Federated Investors issued the following statement pursuant to an order by the U.S. District Court for the District of Maryland.
On May 26, 2010, the United States District Court for the District of Maryland preliminarily approved of a settlement of class action lawsuit against Federated Investors, Inc., Federated Investment Management Company, Federated Equity Management Company of Pennsylvania, Federated Services Company, Federated Securities Corporation, and certain individual Defendants. The lawsuit asserted claims against the Defendants relating to alleged "market timing" and "late trading" within certain Federated Fluctuating Value Mutual Funds. As a part of this proceeding, the Court did not decide in favor of Plaintiffs or the Defendants. The members of the class that has been preliminarily approved include all shareholders in Federated fluctuating value mutual funds from October 21, 1998 to the present. The Court also preliminarily approved a subclass, the members of which will receive a separate notice of the settlement through the U.S. mail.
The proposed settlement still requires the Court's final approval. On October 21 and 22, 2010 at 10:00 a.m., the Court will hold a hearing on the proposed settlement at U.S. District Court for the District of Maryland, Baltimore Division, 101 W. Lombard Street, Baltimore, MD 21201. At the hearing, the Court will consider the proposed settlement, and the applications for awards of attorneys' fees and reimbursement of expenses of Class Counsel, Derivative Counsel and Plaintiffs' Administrative Chair and Liaison Counsel, including administrative costs. Any class member or subclass member may appear at the settlement fairness hearing and be heard on any of the matters to be considered at the hearing; provided, however, that no such person shall be heard unless his, her, or its objection or opposition is made in writing and is filed by him, her, or it with the Office of the Clerk, U.S. District Court for the District of Maryland, Baltimore Division, 101 W. Lombard Street, Baltimore, MD 21201, no later than September 21, 2010.
The full settlement terms are contained in a Stipulation of Settlement ("Stipulation") dated December 14, 2009. A copy of the Stipulation, as well as detailed information regarding the proposed settlement and the rights of Class and Subclass members with respect to the proposed settlement, is available on the Internet at the following website address: www.noticeclass.com/federatedsettlement. If you have any additional questions regarding the settlement, please contact U.Seth Ottensoser, Bernstein Liebhard LLP, 10 East 40th Street, New York, NY 10016, (212) 779-1414.
Contacts:
Intermark Group
Liz Bishop, 205-776-2262
