Overview Of The Settlement
On March 21, 2012, the Court granted final approval concerning claims of persons and entities who purchased or otherwise acquired Merrill Lynch Alternative Note Asset Trust Series 2007-A3, 2007-AF1, 2007-F1, Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, 2007-3, 2007-4, 2007-A, Merrill Lynch Mortgage Investors Trust Series 2006-MLN1, 2006-FM1, 2006-FF1, 2006-RM5, MLCC 2006-2, 2006-AHL1, 2006-RM3, 2006-WMC1, 2006-WMC2, 2006-A1, or Ownit Mortgage Loan Trust Series 2006-2, and were damaged thereby (the "Settlement Class").
Lead Plaintiff, on behalf of the Settlement Class, has agreed to settle all Released Claims against Defendants and other Released Parties in exchange for a settlement payment of $315 million in cash (the “Settlement Amount”).
Defendants have denied and continue to deny each and all of the claims alleged by Lead Plaintiff in the Action. Defendants expressly have denied and continue to deny all charges of wrongdoing or liability against them arising out of any of the conduct, statements, acts or omissions alleged, or that could have been alleged, in the Action.
Based on the total initial face dollar value of the Certificates, and assuming all purchasers of the initially offered certificates elect to participate, the estimated average distribution after payment of Court-approved attorneys’ fees and expenses, is $15.57 per $1,000 in initial certificate value of the Merrill Lynch Certificates. Class Members may recover more or less than this amount depending on factors described in the Notice.
What Are My Options?
- REMAIN A MEMBER OF THE CLASS
If you are a member of the Class, in order to be potentially eligible to share in the distribution of the Net Settlement Fund, you must have submitted a Claim Form postmarked no later than April 25, 2012.
- EXCLUDE YOURSELF FROM THE SETTLEMENT
The deadline to exclude yourself from the Settlement was February 29, 2012. If you are a member of the Class and did not exclude yourself from the Class, you will be bound by any judgment entered in the Action whether or not you made a Claim.
- OBJECT TO THE SETTLEMENT
Any objections to the Settlement, Plan of Allocation and/or Lead Counsel’s application for attorneys’ fees and reimbursement of litigation expenses must have been filed with the Court and delivered to Lead Counsel and counsel for Defendants such that they were received no later than February 29, 2012.
- DO NOTHING
If you are a member of the Class and did not submit a proper Claim Form, you will not share in the Settlement Fund but you will nevertheless be bound by the Judgment of the Court.
Please consult the Notice for more details on your options.
Pursuant to the Settlement Hearing on March 21, 2012, the Honorable Jed S. Rakoff granted approval of the Class Action Settlement and Plan of Allocation.