|By Marketwired .||
|January 31, 2013 10:14 AM EST||
NEW YORK, NY -- (Marketwire) -- 01/31/13 -- The following statement is being issued by Saxena White P.A. and Kahn Swick & Foti, LLC regarding the Bank of America Corp. Stockholder Derivative Litigation.
UNITED STATES DISTRICT COURT, SOUTHERN DISTRICT OF NEW YORK
In re Bank of America Corp. Securities, Derivative, and Employee Retirement Income Security Act (ERISA) Litigation
Master File No. 09 MD 2058 (PKC)
This Document Relates to: Consolidated Derivative Action
NOTICE OF HEARING ON ATTORNEYS' FEES AND EXPENSES
TO: ALL RECORD AND BENEFICIAL OWNERS OF BANK OF AMERICA CORP. COMMON STOCK AS OF JUNE 19, 2012, WHO CONTINUE TO OWN SUCH SHARES ("BAC STOCKHOLDERS"):
This Notice is given pursuant to an Order of the United States District Court for the Southern District of New York (the "Court"), to inform you of a hearing on attorneys' fees and expenses (the "Fee Hearing") in the above-captioned derivative action (the "Action"). The Fee Hearing arises out of the Settlement of this Action that resolves claims, brought derivatively on behalf of Bank of America Corporation ("BAC"), against certain of its current and former directors alleging violations of Section 14(a) of the Securities Exchange Act of 1934 and certain breaches of fiduciary duty in connection with BAC's acquisition of Merrill Lynch & Co., Inc., which closed on January 1, 2009. On January 11, 2013, the Court approved the Settlement as fair, adequate and reasonable to BAC. The Settlement results in a $62.5 million cash payment to BAC, and the implementation of corporate governance reforms addressing the alleged deficiencies that led to the Action, including the creation of a new board-level committee to oversee major acquisitions by BAC; modifications to the charter of BAC's Disclosure Committee to ensure more systematic oversight of the Bank's acquisition-related disclosures; changes to BAC's corporate governance guidelines related to director education requirements for BAC directors; and amendments to the charter of the Enterprise Risk Committee (ERC) of the BAC board of directors relating to the attendance of certain corporate officers at ERC meetings.
You are hereby notified that a hearing will be held on April 4, 2013, at 11:00 a.m., before the Honorable P. Kevin Castel, at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, Courtroom 12C, New York, NY 10007, for the purpose of determining whether the applications for attorneys' fees and expenses should be approved. Lead Counsel for Lead Plaintiffs Saxena White P.A., 2424 N. Federal Hwy., Ste. 257, Boca Raton, FL 33431 and Kahn Swick & Foti, LLC, 206 Covington St., Madisonville, LA 70447, along with Liaison Counsel for Lead Plaintiffs The Law Offices of Curtis V. Trinko, LLP, 16 W. 46th St., 7th Floor, New York, NY 10036, are seeking an amount not to exceed $13 million in attorneys' fees, to be divided between them, plus an amount not to exceed $700,000 in expenses actually incurred. Kahn Swick & Foti, LLC will share a portion of any fee it receives with the Brannon Law Firm, LLC, 3500 North Hullen St., Metairie, LA 70002. Counsel for the Delaware Shareholders, Horwitz, Horwitz & Paradis, Attorneys at Law, 570 Seventh Ave., 20th Floor New York, NY 10018; Wolf Haldenstein Adler Freeman & Herz LLP, 270 Madison Ave. New York, NY 10016; and Chimicles & Tikellis LLP, 222 Delaware Ave., Suite 1100, P.O. Box 1035, Wilmington, DE 19899, along with their former co-counsel in the Delaware derivative action entitled, In Re Bank of America Corporation Stockholder Derivative Litigation, C.A. No. 4307-CS (Del. Ch. Ct.), Rosenthal Monhait & Goddess, P.A., 919 N. Market St., Suite 1401, Wilmington, DE 19899; Evangelista & Associates, LLC, One Glenlake Pkwy, Suite 700, Atlanta, GA 30328; James A. Dunlap, Jr. & Associates LLC, 801 W. Conway Dr. NW, Atlanta, GA 30327; and Law Offices of James V. Bashian, P.C., 271 Route 46 West, Ste. F207, Fairfield, NJ 07004, are separately seeking $10.625 million in attorneys' fees, to be divided between them, plus $1,750,000 in expenses actually incurred. Counsel for objector Matthew Pinsly, The Weiser Law Firm, 22 Cassatt Avenue, Berwyn, PA 19312, is seeking an amount not to exceed $2 million in attorneys' fees, plus an amount not to exceed $6,000 in expenses actually incurred. If approved by the Court, these amounts will be paid out of the $62.5 million cash payment received by BAC as a result of the Settlement.
