Richmond, Virginia. This update is in regards to the attached correspondence received by my office from the law firm of Whetstone Myers Perkins & Fulda, LLC regarding its representation of a putative class of exchangers of LandAmerica 1031 Exchange Services, Inc. (“LES”) in a Class Action litigation currently pending in United States District Court for South Carolina. As you may recall, this is separate class action settlement from the settlement pending in United States District Court in the Northern District of California.
Class Action counsel for the LES Exchangers reached a settlement with the former directors and officers of LandAmerica (“Class D&O Agreement”) and is seeking approval of that Class D&O Agreement in the United States District Court for the District of South Carolina. The Class D&O Agreement provides for a $4.2 million payment to Exchangers. The Class Action counsel will apply for fees and costs, Exchangers will have an opportunity to object, and then the District Court will decide what to award.
The LES Trustee believes that the Class D&O Agreement will bring an additional distribution to eligible Exchangers of approximately 2.0%.
The Class D&O Agreement will become binding on all Exchangers unless they opt out of the class by writing to Whetstone Myers Perkins & Fulda, LLC and the Court by September 11, 2012. Additionally, if you do not wish to be bound by the Class D&O Agreement as you wish to individually sue the parties to this settlement, then you must opt out by September 11, 2012. In order to take advantage of this settlement, you are NOT required to take any action. All Exchangers are included in this settlement based upon their having filed proofs of claim in LES’s bankruptcy case.
With offices in Richmond, Glen Allen, and Hopewell, Ronald Page, PLC services debtors and creditors in bankruptcy proceedings in the Virginia Capitol area including Richmond, Henrico County, Chesterfield County, Hopewell, Petersburg, Hanover County, Caroline County, Powhatan County, Prince George County, Goochland County, New Kent County, and Amelia County.