Court Grants Preliminary Approval To $2.55 Million Proposed Settlement With Defendants In Ambac Erisa Litigation

The Court has granted preliminary approval to the proposed settlement of $2.55 million in Veera v. Ambac Plan Administrative Committee, et al., 10-cv-4191 (HB) (S.D.N.Y).  In his class action complaint, Plaintiff Veera brought a lawsuit against the fiduciaries of the Ambac Financial Group, Inc. Savings Incentive Plan (“Plan”) in connection with the losses suffered by the Plan and its participants by investing in Ambac Stock in the Plan between October 2, 2006 and July 2, 2008.  The Court has scheduled a final Settlement Hearing to take place at 500 Pearl Street, New York, New York before the Hon. Harold Baer, Jr. on November 14, 2012 at 10:00 a.m. to determine (a) whether the proposed Settlement is fair, reasonable and adequate and should be approved by the Court; (b) whether to certify the proposed Class; (c) whether the proposed Plan of Allocation for distributing the Settlement to Class Members is fair and reasonable and should be approved; and (d) whether the application by Plaintiff’s Counsel for an award of attorneys’ fees and reimbursement of litigation expenses, as well as a case contribution award to Plaintiff, should be approved. For more information, please go to http://berdonclaims.com/cases/Details.aspx?cid=238#tb_main.