If you are a current BAC Stockholder, you may object to the request for attorneys' fees and expenses by Lead Counsel, Counsel for the Delaware Shareholders, Counsel for Matthew Pinsly or all. Any objection to the request(s) for attorneys' fees and expenses must be filed with the Clerk of the Court (Honorable P. Kevin Castel, United States District Court, Southern District of New York, 500 Pearl Street, New York, NY 10007) in this case numbered 09 MD 2058 (PKC), no later than March 1, 2013, and served by hand or first class mail (postage prepaid) for delivery by the same date on Lead Counsel, Counsel for the Delaware Shareholders, and Counsel for objector Matthew Pinsly (at the addresses listed in the previous paragraph), and on counsel for BAC and the Individual Defendants (at the addresses listed below).
Lawrence Portnoy, Esq.
Charles S. Duggan, Esq.
Brian M. Burnovski, Esq.
DAVIS POLK & WARDWELL LLP
450 Lexington Avenue
New York, New York 10017
Mitchell A. Lowenthal, Esq.
Lewis J. Liman, Esq.
Jennifer Kennedy Park, Esq.
CLEARY GOTTLIEB STEEN
& HAMILTON LLP
One Liberty Plaza
New York, New York 10006
Brad S. Karp, Esq.
Daniel J. Kramer, Esq.
Audra J. Soloway, Esq.
PAUL, WEISS, RIFKIND, WHARTON
& GARRISON LLP
1285 Avenue of the Americas
New York, New York 10019
You must include with your objection (a) a statement indicating that you object to all or part of counsels' request for fees and/or reimbursement of costs; (b) the grounds for such objection; and (c) proof of ownership of BAC common stock as of June 19, 2012 and continuing through the date of the Fee Hearing, as well as all documents or writings you would like the Court to consider. Any BAC Stockholder who fails to object in the manner described above shall be deemed to have waived the right to object (including any right of appeal) and shall be forever barred from raising such objection in this or any other action or proceeding unless the Court orders otherwise.
For more information, or to obtain a copy of the Order Approving Notice and Setting Schedule for Applications for Attorneys' Fees and Reimbursement of Expenses, as well as the memoranda of law in support of counsels' requests for attorneys' fees and expenses, you may visit the website www.bankofamericaderivativesettlement.com. Should you have any other questions regarding the Fee Hearing, please contact Lead Counsel for Lead Plaintiffs or Counsel for the Delaware Shareholders:
Lead Counsel for Lead Plaintiffs:
Lewis S. Kahn, Esq.
KAHN SWICK & FOTI, LLC
206 Covington Street
Joseph E. White, III, Esq.
SAXENA WHITE P.A.
2424 N. Federal Highway, Suite 257
Boca Raton, Florida33431
Counsel for Delaware Shareholders:
Paul O. Paradis, Esq.
Michael A. Schwartz, Esq.
HORWITZ, HORWITZ & PARADIS, ATTORNEYS AT LAW
570 Seventh Avenue - 20th Fl.
New York, New York 10018
PLEASE DO NOT CALL OR WRITE THE COURT OR DEFENDANTS REGARDING THIS NOTICE.
DATED: January 31, 2013 BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK
Saxena White P.A.
Kahn Swick & Foti, LLC
“The year of the cloud – we have no idea when it's really happening but we think it's happening now. For those technology providers like Zentera that are helping enterprises move to the cloud - it's been fun to watch," noted Mike Loftus, VP Product Management and Marketing at Zentera Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 26, 2015 11:00 PM EST Reads: 1,880
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile ...
