Important Update – One Group Distribution Process
As a courtesy, this update is to inform interested parties that the distribution process is anticipated to close soon and you should act immediately if you have a payment(s) you wish to have re-issued and/or negotiate.
- March 2, 2012: Last date a re-issuance request will be accepted for processing.
To ensure your check re-issuance request can be processed please submit all necessary documentation immediately. A check will not be re-issued for requests not received on or before March 2, 2012 or where information provided is incomplete. - April 10, 2012: Last date a check will be honored for payment.
If you are currently in possession of a check that doesn’t require changes you may negotiate this payment immediately. The distribution account will continue to honor checks for payment, regardless of the void date on your check, through April 10, 2012. Any check presented for payment after April 10, 2012 will not be honored. Additional fees may be charged by your bank for checks deposited and returned after April, 10 2012.*
* Any fee you may incur from your bank is solely the responsibility of the check recipient.
This reminder is FINAL and all payments not negotiated on or before April 10, 2012 will be marked void at the distribution bank.
If you need further assistance regarding this matter please call us toll-free at 1-888-850-3599, Monday through Friday from 9:00 A.M. to 6:00 P.M. Eastern Time.
Summary
On October 22, 2003, the first in a series of putative securities class action complaints was filed against Bank One in federal court in New York. That action alleged market-timing and late trading in the One Group family of mutual funds in violation of the federal securities laws. In the weeks that followed, numerous additional suits were filed throughout the country against Bank One as well as various other mutual fund families allegedly involved in market-timing and late trading. On February 20, 2004, the Judicial Panel on Multi-District Litigation centralized all of these actions in one multi-district docket in federal court in Maryland under the caption MDL-1586 - In re Mutual Funds Investment Litigation (the "MDL Actions").
In June 2004, Bank One entered into a settlement with the SEC and NY Attorney General. Under the terms of that settlement, Bank One paid $50 million into the "BOIA Fair Fund." That money was distributed to shareholders in 11 One Group funds as compensation for harm from allegedly approved timers. The plaintiffs in the MDL Actions, however, continued to pursue their litigation. In order to avoid the costs and risks of litigation, Bank One settled with the MDL plaintiffs for $5.1 million, and also agreed to pay reasonable settlement administration costs. The $5.1 million was paid into escrow several years ago.
The parties in the MDL Actions have obtained preliminary approval of their settlements. The Bank One settlement provides for distribution to accounts allegedly harmed by under the radar timing activity not compensated through the BOIA Fair Fund. These accounts were held in the following 5 "Distribution Funds" (which were part of the 11 compensated through the BOIA Fair Fund), during certain days in the period November 1, 1998 through September 3, 2003.
- One Group International Equity Index Fund
- One Group Diversified International Fund
- One Group Diversified Mid Cap Fund
- One Group Mid Cap Value Fund
- One Group Small Cap Value Fund
This population has been notified of a settlement totaling $5,599,500 in cash, plus interest earned on the Settlement Funds. ($ 5.1M paid by Bank One, plus $15,500 by Bank of America, $154,000 by Bear Stearns, and $330,000 by Canary, a hedge fund market timer) In addition to these amounts another $660,000, plus interest obtained by the New York Attorney General in a settlement with Canary will be distributed. Of the $5.6 million: (1) 20% will be deducted for plaintiffs' attorney fees; (2) $545,015.37 will be deducted for reimbursement of class plaintiffs' lead attorneys' expenses; (3) 1.25% will be deducted for reimbursement of plaintiffs' liaison attorneys' fees and litigation expenses; and (4) $670,000 will also be distributed directly to the five Distribution Funds in settlement of certain plaintiffs' claims. The remaining amount will be distributed to the affected accounts in the five Distribution Funds, subject to a $9.99 de minimis cut off. Notice of the Bank One settlement was mailed on or about June 30 2010, and commencement of the Settlement Funds distribution process in October 2011.
If you have questions you may:- call 888-850-3599 or,
- email onegroupnoticeanddistribution@bostonfinancial.com or,
- May 20, 2010:
The Court preliminarily approved the settlement and the form of notice. - June 30, 2010 – July 14, 2010:
a. Distribution of Short Form Notice of Settlement to class members
b. Posting of Notice on www.onegroupnoticeanddistribution.com
c. Publication of Notice in certain media outlets - July 1, - September 21, 2010:
Opt out timeframe – Class Members may elect to be excluded from the settlement. Excluded parties will not be eligible to receive payment from the settlement and cannot object to the terms of the settlement. This option allows parties to bring or participate in another lawsuit against the Settling Defendants or the other Released Parties concerning the Released Claims. Objections will be submitted to the court/judge for review. - October 21, 2010:
Objection deadline. Class Members who do wish to be included in the Settlement Class may nevertheless object to any aspect of the Settlement by filing an objection with the Court. - October 21-22, 2010:
Fairness hearing was held to determine whether to grant final approval of Settlements Plan of Allocation of the settlement proceeds. The Plan has been approved. - August 5, 2011:
Order approving distribution signed. - October 7, 2011:
Distribution period commences. - December 7, 2011:
Last day to request check replacement or re-issuance. - January 7, 2012:
Last day to cash or otherwise negotiate a check payment.