You or someone in your family may have purchased or otherwise acquired HLSS common stock. 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.
If you did not get a notice, and you believe you maybe part of this Settlement, you may review a copy here, or you may request that a Claim Form be mailed to you by calling the Claims Administrator toll-free at 1-888-721-6290 or by emailing the Claims Administrator at info@HLSSSecuritiesLitigation.com.Back To Top
This Action alleges that the Defendants violated Sections 10(b) and Section 20(a) of the Exchange Act of 1934. The Consolidated Complaint alleged, among other things, that Defendants made materially false and misleading statements and omitted material information regarding the nature of the relationship and business dealings between HLSS and Ocwen, the largest nonbank mortgage servicer in the country and HLSS’s main source for purchasing mortgage servicing assets. Defendants have expressly denied, and continue to deny all allegations of wrongdoing or liability against them in the Action.Back To Top
Lead Plaintiffs and Lead Counsel believe that the claims asserted in the Action have merit. Lead Plaintiffs and Lead Counsel recognize, however, the expense and length of continued proceedings necessary to pursue the claims asserted in the Action through trial and appeals, as well as the very substantial risks they would face in establishing liability and damages.
In light of these risks and the immediacy of the $6,000,000 cash recovery, Lead Plaintiffs and Lead Counsel believe that the proposed Settlement is an excellent result, and is in the best interests of the Settlement Class.
The Settling Defendants have agreed to the Settlement solely to eliminate the burden and expense of continued litigation. The Settling Defendants deny each and all of the claims asserted against them in the Action and deny having engaged in any wrongdoing or violation of law of any kind whatsoever.Back To Top
If there were no Settlement and Lead Plaintiffs failed to establish any essential legal or factual element of their claims against Defendants, neither Lead Plaintiffs nor the other members of the Settlement Class would recover anything from Defendants. Also, if Defendants were successful in proving any of their defenses, either at summary judgment, at trial or on appeal, the Settlement Class could recover substantially less than the amount provided in the Settlement, or nothing at all.Back To Top
If you are a member of the Settlement Class, you are subject to the Settlement, unless you timely request to be excluded. The Settlement Class consists of:
All persons or entities who or which purchased or otherwise acquired HLSS common stock during the period between February 28, 2012 and January 22, 2015, inclusive.
Excluded from the Settlement Class are the Defendants;
Also excluded from the Settlement Class are any persons or entities that exclude themselves by submitting a request for exclusion in accordance with all of the requirements set forth in the Notice that is accepted by the Court as valid.
Please note that 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 the Proof of Claim Form postmarked no later than October 31, 2017.Back To Top
At this time, it is not possible to make any determination as to how much any individual Settlement Class Member may receive from the Settlement. A Claimant’s recovery will depend upon several factors, including when and at what prices he, she, or it purchased or sold HLSS shares, and the total number of shares for which valid Claim Forms are submitted.
Pursuant to the Stipulation, HLSS has deposited $6 million into an Escrow Account controlled by Lead Counsel. The Settlement Amount plus any interest earned thereon is referred to as the “Settlement Fund.” If the Settlement is approved by the Court and the Effective Date occurs, the Net Settlement Fund will be distributed to Settlement Class Members who submit valid Claim Forms, in accordance with the proposed Plan of Allocation or such other plan of allocation as the Court may approve. The Net Settlement Fund is the Settlement Fund less: (i) any Taxes; (ii) any Notice and Administration Costs; (iii) any Litigation Expenses awarded by the Court; and (iv) any attorneys’ fees awarded by the Court.
The Net Settlement Fund will not be distributed unless and until the Court has approved the Settlement and a plan of allocation, and the time for any petition for rehearing, appeal or review, whether by certiorari or otherwise, has expired.
