Kehoe Law Firm, P.C. today announced a significant development in the securities class action against United Development Funding IV, United Development Funding V, and other related entities. Plaintiffs Mark Hay and Paul Brown, along with Defendant Whitley Penn LLP, have reached a settlement in principle in the matter of Hay v. United Development Funding IV, et al., Case No.: 4:16-cv-00188-M.
This total settlement sum reflects the resolution of more than two years of rigorous litigation and thorough investigation. It comprises the fixed cash amount of $10,435,725 and an additional contingent cash payment of $3,000,000. The contingent cash payment is dependent on certain conditions, as outlined in the settlement terms.
Kehoe Law Firm partner Michael Yarnoff expressed his optimism about the settlement, stating, “We are pleased to announce this significant step toward resolution in the UDF Securities Litigation. The settlement in principle, including both fixed and contingent amounts, reflects the hard work and dedication of all parties involved. We look forward to moving this settlement through the judicial process and hope to obtain court approval soon.”
As part of the settlement process, the Parties have also agreed to delay submission of class settlement documentation while active discussions with other defendants continue. They remain committed to consummating the settlement in principle and are prepared to promptly notify the Court if any obstacles arise.
For more information about Kehoe Law Firm and its involvement in this matter, please contact Michael Yarnoff at [email protected] or call (215) 792-6676.