16 W. 46th St., 7th Floor, New York, NY 10036, are seeking an amount not to exceed $13 million in attorneys' fees, to be divided between them, plus an amount not to exceed $700,000 in expenses actually incurred. Kahn Swick & Foti, LLC will share a portion of any fee it receives with the Brannon Law Firm, LLC, 3500 North Hullen St., Metairie, LA 70002. Counsel for the Delaware Shareholders, Horwitz, Horwitz & Paradis, Attorneys at Law, 570 Seventh Ave., 20th Floor New York, NY 10018; Wolf Haldenstein Adler Freeman & Herz LLP, 270 Madison Ave. New York, NY 10016; and Chimicles & Tikellis LLP, 222 Delaware Ave., Suite 1100, P.O. Box 1035, Wilmington, DE 19899, along with their former co-counsel in the Delaware derivative action entitled, In Re Bank of America Corporation Stockholder Derivative Litigation, C.A. No. 4307-CS (Del. Ch. Ct.), Rosenthal Monhait & Goddess, P.A., 919 N. Market St., Suite 1401, Wilmington, DE 19899; Evangelista & Associates, LLC, One Glenlake Pkwy, Suite 700, Atlanta, GA 30328; James A. Dunlap, Jr. & Associates LLC, 801 W. Conway Dr. NW, Atlanta, GA 30327; and Law Offices of James V. Bashian, P.C., 271 Route 46 West, Ste. F207, Fairfield, NJ 07004, are separately seeking $10.625 million in attorneys' fees, to be divided between them, plus $1,750,000 in expenses actually incurred. Counsel for objector Matthew Pinsly, The Weiser Law Firm, 22 Cassatt Avenue, Berwyn, PA 19312, is seeking an amount not to exceed $2 million in attorneys' fees, plus an amount not to exceed $6,000 in expenses actually incurred. If approved by the Court, these amounts will be paid out of the $62.5 million cash payment received by BAC as a result of the Settlement.
If you are a current BAC Stockholder, you may object to the request for attorneys' fees and expenses by Lead Counsel, Counsel for the Delaware Shareholders, Counsel for Matthew Pinsly or all. Any objection to the request(s) for attorneys' fees and expenses must be filed with the Clerk of the Court (Honorable P. Kevin Castel, United States District Court, Southern District of New York, 500 Pearl Street, New York, NY 10007) in this case numbered 09 MD 2058 (PKC), no later than March 1, 2013, and served by hand or first class mail (postage prepaid) for delivery by the same date on Lead Counsel, Counsel for the Delaware Shareholders, and Counsel for objector Matthew Pinsly (at the addresses listed in the previous paragraph), and on counsel for BAC and the Individual Defendants (at the addresses listed below).
Lawrence Portnoy, Esq.
Mitchell A. Lowenthal, Esq.
Brad S. Karp, Esq.
You must include with your objection (a) a statement indicating that you object to all or part of counsels' request for fees and/or reimbursement of costs; (b) the grounds for such objection; and (c) proof of ownership of BAC common stock as of June 19, 2012 and continuing through the date of the Fee Hearing, as well as all documents or writings you would like the Court to consider. Any BAC Stockholder who fails to object in the manner described above shall be deemed to have waived the right to object (including any right of appeal) and shall be forever barred from raising such objection in this or any other action or proceeding unless the Court orders otherwise.
For more information, or to obtain a copy of the Order Approving Notice and Setting Schedule for Applications for Attorneys' Fees and Reimbursement of Expenses, as well as the memoranda of law in support of counsels' requests for attorneys' fees and expenses, you may visit the website www.bankofamericaderivativesettlement.com. Should you have any other questions regarding the Fee Hearing, please contact Lead Counsel for Lead Plaintiffs or Counsel for the Delaware Shareholders:
Lead Counsel for Lead Plaintiffs:
Lewis S. Kahn, Esq.
Joseph E. White, III, Esq.
Counsel for Delaware Shareholders:
Paul O. Paradis, Esq.
PLEASE DO NOT CALL OR WRITE THE COURT OR DEFENDANTS REGARDING THIS NOTICE.
DATED: January 31, 2013 BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK
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