Welcome to the settlement website for New Jersey Carpenters Health Fund v. NovaStar Mortgage, Inc., et al. (the “Action”).
The purpose of this website is to inform you of the Settlement of the Action and of the hearing to be held by the Court on the date the court sets, in New York, NY to consider the fairness, reasonableness, and adequacy of the Settlement as well as Lead Counsel’s application for fees, costs, and expenses. The Notice explains the lawsuit, the Settlement, your legal rights, what benefits are available, who is eligible for them, and how to get them.
The Settlement resolves claims by members of the Settlement Class, i.e., all persons or entities who, before May 21, 2008, purchased or otherwise acquired an interest in any Certificates issued in any of the following six (6) Offerings: NovaStar Mortgage Funding Trusts, NovaStar Home Equity Loan Series (“NMFT”) 2006-3, 2006-4, 2006-5, 2006-6, 2007-1, or 2007-2.
If you are a member of the Settlement Class, your legal rights are affected whether you act or do not act.
The Final Approval Hearing previously scheduled for September 2017 has been stayed by the court pending an appeal filed by an objector.
The court's order staying the Final Approval Hearing is available here. A new date for the Final Approval Hearing has not been set by the court, and this page will be updated with the new date once the court does so.
|YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT:|
|SUBMIT A PROOF OF CLAIM FORM||This is the only way to receive a payment. If you wish to obtain a payment as a member of the Class, you will need to file a proof of claim form (the “Proof of Claim Form”), which is included with the Notice, postmarked no later than September 6, 2017.|
|EXCLUDE YOURSELF||If you exclude yourself from the Class, you will receive no payment pursuant to this Settlement. You may be able to seek recovery against the Defendants or other Released Parties through other litigation. Exclusions must be received no later than August 16, 2017.|
|OBJECT TO THE SETTLEMENT||Write to the Court and explain why you do not like the Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and reimbursement of Litigation Expenses. You cannot object to the Settlement unless you are a member of the Class and do not validly exclude yourself. Objections must be received by the Court and counsel on or before August 30, 2017.|
|GO TO A HEARING||You may attend the hearing to speak in Court about the fairness of the Settlement, the proposed Plan of Allocation, or Lead Counsel’s request for attorneys’ fees and reimbursement of Litigation Expenses. You cannot object to the Settlement unless you are a member of the Class and do not validly exclude yourself. The Final Approval Hearing will take place on the date the court sets.|
|DO NOTHING||Receive no payment, remain a Class Member, give up your rights to seek recovery against the Defendants and the other Released Parties through other litigation and be bound by the Judgment entered by the Court if it approves the Settlement, including the release of the Released Claims.|