Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement of Class Action

SAN DIEGO--(BUSINESS WIRE)--The following statement is being issued by Robbins Geller Rudman & Dowd LLP pursuant to an order of the United States District Court for the Southern District of New York:

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

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In re MBIA INC. SECURITIES LITIGATION	:	Civil Action No. 05-CV-03514(LLS)
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This Document Relates To:	:	ECF Case
	:	CLASS ACTION
ALL ACTIONS.	:	SUMMARY NOTICE
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TO:

ALL PERSONS WHO PURCHASED OR ACQUIRED MBIA INC. (“MBIA”) COMMON STOCK DURING THE PERIOD AUGUST 5, 2003 THROUGH MARCH 30, 2005, INCLUSIVE

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 Southern District of New York, (i) that the above-captioned litigation (the “Action”) has been certified as a class action on behalf of all persons and entities who purchased or acquired MBIA common stock during the period from August 5, 2003 through March 30, 2005, inclusive (the “Class”), except for certain persons and entities who are excluded from the Class by definition as set forth in the Settlement Agreement; and (ii) that Lead Plaintiffs in the Action have reached a proposed settlement of the Action with defendants MBIA, Gary Dunton, Neil G. Budnick, Joseph W. Brown, Douglas C. Hamilton, Nicholas Ferreri, and Richard L. Weill (“Defendants”) for $3.75 million in cash, plus interest thereon, that, if approved, will resolve all claims in the Action.

A hearing will be held at 3:00 p.m., on December 10, 2012, before the Honorable Louis L. Stanton, in Courtroom 21C of the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007, for the purpose of determining (1) whether the proposed settlement of the Action for the sum of Three Million, Seven Hundred and Fifty Thousand Dollars ($3,750,000.00) in cash should be approved by the Court as fair, reasonable, and adequate; (2) whether, thereafter, this Action should be dismissed with prejudice against Defendants as set forth in the Settlement Agreement dated August 24, 2012; (3) whether the Plan of Distribution of settlement proceeds is fair, reasonable, and adequate and therefore should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys’ fees and expenses incurred in connection with this Action, together with interest thereon, should be approved.

If you are a member of the Class, your rights may be affected by this Action and the settlement thereof. If you have not received a detailed Notice of Pendency of Proposed Settlement of Class Action and a copy of the Proof of Claim and Release form, you may obtain copies by writing to MBIA Securities Litigation, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 990, Corte Madera, CA 94976-0990, or by downloading this information at www.gilardi.com. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release form postmarked no later than February 23, 2013, establishing that you are entitled to a recovery. You will be bound by any judgment rendered in the Action unless you request to be excluded, in writing, to the above address, postmarked by November 3, 2012.

Any objection to any aspect of the settlement must be filed with the Clerk of the Court no later than November 5, 2012, and received by the following no later than November 5, 2012:

		Ellen Gusikoff Stewart
		ROBBINS GELLER RUDMAN & DOWD LLP
		655 West Broadway, Suite 1900
		San Diego, CA 92101

		Counsel for Lead Plaintiffs

		Steven Klugman
		DEBEVOISE & PLIMPTON LLP
		919 Third Avenue
		New York, NY 10022

		John N. Orsini
		FRIEDMAN KAPLAN SEILER & ADELMAN LLP
		7 Times Square
		New York, NY 10036

		Counsel for Defendants