Court Grants Final Approval to Settlement in Becker v. Bank of New York Mellon Class Action

12/21/2018 - On December 21, 2018, the Honorable Juan R. Sánchez, U.S. District Judge for the Eastern District of Pennsylvania, granted final approval to the proposed settlement reached by the parties in Becker v. Bank of New York Mellon, et al., Case No. 11-cv-06460-JS (E.D. Pa.). Pursuant to the Stipulation and Agreement of Settlement, dated June 8, 2018, the defendants agreed to pay $13,500,000 in cash to resolve all claims asserted by plaintiff Leonard Becker, on behalf of himself and a Class of all holders of The Borough of Langhorne Manor Higher Education and Health Authority Hospital Revenue Bonds, Series of 1992 (The Lower Bucks Hospital) on December 7, 2011, the record date for claims under the bankruptcy Plan of Reorganization of Lower Bucks Hospital.

The Court entered an order on June 20, 2018, preliminarily approving the proposed settlement and authorizing the dissemination of the Notice and Proof of Claim form to potential class members.  Click here for a copy of the Long Form Notice sent to potential class members.  The Court granted final approval to the settlement on December 21, 2018.  In approving the settlement, Judge Sánchez noted class counsel’s “skill and efficiency” in defending against a “litany of pretrial motions, including a new motion to dismiss, motions in limine, and several Daubert motions,” as well as during the trial.  He continued: “This favorable settlement is attributable in large part to class counsel’s zealous advocacy for the class and vigorous prosecution of this action in the face of formidable opposition from Defendants.”  Click here for a copy of the court’s December 21, 2018 opinion and order.

Claim forms were due to be postmarked by November 1, 2018.  Payments will be made to eligible claimants after the completion of all claims processing.  Please be patient, as the claims administration process will take some time to complete.