|
Frequently Asked Questions
|
|
|
|
When do I get
my money back?
|
Distribution
is a time consuming process. The claimant will have
ninety (90) days from the initial distribution of the “Proof
of Claim" forms to file a claim. The Receiver will
then go through a process of verifying the claims. Subsequent
attempts to contact all possible claimants will be made.
Within 180 days from the last Bar Date, the Receiver
will file a motion for the Court’s authority to
make the Initial Pro Rata Distribution to the Recognized
Claimants. No firm date of distribution of funds can
be determined at this time.
|
|
|
How much
money will I receive?
|
Every
case is different. The damages paid to class members
depends greatly on the injury incurred, the related
financial loss, the difficulty establishing the Defendants'
liability, the volume of claims filed and approved,
and the terms of the Settlement Agreement.
|
|
|
What is a "Recognized
Claim"?
|
A recognized
claim means a Proof of Claim that is received by the
Receiver on or before the Bar Date and is verifiable
in the LC Wegard Database.
|
|
|
What is your
contact information?
|
Our
contact information is the following:
Claims Administration
c/o Donald F. Conway, Receiver
P.O. Box 8329
Princeton, NJ 08543-8329
Telephone: 609-689-2407
Fax: 609-689-9720
E-mail: claims@mercadien.com
|
|
|
What is a
class period?
|
A class
period is a specific time frame during which a company
is alleged to have acted improperly in the conduct of
its business. The class period is specified in both
the complaint and notice. It is always possible that
a class period may be extended or shortened.
|
|
|
How long will the
distribution take before it is resolved?
|
Every
distribution is different, therefore, there is no way
of knowing exactly when each will be resolved.
|
|
|
If I made
money on the stock can I still get a refund?
|
That
depends on the Plan of Allocation in the case. Sometimes
transactions with gains have a zero recognized claim.
In some actions, if your overall investment in ABC stock
during the class period resulted in a loss (realized
or not), you may participate in the lawsuit.
|
|
|
Can I sell my
stock and still be a part of the distribution?
|
Yes.
It is not necessary for you to retain ownership of the
stock after the class period has expired to participate
in the lawsuit.
|
|
|
If I live outside
the United States can I still participate in the settlement?
|
Yes,
as long as you purchased stock during the class period.
|
|
|
Can I participate
in more than one class action at a time?
|
Yes,
even with separate class actions against the same company.
|
|
|
What is a settlement
notice?
|
A settlement
notice describes the terms of the settlement and outlines
the rights of the class members under that settlement.
|
|
|
I am completing the Proof
of Claim online, how do I submit my supporting documentation?
|
The
online submission form will give you the option of uploading
or "attaching" up to five Adobe images to
the "Proof of Claim" form. If the number of
supporting documents exceeds that number, or you do
not have scanning capabilities, you should submit hard
copies of your supporting documents to the mailing address
provided on the "Proof of Claim" form.
|
|
|
What is a Convenience
Claimant?
|
L.C.
Wegard Customers electing treatment as a Convenient
Claimant will have less stringent proof requirements
and will have the amount of their claim capped at no
more than $10,000. Convenient Claimants shall be required
to disclose under oath the following information in
the Proof of Claim: their name, social security number,
current address, and name of Relevant Securities purchased
during the Relevant Period.
|
|
|
What is a Comprehensive
Claimant?
|
L.C.
Wegard Customers electing treatment as a Comprehensive
Claimant will be required to disclose more detailed
information regarding their losses. The amount of a
Comprehensive Claimant’s claim will not be limited.
Comprehensive Claimants shall be required to disclose
under oath in the Proof of Claim: the Minimum Data
plus, and for each Relevant Security purchased
during the Relevant Period: i) the trade date of each
purchase or sale, ii) number of securities purchased
or sold, and (iii) total cost or sales amount, along
with available documentation supporting each transaction.
|
|
|
What is the difference
between a “Convenient Claimant” and a “Comprehensive
Claimant”?
|
| A “Convenient
Claimant” will have less stringent proof requirements
and will have the amount of their claims capped at no
more than $10,000. A “Comprehensive Claimant”
will be required to disclose more detailed information
regarding their losses. Claimants will need to select
their option when completing the “Proof of Claim”
form. |
|
|
Are Recognized Claimants
required to submit a Form W9?
|
| Yes,
anyone approved for a distribution will be required
to submit a completed Form W9 to the Receiver before
the distribution can be paid. Form W9 can be found on
the Mercadien Claims Administration webpage in the Forms
section of the red box on the right of the screen. |
|
|
Will Recognized
Claimants receive a Form 1099?
|
| Yes, all claimants receiving a distribution will receive a Form 1099 Misc. We cannot provide individual tax advice to recipients of a distribution. Questions regarding the tax consequences associated with receiving a distribution should be directed to your tax professional. |
|
|
What are the tax consequences
with receiving a refund?
|
| We
cannot provide individual tax advice to recipients of
a distribution. Questions and concerns about any tax
consequences associated with receiving a distribution
should be directed to your tax professional. |
|
|
How long after
the Court approval ruling will Recognized Claimants
receive the initial distribution of funds?
|
| Assuming
the timely receipt of completed W9 forms, at this time,
we do not anticipate a significant amount of time between
the Court’s approval of the initial distribution
and the actual distribution of funds. |
|
|
|
What happens if
the original investor is deceased? |
|
If
the original account holder is deceased, the executor
of the deceased's estate can apply for a distribution.
In addition to the required minimum information requested
on the Proof of Claim form, applicants should also include
a copy of the death certificate and the Letters of Testamentary.
If the original account holder died intestate or without
a will, applicants should also include a copy of the
death certificate and Letters of Administration. If
the claim is approved, you will also be required to
submit an IRS Form W-9 with the Estate's Federal Employer
Identification Number. |
|
|
|
What happens if
the deceased's assets were passed into a trust? |
|
Even
if the deceased's estate has been 'closed' and the assets
passed into a trust, the executor of the estate would
still be the responsible party to submit a Proof of
Claim form along with the Letters of Testamentary and
an IRS Form W-9 with the Estate's Federal Employer Identification
Number signed by the Executor of the Estate. |
|
|
|
Contact us for
more information. |
