Answers
| 1. |
What is a class action?
A class action is a suit brought by one or more plaintiffs on behalf of all similarly situated individuals or entities that have been harmed in a common way. Bringing a case as a class action allows adjudication of many similar claims of persons and entities that might be economically too small to bring in individual actions. One court resolves the issues for all Class Members, except for those who exclude themselves from the Class.
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| 2. |
Why am I receiving this claim packet?
You or someone in your family may have purchased, sold, or held securities eligible for compensation from a proposed settlement fund. The Court sends you Notice because you have a right to know about the settlement and all of your options. The Notice in this packet explains the lawsuit, describes the terms of the settlement, and outlines your legal rights.
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| 3. |
How did you get my name?
Various sources, including transfer agents, brokers, nominees, and investment advisors provide us with a list of potential class members (names and addresses) who may be able to participate in each settlement. Some sources request that unaddressed claim forms be mailed to them and they will forward these packages to their clients
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| 4. |
Why did I receive more than one claim packet in the mail?
If you receive more than one claim packet, it is likely that your name appears on more than one name and address list which was provided to us. We receive these lists from banks, brokers or the transfer agent. We are required to send the claim form package to all names and addresses provided to us. You do not need to re-submit your claim.
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| 5. |
What are my options?
You can choose to file a claim to receive a payment from the Settlement Fund, to object to the Settlement, to request that you be excluded from the Settlement, or to do nothing.
a. How can I get a payment from the Settlement Fund?
To qualify for a payment, you must send in a Proof of Claim form. A Proof of Claim form is being circulated with these Notices. You may also download a Proof of Claim form online at www.gilardi.com. Read the instructions carefully, fill out all of the information requested on the Proof of Claim form, include all the documents the form asks for, sign it, and mail it postmarked no later than the filing deadline.
b. What am I giving up in order to get a payment?
Membership in this class means that you can't sue, continue to sue, or be part of any other lawsuit against any of the Defendants about the legal issues in this case. It also means that all of the Court's orders will apply to you and legally bind you. If you sign the claim form, you will agree to a "Release of Claims," attached to the claim form, which describes exactly the legal claims that you give up if you get settlement benefits.
c. What is the difference between Objecting to the Settlement and Requesting Exclusion from the Settlement?
Objecting is telling the Court that you do not like something about the Settlement. You can object only if you stay in the Securities Settlement Class. Excluding yourself is telling the Court that you do not want to be part of the Securities Settlement Class. If you exclude yourself, you cannot object because the case no longer affects you.
d. How do I object to the terms of the Settlement?
Please read the Notice carefully. If you do not find the terms of the Settlement to be fair and reasonable, you may file an objection to the Settlement by following the instructions listed in the Notice.
e. What if I do not want to participate in the Settlement and want to retain the ability to file my own lawsuit?
If you do not wish to participate in the Settlement and you wish to retain your right to sue, continue to sue, or be part of any other lawsuit against any of the Defendants about the legal issues in this case, you may file a request to be excluded from the Settlement by following the instructions listed the Notice.
f. What happens if I do nothing?
If you do nothing, you will be a Settlement Class Member, but you will not receive any payment from either Settlement Fund. You won't be able to start a lawsuit, continue with a lawsuit, or be part of any other lawsuit against the defendants about the released claims in this case.
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| 6. |
How do I get a copy of the notice or claim form?
All of the relevant documents are posted for your convenience online. Please click on "Current Cases" or enter the name of the case or company involved in the "Case Search" box in the upper right hand corner of the page in order to locate the case-specific website and download or print the Notice and Proof of Claim form. You can also contact us at the toll free number listed in the Notice or at Classact@gilardi.com to request that a claim packet be mailed to you.
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| 7. |
I receive an error message when trying to read the court documents. What should I do?
The most likely reason for this error message is that the file timed out or was interrupted while downloading, or your version of Adobe Acrobat or Adobe Reader is not compatible with the format. If you continue to experience difficulties, please contact us at Classact@gilardi.com with the name of the case and your mailing address in order for us to ship you a claim package.
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| 8. |
Filing a Claim
a. Do I qualify to submit a claim?
We are unable to determine an individual's eligibility prior to them submitting a claim. If you would like for us to determine your eligibility please fill out and submit a claim form with supporting documentation. If you have specific questions on how to fill out your claim form please call the toll free number listed in the Notice in order to speak with one of our customer service representatives.
b. How do I get my records?
We do not hold stock records nor do we have the ability to request your records from your financial institution on your behalf. You can contact the institution where you held your shares or your Pension Plan Administrator and request supporting documentation for your claim.
c. What kind of proof do you require?
Suggested forms of supporting documentation are photocopies of stockbrokers' confirmation slips or stockbrokers' monthly statements reflecting your opening and closing balances for the months specified on the claim form, and in which your transactions during the Class Period occurred. Stock certificates and Schedule D forms are generally not considered an acceptable form of proof, as they often do not provide the necessary trade date and price information.
d. How do I file on behalf of deceased person or estate?
When filing on behalf of an estate, you can file as an individual or if the estate still exists you can file on behalf of the estate and any settlement proceeds would be made payable to the estate (the same goes for IRA's and other accounts). If the estate is in someone else's name we do require a copy of the Death certificate and proof that you are the executor or beneficiary. Depending on whether you file as an individual or on behalf of the estate you should put the appropriate TIN or SSN. You may then sign the claim form.
e. What do I do if I don't have my supporting documentation available?
