PHILADELPHIA, Aug. 4, 2014 /PRNewswire/ -- Barrack, Rodos & Bacine, a lead counsel in the
If approved by the Court, the total settlement amount will be among the largest recoveries ever achieved in a securities fraud class action stemming from the 2008 financial crisis. It would release claims of the members of the putative class, which consists of all persons and funds that purchased publicly issued common stock, corporate units, bonds, subordinated debentures and notes of AIG from March 16, 2006 through September 16, 2008, and were injured thereby.
Leonard Barrack, the senior partner of Barrack Rodos & Bacine, stated: "We brought this case to protect the interests of investors. We are very pleased that we were able to achieve this recovery, and look forward to presenting the settlements to the Court for its consideration."
Jeffrey Golan, who served as the firm's primary counsel in the case, added: "We are honored to have served as a lead counsel for this case and to have achieved this recovery for the class. We also congratulate Michigan's State Treasurer, Attorney General and the State of Michigan Retirement Systems, who stepped up to the plate to oversee the prosecution of this important case, and encourage all members of the class to retain their records showing their purchases, sales and holdings of AIG stock and other securities within the class period, pending the Court's consideration of the settlements."
According to BR&B partner, Robert Hoffman, "the proposed securities class action settlement is one of the largest ever achieved in the absence of a criminal indictment or an SEC enforcement action, and demonstrates the importance of private securities litigation as a means of recovery for injured investors."
Persons with questions concerning the settlement or the case in general may contact Barrack, Rodos & Bacine, 3300 Two Commerce Square, 2001 Market Street, Philadelphia, PA 19103, (215) 963-0600, www.barrack.com.
SOURCE Barrack, Rodos & Bacine