Unless the Court otherwise orders, any Settlement Class Member who fails to submit a Claim Form postmarked on or before October 31, 2017 shall be fully and forever barred from receiving any payment pursuant to the Settlement but will in all other respects remain a Settlement Class Member and be subject to the provisions of the Stipulation, including the terms of any Judgment entered and the releases given.Back To Top
Plaintiffs’ Counsel have not received any payment for their services in pursuing claims asserted in the Action on behalf of the Settlement Class, nor have Plaintiffs’ Counsel been reimbursed for their out-of-pocket expenses. Before final approval of the Settlement, Lead Counsel will apply to the Court for an award of attorneys’ fees for all Plaintiffs’ Counsel in an amount not to exceed 33-1/3% of the Settlement Fund. At the same time, Lead Counsel also intend to apply for reimbursement of Litigation Expenses in an amount not to exceed $650,000, which may include an application for reimbursement of the reasonable costs and expenses incurred by Plaintiffs directly related to their representation of the Settlement Class. The Court will determine the amount of any award of attorneys’ fees or reimbursement of Litigation Expenses. Such sums as may be approved by the Court will be paid solely from the Settlement Fund. Settlement Class Members are not personally liable for any such fees or expenses.Back To Top
To be eligible for a payment from the proceeds of the Settlement, you must be a member of the Settlement Class, and you must timely complete and return the Claim Form with adequate supporting documentation postmarked no later than October 31, 2017. A Claim Form is included with the Notice, or you may obtain one here, or you may request that a Claim Form be mailed to you by calling the Claims Administrator toll-free at 1-888-721-6290 or by emailing the Claims Administrator at info@HLSSSecuritiesLitigation.com. Please retain all records of your ownership of and transactions in HLSS common stock, as they may be needed to document your Claim. If you request exclusion from the Settlement Class, or you do not submit a timely and valid Claim Form, you will not be eligible to share in the Net Settlement Fund.Back To Top
Each Settlement Class Member will be bound by all determinations and judgments in this lawsuit, whether favorable or unfavorable, unless such person or entity mails or delivers a written request for exclusion from the Settlement Class (a “Request for Exclusion”), addressed to:
Home Loan Servicing Solutions Securities Litigation
P.O. Box 3170
Portland, OR 97208-3170
The exclusion request must be received no later than October 27, 2017. You will not be able to exclude yourself from the Settlement Class after that date. Each Request for Exclusion must:
A Request for Exclusion shall not be valid and effective unless it provides all the information called for above and is received within the time stated above. Lead Counsel may, at their discretion, request from any person or entity requesting exclusion documentation sufficient to prove his, her or its holdings, purchases/acquisitions, and/or sales of HLSS common stock.
If you do not want to be part of the Settlement Class, you must follow these instructions for exclusion even if you have pending, or later file, another lawsuit, arbitration, or other proceeding relating to any Released Plaintiffs’ Claim against any of the Defendants’ Releasees.
If you ask to be excluded from the Settlement Class, you will not be eligible to receive any payment from the Net Settlement Fund.
You cannot submit a Request for Exclusion, via telephone, email, or on this website.Back To Top
The Settlement Hearing will be held on November 17, 2017 at 1:45 p.m., before the Honorable William P. Dimitrouleas at the United States District Court for the Southern District of Florida, U.S. Federal Building and Courthouse, Courtroom 205B, 299 East Broward Boulevard, Fort Lauderdale, Florida 33301. The Court reserves the right to approve the Settlement, the Plan of Allocation, Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses and/or any other matter related to the Settlement at or after the Settlement Hearing without further notice to the members of the Settlement Class. Please check this website for updates.Back To Top
If you do not wish to object in person to the proposed Settlement and/or the application for attorneys’ fees and reimbursement of Litigation Expenses, you do not need to attend the Settlement Hearing. You can object to or participate in the Settlement without attending the Settlement Hearing.
Any Settlement Class Member who or which does not request exclusion may object to the Settlement, the proposed Plan of Allocation, or Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses. Objections must be in writing. You must file any written objection, together with copies of all other papers and briefs supporting the objection, with the Clerk’s Office at the United States District Court for the Southern District of Florida at the address set forth below on or before October 27, 2017. You must also serve the papers on Lead Counsel and on Representative Settling Defendants’ Counsel at the addresses set forth below so that the papers are received on or before October 27, 2017.
|Clerk of the Court||Lead Counsel for the Class||Defendants' Counsel|
|United States District Court Southern District of Florida
U.S. Federal Building and Courthouse
299 East Broward Boulevard
Fort Lauderdale, FL 33301
|Saxena White P.A.
Joseph E. White, III, Esq.
