Crederian Fund Services Announces Reserve Primary Fund - Class Action Summary Notice

NEW YORK, Oct. 22, 2013 /PRNewswire/ -- Federal Court granted Preliminary Approval in Reserve Primary Fund Class Action.

In the United States District Court for the Southern District of New York, in In re The Reserve Primary Fund Securities & Derivative Class Action Litigation No. 08-cv-8060-PGG, a summary notice has been issued as follows:

SUMMARY NOTICE OF PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT, FINAL APPROVAL HEARING, AND MOTION FOR ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO: ALL PERSONS OR ENTITIES WHO PURCHASED OR HELD SHARES OF THE PRIMARY FUND DURING THE PERIOD FROM SEPTEMBER 28, 2006 TO SEPTEMBER 17, 2008.

PLEASE READ THIS NOTICE CAREFULLY.  YOUR RIGHTS MAY BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York, (a) of the pendency of this action asserting claims against Reserve Management Company, Inc., Resrv Partners, Inc., Reserve Management Corporation, Bruce Bent Sr., Bruce R. Bent II, and Arthur T. Bent III (the "Individual Defendants," collectively, the "Defendants"); and the Independent Trustees of the Primary Fund ("Independent Trustees") (the "Action") as a class action on behalf of the persons and entities who (i) purchased or held shares of the Primary Fund during the period from September 28, 2006 to September 15, 2008 and held them as of 4:00 p.m. ET on September 15, 2008; or (ii) purchased shares of the Primary Fund during the period between 4:00 p.m. ET on September 15, 2008 and September 17, 2008 (the "Class"), except for certain persons and entities who are excluded from the Class by definition; and (b) that a settlement of the Action that has the net effect of at least a $54.5 million benefit to Members of the Class and other Primary Fund Shareholders has been proposed.  A hearing will be held on December 16, 2013, at 2:00 p.m., before the Honorable Paul G. Gardephe, at the United States District Court for the Southern District of New York, 40 Foley Square, Courtroom 705, New York, New York 10007:  (A) to determine whether the proposed Settlement on the terms and conditions provided for in the Stipulation is fair, reasonable, and adequate and should be approved by the Court; (B) to determine whether the Order and Final Judgment as provided for under the Stipulation should be entered, dismissing the Action, on the merits and with prejudice, and to determine whether the releases proposed by the Parties, as set forth in the Stipulation, should be ordered; (C) to determine whether the application by Lead Counsel for an award of attorneys' fees and reimbursement of Litigation Expenses incurred should be approved; and (D) to rule upon such other matters as the Court may deem appropriate.

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED BY THE PENDING ACTION AND THE SETTLEMENT, AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND.  If you have not yet received the full printed Notice of Pendency of Class Action and Proposed Settlement, Final Approval Hearing and Motion for Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice"), you may obtain copies of these documents by contacting the Claims Administrator:

The Reserve Primary Fund Securities Class Action Litigation 
c/o  Crederian Fund Services LLC
1400 N. Providence Road
Bldg. 2, Suite 5035
Media, PA 19063
(800) 691-7562

A copy of the Notice is available at http://www.primary-yieldplus-inliquidation.com.  Copies of other documents, including copies of the Stipulation, and the Complaint, are available on Lead Counsel's website at www.blbglaw.com.  

If you are a Member of the Class, you may be potentially eligible to receive a distribution from this settlement. If you are a Class Member but purchased your shares indirectly (e.g., through a broker or nominee), you should contact that broker or nominee immediately, as the Court may order that any distribution be made through the record holders only, consistent with its prior orders.  If you are a Member of the Class, you are subject to the Settlement unless you timely request to be excluded.  To exclude yourself from the Class, you must submit a request for exclusion such that it is received no later than November 25, 2013, in accordance with the instructions set forth in the Notice.  Any objections to the proposed Settlement, Plan of Allocation and/or Lead Counsel's application for attorneys' fees and reimbursement of litigation expenses must be filed with the Court and delivered to counsel such that they are received no later than November 25, 2013, in accordance with the instructions set forth in the Notice.  

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  Inquiries may be made to Lead Counsel:

John Browne, Esq.
Bernstein Litowitz Berger & Grossmann LLP
1285 Avenue of the Americas, 38^th Floor
New York, NY 10019
(866) 648-2524

Published By Order of the United States District Court for the Southern District of New York

Contact: Eugene P. Grace, Chief Administrative Officer, Crederian Fund Services, 484-462-4881, eugene.grace@crederian.com

SOURCE Crederian Fund Services LLC