PHILADELPHIA and NEW YORK, Dec. 12, 2012 /PRNewswire/ -- The following statement regarding the McKesson HBOC Securities Settlement was issued today by the law firms BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP and BARRACK, RODOS & BACINE:
UNITED STATES DISTRICT COURTNORTHERN DISTRICT OF CALIFORNIA SAN JOSE DIVISION
In re McKESSON HBOC, INC. (NYSE: MCK) SECURITIES LITIGATIONMaster File No. 99-CV-20743 RMW (PVT) And Related Class Action Cases
SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CONTINGENT PAYMENT CLAIM WITH ARTHUR ANDERSEN LLPTO: All persons or entities who are members of the Settlement Class in the above-captioned Litigation. 1 PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS WILL BE AFFECTED BY A PROPOSED SETTLEMENT. YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Northern District of California, that Lead Plaintiff in the above-captioned litigation (the "Litigation") has reached a proposed settlement with Arthur Andersen LLP ("Andersen"). Lead Plaintiff previously achieved settlements in this Litigation with various defendants totaling in excess of $1.04 billion plus interest for the benefit of the Settlement Class. One of the settlements previously achieved was with Andersen and it provided for a cash payment of $72.5 million, as well as the possibility of certain contingent payments (the "Contingent Payment Claim"). The currently proposed settlement will settle and release the Contingent Payment Claim in return for the immediate payment by Andersen of an additional $9.5 million in cash (the "Settlement"). A hearing will be held on February 8, 2013, at 9:00 a.m., before the Honorable Ronald M. Whyte in the United States District Court for the Northern District of California, San Jose Division, San Jose Courthouse, Courtroom 6, Fourth Floor, 280 South First Street, San Jose, CA 95113. At this Settlement Hearing, the Court will consider whether the proposed Settlement is fair, reasonable, and adequate and should be approved, and whether a motion by Lead Counsel for an award of attorneys' fees in the amount of $134,930 (1.42% of the $9.5 million Settlement Amount) and reimbursement of expenses in an amount not to exceed $40,000 should be approved. If you are a member of the Class, your rights will be affected by the Settlement. PLEASE NOTE, however, that only Class Members who submitted valid claim forms, cashed their most recent distribution from the proceeds of the earlier settlements achieved in the Litigation, and who would be entitled to a minimum payment of $10.00 in the next distribution (which will include the proceeds of this Settlement, if approved), will be eligible to participate in the distribution of the proposed Settlement. THERE IS NO CLAIM FORM TO BE SUBMITTED IN CONNECTION WITH THIS PROPOSED SETTLEMENT.