The Court will hold a settlement hearing on April 26, 2021 at 10:00 a.m. VIA MICROSOFT TEAMS in the Supreme Court of the State of New York. Join on your computer or mobile app Click here to join the meeting or call in (audio only) 1-347-378-4143, Phone conference ID: 752 750 152#
The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency of Class Action and Information Regarding Proposed Settlement of Class Action Claims, Settlement Hearing, and Right to Object, Opt Out, and Appear at Hearing. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action and Settlement
The Notice relates to the proposed Class Action Settlement Involving Owners of Saks Inc Common Stock.
On July 29, 2013, it was announced that Saks, HBC, and an HBC subsidiary named Harry Acquisition Inc. (“Merger Sub”) had entered into an Agreement and Plan of Merger (the “Merger Agreement”) dated July 28, 2013 pursuant to which HBC would acquire Saks for a total enterprise value of approximately $2.9 billion, including $16 in cash for each share of Saks common stock (the “Merger”).
The Individual Defendants were members of Saks’ board of directors at the time of the Merger. Goldman Sachs served as a financial advisor to Saks in connection with the Merger.
Between August 2, 2014 and August 30, 2014, seven putative class actions were filed in the Court by Saks shareholders alleging, among other things, that the Individual Defendants breached their fiduciary duties in connection with the Merger, and that HBC and Merger Sub aided and abetted those breaches.
The Plaintiffs Thomas H. Jennings, Sharon Golding, Jack Oliver, Wanda Oliver, Samuel T. Cohen, Robert Oliver, and Joshua Teitelbaum (collectively, “Plaintiffs”), and their counsel Levi & Korsinsky, LLP (“Plaintiffs’ Settlement Counsel”), Wolf Haldenstein Adler Freeman & Herz LLP, Robbins LLP, Barrett Johnston Martin & Garrison LLC, Safirstein Metcalf LLP, Brower Piven, a Professional Corporation, Brodsky & Smith LLC, and Bernstein Liebhard LLP (collectively, “Plaintiffs’ Counsel”), on behalf of Plaintiffs and the Class (defined in ¶ 41 of the Notice) have reached a proposed settlement of the Action for $21,000,000 in cash (the “Settlement”).
On December 11, 2020, the Court entered an order (the “Preliminary Approval Order”) preliminarily approving the Settlement, directing that notice of the Settlement be provided to potential Class Members, and scheduling the Settlement Hearing to consider, among other things, whether to grant final approval to the Settlement.
The Class consists of:
All persons or entities who held shares of Saks Inc. (“Saks”) common stock between July 29, 2013 through November 4, 2013, the date of the consummation of the acquisition of Saks by Hudson’s Bay Company (“HBC”)
If you are a member of the Class, in order to be potentially eligible for a payment from the Settlement, you were required to submit a Claim Form with adequate supporting documentation submitted no later than April 5, 2021.
Payments to eligible claimants will be made only after any objections and appeals of the Settlement are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.
|YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:
|YOU MAY APPLY TO RECEIVE A DISTRIBUTION FROM THE SETTLEMENT BY SUBMITTING A CLAIM FORM NO LATER THAN APRIL 5, 2021.
||If you are a member of the Class (defined in ¶ 41 of the Notice), you may be eligible to receive a pro rata distribution from the Settlement proceeds. Eligible Class Members who wish to receive a distribution from the Settlement must submit a Claim Form to the Settlement Administrator. See ¶¶ 46-52 of the Notice for instructions on how to submit a Claim Form.
|YOU MAY OPT OUT OF THE SETTLEMENT BY SUBMITTING A REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN APRIL 5, 2021.
||You may write to Plaintiffs’ Counsel and request to be excluded from the Settlement. You will not receive the benefits of the Settlement but will be able to participate in another lawsuit against the Defendants or the Defendant Released Parties concerning the legal claims being released in the Settlement.
|YOU MAY OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN APRIL 5, 2021.
||You have the right, if you do not like the proposed Settlement and/or Plaintiffs’ Counsel’s application for fees and expenses, to write to the Court and explain why you do not like it/them.
|YOU MAY GO TO A HEARING ON APRIL 26, 2021, AT 10:00 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN APRIL 16, 2021.
||You may ask to speak to the Court about your concerns relating to the Settlement at the Settlement Hearing. The Court will hold a settlement hearing on April 26, 2021 at 10:00 a.m. VIA MICROSOFT TEAMS in the Supreme Court of the State of New York.
|YOU MAY DO NOTHING.
||If you do nothing, you will not receive a distribution from the Settlement and will be bound by the Judgment in this case and forever barred from suing Defendants and the Defendant Released Parties based on the events at issue.
How do I obtain more information?
More detailed information about the Action and the Settlement is contained in the Notice available on the Important Documents page on this website. Additional information can also be obtained by contacting the Settlement Administrator by calling toll-free 1-833-707-1446; emailing info@SaksSecuritiesSettlement.com; or mailing a letter to:
Saks Securities Settlement
c/o JND Legal Administration
P.O. Box 91062
Seattle, WA 98111
Inquiries should NOT be directed to the Court or Defendants