Jan. 26, 2015 09:00 PM EST Reads: 2,549
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, ...
Jan. 26, 2015 07:45 PM EST Reads: 2,511
Companies today struggle to manage the types and volume of data their customers and employees generate and use every day. With billions of requests daily, operational consistency can be elusive. In his session at Big Data Expo, Dave McCrory, CTO at Basho Technologies, will explore how a distributed systems solution, such as NoSQL, can give organizations the consistency and availability necessary to succeed with on-demand data, offering high availability at massive scale.
Jan. 26, 2015 07:30 PM EST Reads: 1,523
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what th...
Jan. 26, 2015 06:15 PM EST Reads: 3,877
Security can create serious friction for DevOps processes. We've come up with an approach to alleviate the friction and provide security value to DevOps teams. In her session at DevOps Summit, Shannon Lietz, Senior Manager of DevSecOps at Intuit, will discuss how DevSecOps got started and how it has evolved. Shannon Lietz has over two decades of experience pursuing next generation security solutions. She is currently the DevSecOps Leader for Intuit where she is responsible for setting and driv...
Jan. 26, 2015 06:00 PM EST Reads: 1,513
Dale Kim is the Director of Industry Solutions at MapR. His background includes a variety of technical and management roles at information technology companies. While his experience includes work with relational databases, much of his career pertains to non-relational data in the areas of search, content management, and NoSQL, and includes senior roles in technical marketing, sales engineering, and support engineering. Dale holds an MBA from Santa Clara University, and a BA in Computer Science f...
Jan. 26, 2015 06:00 PM EST Reads: 3,082
SYS-CON Events announced today that CodeFutures, a leading supplier of database performance tools, has been named a “Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. CodeFutures is an independent software vendor focused on providing tools that deliver database performance tools that increase productivity during database development and increase database performance and scalability during production.
Jan. 26, 2015 06:00 PM EST Reads: 1,687
The Internet of Things (IoT) is rapidly in the process of breaking from its heretofore relatively obscure enterprise applications (such as plant floor control and supply chain management) and going mainstream into the consumer space. More and more creative folks are interconnecting everyday products such as household items, mobile devices, appliances and cars, and unleashing new and imaginative scenarios. We are seeing a lot of excitement around applications in home automation, personal fitness,...
Jan. 26, 2015 06:00 PM EST Reads: 2,815
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., showed what is needed to leverage the IoT to transform your business. ...
Jan. 26, 2015 05:45 PM EST Reads: 3,121
Vormetric on Wednesday announced the results of its 2015 Insider Threat Report (ITR), conducted online on their behalf by Harris Poll and in conjunction with analyst firm Ovum in fall 2014 among 818 IT decision makers in various countries, including 408 in the United States. The report details striking findings around how U.S. and international enterprises perceive security threats, the types of employees considered most dangerous, environments at the greatest risk for data loss and the steps or...
Jan. 26, 2015 05:00 PM EST Reads: 1,537
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP ...
Jan. 26, 2015 05:00 PM EST Reads: 2,528
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Jan. 26, 2015 05:00 PM EST Reads: 7,615
Storage administrators find themselves walking a line between meeting employees’ demands to use public cloud storage services, and their organizations’ need to store information on-premises for security, performance, cost and compliance reasons. However, as file sharing protocols like CIFS and NFS continue to lose their relevance, simply relying only on a NAS-based environment creates inefficiencies that hurt productivity and the bottom line. IT wants to implement cloud storage it can purchase a...
Jan. 26, 2015 04:45 PM EST Reads: 737
Cloud Technology Partners on Wednesday announced it has been recognized by the Modern Infrastructure Impact Awards as one of the Best Amazon Web Services (AWS) Consulting Partners. Selected by the editors of TechTarget's SearchDataCenter.com, and by votes from customers and strategic channel partners, the companies acknowledged by the Modern Infrastructure Impact Awards represent the top providers of cloud consulting services for AWS including application migration, application development, inf...
Jan. 26, 2015 03:00 PM EST Reads: 1,328