Berger & Montague, P.C. Announces Proposed $70 Million Settlement and Hearing Thereon in Sotheby's Class Action Lawsuit.Business Editors & Legal Writers PHILADELPHIA--(BUSINESS WIRE)--Dec. 14, 2000 The following was released today by Berger & Montague, P.C. (http://www.investorprotect.com): TO: All Persons and Entities Who Purchased Class A Limited Voting Limited voting is a voting system in which electors have fewer votes than there are positions available. The positions are awarded to the candidates who receive the most votes absolutely. Common Stock of Sotheby's Holdings, Inc. (NYSE NYSE See: New York Stock Exchange :BID) During the Period February 11, 1997 through February 18, 2000, and Sustained a Loss Thereby (the "Class"). YOU ARE HEREBY NOTIFIED that a hearing shall be held before the Hon. Denise Cote, on February 16, 2001, at 2:00 pm in Courtroom 11B of the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , 500 Pearl Street, New York, New York 10007, to determine whether an order should be entered (i) finally approving the proposed $70 million settlement of the claims asserted by plaintiffs in this consolidated action (the "Action"), against defendants Sotheby's Holdings, Inc. and Sotheby's, Inc. (collectively, "Sotheby's") and defendants William S William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack . Sheridan, Joseph A. Domonkos, Patricia A. Carberry, Cyndee L. Grillo and A. Alfred Taubman Adolph "A." Alfred Taubman (born 1924)[1] is an American real estate developer, industrialist, and philanthropist from Bloomfield Hills, Michigan, a Metro Detroit area suburb. He became rich developing shopping malls, and his company is Taubman Centers Inc. (collectively with Sotheby's, the "Settling Defendants") on the terms set forth in the Amended Stipulation An agreement between attorneys that concerns business before a court and is designed to simplify or shorten litigation and save costs. During the course of a civil lawsuit, criminal proceeding, or any other type of litigation, the opposing attorneys may come to an agreement and Agreement of Settlement dated as of November 15, 2000 (the "Settlement"); (ii) dismissing the Action with prejudice as to the Settling Defendants and as to defendant Diana D. Brooks; (iii) finding that any shares of Sotheby's Class A Limited Voting Common Stock to be issued in connection with the Settlement are exempted securities under the Securities Act of 1933; (iv) approving the Plan of Allocation of the Net Settlement Fund; and (v) awarding counsel fees and reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. of expenses to counsel for Plaintiffs and the Class. This Action was filed after reports in the press beginning on January 29, 2000 that Sotheby's and its principal competitor, Christie's, Inc., participated in an agreement regarding the amounts charged for commissions in connection with auctions. This Action was filed to address claims under federal securities laws stemming from declines in the market price of Sotheby's Stock following those reports. A more complete description of the Action, the proposed Settlement and the steps Class Members must take in order to share in the proposed Settlement, request exclusion from the Class or object to the Settlement and any application for attorneys' fees and expenses appears in the Notice of Proposed Settlement of Class Action, Settlement Fairness Hearing and Right to Share in Settlement Fund (the "Notice"). The Notice also sets forth the deadlines for exercising each of these options, including the March 10, 2001 deadline for mailing Proofs of Claim and the February 2, 2001 deadline for requesting exclusion from the Class or filing any objections to the proposed Settlement or any application for attorneys' fees and expenses. If you have not yet received the Notice, which more completely describes the terms of the proposed Settlement, your rights thereunder, and the steps which must be taken before each applicable deadline, you may obtain a copy by contacting: In re Sotheby's Holdings, Inc. Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , c/o Heffler, Radetich & Saitta, L.L.P., P. O. Box 160, Philadelphia, PA 19105-0160, 215/665-1124 or 800/528-7199. If you have any questions regarding this Action, you may contact Plaintiffs' Lead Counsel: Sherrie R. Savett, Esquire, Gary E. Cantor, Esquire, Berger & Montague, P.C. (http://www.investorprotect.com), 1622 Locust locust, in botany locust, in botany, any species of the genus Robinia, deciduous trees or shrubs of the family Leguminosae (pulse family) native to the United States and Mexico. Street, Philadelphia, PA 19103, 215/875-3000. Please do not contact the Court or the Clerk's Office for information. |
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