150 East Palmetto Park Road
Boca Raton, FL 33432
|Weil, Gotshal & Manges LLP
Richard Slack, Esq.
767 Fifth Ave.
New York, NY 10153
Sullivan & Cromwell LLP
Darrell S. Cafasso, Esq.
125 Broad Street
New York, NY 10004
Any objection must contain:
Documents sufficient to prove membership in the Settlement Class include brokerage statements, confirmation slips, or authorized statements from a broker containing the transaction and holding information found in a confirmation slip or account statement.
You may not object to the Settlement, the Plan of Allocation, or Lead Counsel’s motion for attorneys’ fees and reimbursement of Litigation Expenses if you exclude yourself from the Settlement Class or if you are not a member of the Settlement Class.
You may file a written objection without appearing at the Settlement Hearing. You may not, however, appear at the Settlement Hearing to present your objection unless you first file and serve a written objection in accordance with the procedures described above, unless the Court orders otherwise.
If you wish to be heard orally at the Hearing in opposition to the approval of the Settlement, the Plan of Allocation or Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses, and if you timely file and serve a written objection as described above, you must also file a notice of appearance with the Clerk’s Office and serve it on Lead Counsel and Representative Settling Defendants’ Counsel at the addresses above so that it is received on or before October 27, 2017. Persons who intend to object and desire to present evidence at the Settlement Hearing must include in their written objection or notice of appearance the identity of any witnesses they may call to testify and copies of any exhibits they intend to introduce into evidence at the Hearing. Such persons may be heard orally at the discretion of the Court.
You are not required to hire an attorney to represent you in making written objections or in appearing at the Settlement Hearing. However, if you decide to hire an attorney, it will be at your own expense, and that attorney must file a notice of appearance with the Court and serve it on Lead Counsel and Representative Settling Defendants’ Counsel at the addresses set forth above so that the notice is received on or before October 27, 2017.
The Settlement Hearing may be adjourned by the Court without further written notice to the Settlement Class. If you intend to attend the Settlement Hearing, you should confirm the date and time with Lead Counsel. You may also check this website for updates.
Unless the Court orders otherwise, any Settlement Class Member who does not object in the manner described above will be deemed to have waived any objection and shall be forever foreclosed from making any objection to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses. Settlement Class Members do not need to appear at the Settlement Hearing or take any other action to indicate their approval.Back To Top
If you purchased or otherwise acquired HLSS common stock from February 28, 2012 through January 22, 2015, inclusive, for the beneficial interest of persons or entities other than yourself, you must either: (a) within seven (7) calendar days of receipt of this Notice, request from the Claims Administrator sufficient copies of the Notice and Claim Form (the “Notice Packet”) to forward to all such beneficial owners and within seven (7) calendar days of receipt of those Notice Packets forward them to all such beneficial owners; or (b) within seven (7) calendar days of receipt of this Notice, provide a list of the names and addresses of all such beneficial owners to Home Loan Servicing Solutions Securities Litigation, Claims Administrator, P.O. Box 3170, Portland, OR 97208-3170.
If you choose the second option, the Claims Administrator will send a copy of the Notice Packet to the beneficial owners. Upon full compliance with these directions, such 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 this Notice and the Claim Form may also be obtained from the Documents page, by calling the Claims Administrator toll-free at 1-888-721-6290, or by emailing the Claims Administrator at info@HLSSSecuritiesLitigation.com.Back To Top
This website contains only a summary of the terms of the proposed Settlement. More detailed information about the matters involved in the Action is available on the Documents page, including, among other documents, copies of the Settlement Agreement and any related orders entered by the Court. All inquiries concerning the Notice and the Claim Form should be directed to:
|Claims Administrator||Class Counsel|
|Home Loan Servicing Solutions Securities Litigation
P.O. Box 3170
Portland, OR 97208-3170
|Joseph E. White, III, Esq.
SAXENA WHITE P.A.
150 East Palmetto Park Road
Boca Raton, FL 33432
DO NOT CALL OR WRITE THE COURT, THE OFFICE OF THE CLERK OF THE COURT, DEFENDANTS OR THEIR COUNSEL REGARDING THIS SETTLEMENT.Back To Top