On July 24, 2014, United States District Judge Pamela K. Chen approved a settlement in Plumbers’ & Pipefitters’ Local #562 Supplemental Plan & Trust et al. v. J.P. Morgan Acceptance Corp. The action was led by the Public Employees’ Retirement System of Mississippi, on behalf of a class of investors.
At the hearing to determine whether the terms of the settlement were fair, reasonable, and adequate, the Court found that “the representation of both sides was obviously very vigorous. The plaintiffs, I know, expended efforts in terms of pursuing the investigation, the theories, the research and the advocacy.” The Action “was a difficult case. Certainly in the beginning, at the time when some of the principals, the legal principles that are applied in this case, in any cases related to mortgage-backed securities, was not well established. They did yeomen's work, I think, in trying to establish some of those principles. . . . [T]his is a good result in this particular case.” Similarly, the Court found that, in its role as Lead Plaintiff, MissPERS “vigorously represented the class.”
Additional information about the settlement is available in the Notice of Pendency of Class Action and Proposed Settlement, Final Approval Hearing, and Motion for Attorneys’ Fees and Reimbursement of Litigation Expenses. Those investors in the Settlement Class are required to submit a Proof of Claim and Release by September 6, 2014 in order to participate in the distribution of assets from the Settlement Fund.
More information, including information related to the Plan of Allocation, is available on the Settlement website.