You can file a claim without the requested documentation. We will contact you via letter if we find that your claim is deficient. You will have a period of time to retrieve documentation from your broker or custodian and resolve the deficiency. If you do not resolve the deficiency with your claim, it may be rejected and you will not be able to participate in the settlement fund.
f. What should I do if I have more transactions or other relevant data than will fit on the claim form?
Please make copies of the necessary page(s) of the claim form, write the additional transactions/data on the copied page(s) and initial each page. Incomplete Proof of Claim forms may be returned to the claimant with a letter of explanation.
g. I am a resident of a foreign country and do not have a United States Social Security Number or Taxpayer Identification Number. How should I complete these sections?
Please provide the foreign identification number which is appropriate for your country of residence.
h. How can I obtain information on how to submit my transactions electronically?
If you have a significant number of transactions and are interested in learning how to submit an electronic file, please contact the Institutional Liaison at 415-461-0410 or email edata@gilardi.com and request the electronic data submission instructions and requirements. Please specify if you are an individual filing on your own behalf or if you represent an entity filing on behalf of others.
i. The filing deadline has already passed. Can I file a late claim?
You are welcome to submit a claim after the filing deadline understanding that it will be considered late. We will process your late claim and include it with all of the other late claims received in the case. If you desire, you may also include a brief letter explaining why your claim is late. Unfortunately, we do not have the ability to grant extensions in any given case. It will be up to the Court working on the case to determine whether or not late claims will participate in the distribution of funds.
j. Will the information I submit be kept confidential?
To the extent feasible, we will maintain the confidentiality of all claim information and data transmitted by claimants, defendants, banks, or others. Such confidential information and data ordinarily will be made available only to us, as Claims Administrator, and Plaintiffs' Counsel, and their respective staffs, consistent with the need to adjudicate contested claims, and consistent with any orders that may be entered by the Court.
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| 9. |
Claim or Case Status
a. How can I get confirmation that you received my claim form?
If you desire an acknowledgement of our receipt of your mailed claim form, please send it via Certified Mail, Return Receipt Requested or some other traceable delivery method. In order for us to give you any information regarding your claim, you must first contact us to obtain your claim number. When contacting us, please be prepared to provide your name, address and last four digits of your Social Security Number or Tax Identification Number.
b. How do I get a copy of my claim?
You can request a copy of your claim via mail to the address provided in the case Notice, via email to classact@gilardi.com or via fax to 415-461-0412. The request should include all of the information on the front of the claim form and all of your current contact information.
c. Why did I receive notification of a claim deficiency or rejection?
While processing claims, a claim may be deemed "deficient" for any number of reasons, including the failure to supply adequate documentation of any holdings position or transaction. If you disagree with the determination or would like to respond to the notification letter, do so as soon as possible and include any documentation which may be required to support your claim.
d. How long will the Class Action take to complete?
Processing time on our cases can take an average of 6 to 9 months from the filing deadline. Once processing is complete we must then wait for authorization before we can distribute the funds and this can take several additional months. If we have any questions or need additional information on your claim we will contact you by phone or form letter. We will not have the final claim payout amount available until we have processed all of the claims and we have been authorized to proceed with the distribution.
e. What is the status of the case in which I submitted a claim?
To check on the status of a specific case, please go to the Case Status page and enter the name of the case or the company involved. To inquire about the status of your specific claim, please feel free to email classact@gilardi.com and provide the case name and the name, mailing address, and last four digits of the Social Security Number or Tax ID Number listed on your submitted claim form.
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| 10. |
Distribution
a. How much will I receive from the Settlement Fund if I choose to submit a claim?
We cannot determine or even estimate amounts until we have processed all of the claims and determined the total loss and know how many valid claims were filed. The Notice makes an attempt at estimating the many unknown variables to try to predict what a shareholder may expect from the settlement; however, there is no way to be any more specific than what the Notice states.
b. Will I receive the dollar amount listed in the Notice and Plan of Allocation?
In almost every instance, there is not enough money in the settlement fund to give every claimant their entire recognized loss. In that case, they will get a percentage of that loss. That percentage is based on how much money is left in the settlement fund after the attorney fees and claims administration is taken out, how many people filed a claim in the case and the total allowed loss for all of the claimants.
c. Is my distribution taxable?
The tax treatment of any distribution varies based on the nature of the settlement, the claimant's tax status and the treatment of the claimant's investments/activity underlying the claim. Gilardi & Co LLC is not a licensed tax advisor. You should consult your tax advisor to determine the tax consequence, if any, regarding the distribution you receive. Please note that the Internal Revenue Service has issued regulations under Internal Revenue Code Section 468B which provide in part: "Whether a distribution to a claimant is included in the claimant's gross income is generally determined by reference to the claim in respect of which the distribution is made and as if the distribution were made directly by the transferor."
d. My distribution check is past the void date, or I need to change the name on the check. How do I get a new distribution check?
You can request a check reissue. The request should contain the case name, your current address and the last four digits of your social security number. In the request, please detail any changes that need to be made. This request can be mailed, e-mailed or faxed to us. Please make the request to the attention of Marsha Walker. Her contact information is below.
Address:
Attn: Marsha Walker
Gilardi & Co.
3301 Kerner Blvd.
San Rafael, CA 94901
Fax: (415) 256-9757
email: Classact@gilardi.com
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