Settlement of In re Third Avenue Management LLC Securities Litigation
Civil Action No. 1:16-cv-02758-PKC
The parties have reached a settlement of this action, pending in the United States District Court for the Southern District of New York. The settlement provides for the payment of $14,250,000.00 for the benefit of eligible Class Members. Lead Plaintiff IBEW Local No. 58 Sound & Communication Division Retirement Plan and plaintiff Anthony Dallacasa alleged that offering documents for the continuous offering of the Third Avenue Focused Credit Fund’s (the “Fund”) shares misrepresented and omitted material information about the Fund and its assets. Specifically, Plaintiffs claim that throughout the Class Period, the Fund understated the amount of illiquid securities it held, and failed to disclose it was not maintaining a level of portfolio liquidity appropriate under the circumstances. In turn, the illiquid nature of the Fund exposed investors to a risk of loss on their investments as a direct result of large redemption requests from other Fund shareholders.
The Class consists of all Persons who purchased shares of the Fund during the period from March 1, 2013 through December 10, 2015. Excluded from the Class are Defendants, employees, officers and directors of the Defendant entities, members of the immediate families of each of the Individual Defendants, the estates of the deceased Individual Defendants, any Person in which any Defendant has a controlling interest and, as to such excluded Person, the legal and personal representatives, agents, assigns and heirs, successors or assigns of any such excluded Person. Also excluded from the Class are any Class Members who timely and validly exclude themselves from the Class in accordance with the requirements set forth in the Notice.
The settlement was preliminarily approved by the Court and entered on April 6, 2017. The Court has scheduled a final approval hearing for June 23, 2017, at 2:15 p.m.
If you are a Class Member, to receive a payment from the settlement proceeds, you must submit a claim form postmarked no later than July 19, 2017. The claim form can be obtained by clicking on the Proof of Claim and Release link below.
Alternatively, you can submit your claim online. Online claims must be submitted by July 19, 2017. For more information, and to file your claim online, visit the Claims Administrator’s Third Avenue Fund Securities Litigation website at www.thirdavenuefundsettlement.com.
If you have any questions about the settlement or the litigation, please contact Rick Nelson at 1-800-449-4900.