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Summary of notice of settlement issued in Investors Bancorp class action

By Kyla Asbury | Nov 29, 2014

BROOKLYN, N.Y. (Legal Newsline) - A press release has been issued providing summary of notice in a class action settlement against Investors Bancorp Inc., the holding company for Investors Bank.

"Investors Bancorp... notifies all public record and beneficial holders of common stock of Brooklyn Federal Bancorp Inc. at any time from August 17, 2011...to and including January 6, 2012...but excluding all defendants in the consolidated action pending in the Supreme Court of the State of New York, County of Kings, encaptioned Joseph Underwood and Russ Bastin, individually and on behalf of all others similarly situated, v. Daniel O. Reich, Angelo J. Di Lorenzo, Gregg J. Wagner, Arthur R. Williams, Rebecca Northey, Mark Hughes, Richard A. Kielty, Brooklyn Federal Bancorp, Inc., BFS Bancorp, MHC, Brooklyn Federal Savings Bank, Investors Bancorp, Inc., Investors Bancorp, MHC, and Investors Savings Bank, Index No. 500690/2011...and any person, trust, corporation or other entity related to or affiliated with any of them and their successors in interest..." the press release states.

The purpose of the notice is to inform of the pendency of the class action, which was brought by Brooklyn Federal Bancorp stockholders for themselves and on behalf of the class against Brooklyn Federal Bancorp, the members of the Board of Directors of Brooklyn Federal Bancorp, BFS Bancorp, MHC, Brooklyn Federal Savings Bank, Investors Bancorp, Inc., Investors Bancorp, MHC and Investors Savings Bank.

The class action has now been settled pursuant to a Stipulation and Agreement of Compromise, Settlement and Release dated March 6, 2013, and is subject to the approval of the Court.

If you are a member of the class, the proposed settlement will affect your rights, according to the press release.

"This notice is only a summary of the Notice of Pendency of Class Action, Proposed Settlement and Settlement Hearing being provided to members of the Class with respect to the Action," the press release states. "If you are a member of the class and have not received the notice, you may obtain one by contacting Registrar and Transfer Company, 10 Commerce Drive, Cranford, New Jersey 07016, Telephone No. (908) 497-2300."

The deadline for any objections to the settlement, class certification or plaintiffs' counsel's application for fees and expenses is Sept. 23.

The hearing by the court to consider the fairness of the settlement will be held on Oct. 23 at the Supreme Court of the State of New York-County of Kings.

Any individual or entity that is a non-New York resident falling with the definition of the class that does not want to participate in the settlement may be excluded, solely for the purpose of pursuing potential claims for monetary damages, in the manner set forth in the notice, no later than Sept. 23, according to the press release.

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