In a significant development for stakeholders involved in the UDF Securities case, the court issued an order on February 21, 2019, approving the settlement and determining the award of attorneys’ fees and reimbursement of litigation expenses. The decision followed the Settlement Hearing held on February 15, 2019. Key Points of the Court order include:​

The court ensured due process by providing notice of the Settlement Hearing to all identifiable Settlement Class Members through approved means, including mailed notices and publications in Investor’s Business Daily and PR Newswire. 

The court approved the $10,435,725 fixed cash payment to the settlement fund 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. The court also found the requested attorneys’ fees and litigation expenses to be fair and reasonable, considering the complexity of the case, the efforts invested by Lead Counsel, and the potential benefits to Settlement Class Members.​

Lead Plaintiffs Louis J. D’Annibale, Paul Brown, and Plaintiff Mark Hay were awarded $2,500, $500, and $2,500, respectively, from the Settlement Fund as reimbursement for their incurred costs and expenses related to representing the Settlement Classes. 

This court order marks a pivotal moment in the UDF Securities case, providing clarity on attorneys’ fees, expenses, and plaintiff compensation. According to Partner Michael Yarnoff, “We are pleased with the settlement and the finality it brings to the UDF Securities case. This outcome underscores our commitment to achieving positive results for our clients.” 

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.

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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.

Today, on behalf of our client the Southeastern Pennsylvania Transportation Authority Pension Plan, the Kehoe Law Firm announces the filing of a Consolidated Class Action Complaint alleging a conspiracy to fix the prices for Mexican Government Bonds issued by the Mexican government through the Bank of Mexico (“Banxico”).​

Defendants include Merrill Lynch, Pierce, Fenner & Smith Incorporated, Bank of America Corporation, JPMorgan Chase Bank, J.P. Morgan Securities LLC, J.P. Morgan Securities plc, Banco Bilbao Vizcaya Argentaria, S.A., BBVA Securities, Inc., BBVA-Bancomer, Banco Santander, S.A., Santander Investment Bolsa, Sociedad de Valores, S.A., HSBC Bank PLC, HSBC Securities (USA) Inc., Citigroup Global Markets Inc., Citigroup Global Markets Limited, Citibank, N.A., Barclays Bank PLC, Banco Barclays S.A., Barclays Capital Securities Limited, Barclays Capital Inc., Deutsche Bank AG, and ING Financial Markets LLC. 

The complaint alleges that the defendant banks used their dominant position as the exclusive government-approved market makers in the Mexican Government Bond market to unlawfully increase the profitability of their MGB trading and sales businesses. In April 2017, Mexico’s antitrust regulator, the Comisión Federal de Competencia Económica (“COFECE”), announced that it had uncovered evidence of anticompetitive conduct among defendants in the Mexican Government Bond market.

Information leaked from COFECE’s investigation in May 2017, revealed that it had accepted at least one defendant into its cartel leniency program after that defendant admitted to participating in a conspiracy to fix Mexican Government Bond prices and agreed to provide evidence against its co-conspirators in exchange for a reduced penalty.  

Mexico’s securities regulator, the Comisión Nacional Bancaria y de Valores (“CNBV”), independently confirmed COFECE’s findings. CNBV announced in August 2017 that it was proceeding with its investigation of misconduct in the Mexican Government Bond market based on additional evidence it uncovered of collusion among the defendants. 

For more information about Kehoe Law Firm and its involvement in this matter, please contact John A. Kehoe at [email protected] or call (215) 792-6676.