Settlement Alert: Becker v. Bank of New York Mellon, et al.

7/6/2018 - Plaintiff, Leonard Becker, on behalf of himself and the Class, has reached a proposed Settlement of $13,500,000 in Becker v. Bank of New York Mellon, et al., Case No. 11-cv-06460-JS, currently pending in the United States District Court for the Eastern District of Pennsylvania.  If approved, the Settlement will resolve all claims in the action.  On June 20, 2018, the Court granted preliminary approval of the proposed Settlement, and directed that the Notice and Proof of Claim forms be made available to all potential Class Members.  If you are a member of the class, your rights will be affected and you may be eligible for a payment from the Settlement.  The class consists of:

All persons or entities who purchased or otherwise acquired the bonds identified as the Borough of Langhorne Manor Higher Education and Health Authority Hospital Revenue Bonds, Series of 1992 (The Lower Bucks Hospital), and who are holders of an Allowed Class A3 Claim pursuant to Section 5.1.3(a)(ii) of the Plan of Reorganization of Lower Bucks Hospital, which plan was confirmed under Chapter 11 of the Bankruptcy Code.  Excluded from the class are defendants and any person, firm, trust, corporation, or other entity related to or affiliated with any defendant and any others, and directors thereof. The record date for holders of an Allowed Class A3 Claim is December 7, 2011.

Please read the Notice to fully understand your rights.  The Notice is available here and the Proof of Claim form is available here.  Payments to eligible claimants will be made only if the Court approves the Settlement, and only after any appeals are resolved, and after the completion of all claims processing.  Please be patient, as this process will take some time to complete.

IMPORTANT DATES AND DEADLINES

Claim Filing Deadline:  Claim Forms must be postmarked no later than November 1, 2018 to be eligible for a payment from the Settlement.

Objection Deadline:  Any objections to the proposed Settlement and/or the request for attorneys’ fees and reimbursement of expenses, must be received no later than August 18, 2018, in accordance with the instructions in the Notice.

The Settlement Hearing: The Settlement Hearing will be held on September 20, 2018 at 9:00 a.m., before the Honorable Juan R. Sánchez at the United States District Court for the Eastern District of Pennsylvania, James A. Byrne U.S. Courthouse, 601 Market Street, Philadelphia, PA 19106, Courtroom 11-A, to determine, among other things, whether the proposed Settlement is fair, reasonable and adequate and should be approved, and whether Class Counsel’s motion for an award of attorneys’ fees and reimbursement of expenses should be approved.