Wednesday, May 17, 2006

OCC Posts Guidance for Notifying OCC of Proposed Class Action Settlements per CAFA

The Office of the Comptroller of the Currency has published guidance for national banks and federal branched and agencies notifying the OCC of proposed class action settlements, as required by CAFA. The publication can be found here. Here’s an excerpt:

. . . The notice must include the following eight items:

· A copy of the complaint and any materials filed with the complaint;
· Notice of any scheduled judicial hearing in the class action;
· Any proposed or final notification to class members;
· Any proposed or final class action settlement;
· Any settlement or other agreement contemporaneously made between class counsel and counsel for the defendants;
· Any final judgment or notice of dismissal;
· If feasible, the names of class members who reside in each state and their proportional share of the settlement or, if that is not feasible, a reasonable estimate of the number of class members in the state and their share of the settlement; and
· Any written judicial opinion relating to the materials described above.


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