Banc of California Securities Settlement
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Welcome to the Banc of California Securities Settlement Website

Please be advised that this case has been reassigned to the Honorable Dolly M. Gee, United States District Judge. The final approval hearing will now be held at 350 West 1st Street, 8th floor, Courtroom #8C, Los Angeles, CA, 90012. The hearig will still be on March 16, 2020, at 10:00 a.m. PST.

This website has been established to provide general information related to the proposed settlement of the case captioned In re Banc of California Securities Litigation, No. SACV 17-00118 AG (DFMx) (the "Litigation"), pending before the United States District Court for the Central District of California, Southern Division (the "Court"). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") dated October 28, 2019, which can be found and downloaded by clicking on the Case Documents tab above. Your rights may be affected by the Settlement if you purchased or otherwise acquired the common stock (“Securities”) of Banc of California, Inc. (“Banc of California” or the “Company”) from April 15, 2016 through January 20, 2017, inclusive (the “Class Period”).

The law firm of Robbins Geller Rudman & Dowd LLP represents you and other Class Members. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.

WHAT IS THIS LAWSUIT ABOUT?

As more fully described in the Notice of Pendency and Proposed Settlement of Class Action (the "Notice"), the initial complaint in this action was filed on January 23, 2017. On May 1, 2017, the Court appointed Lead Plaintiff and Robbins Geller Rudman & Dowd LLP as Lead Counsel.

In June 2019, Lead Plaintiff and the Defendants engaged the services of the Hon. Layn Phillips (Ret.) and Michelle Yoshida, Esq. of Phillips ADR Enterprises, a nationally recognized mediation firm. These efforts culminated with the parties accepting the mediator’s proposal to settle the Litigation for $19.75 million, subject to the negotiation of the terms of a Stipulation of Settlement and approval by the Court.

WHAT DOES THE SETTLEMENT PROVIDE?

The Settlement, if approved, will result in the creation of a cash settlement fund of $19,750,000 (the “Settlement Amount”). The Settlement Amount, plus accrued interest (the “Settlement Fund”) and minus the costs of the Notice and all costs associated with the administration of the Settlement, as well as any attorneys’ fees and expenses that may be approved by the Court (the “Net Settlement Fund”), will be distributed to eligible Class Members pursuant to the Plan of Allocation that is described in the Notice.

ADDITIONAL INFORMATION

Although the information in this website is intended to assist you, it does not replace the information contained in the Notice and Stipulation, both of which can be found and downloaded by clicking on the Case Documents tab above. We recommend that you read the Notice and other relevant case documents carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

DO NOTHING Receive no payment pursuant to this Settlement. Remain a Class Member. Give up your rights.
REMAIN A MEMBER OF THE CLASS AND SUBMIT A CLAIM FORM POSTMARKED NO LATER THAN MARCH 17, 2020 This is the only way to be potentially eligible to receive a payment.
EXCLUDE YOURSELF FROM THE CLASS (OPT OUT) BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS POSTMARKED NO LATER THAN FEBRUARY 24, 2020 Receive no payment pursuant to this Settlement. This is the only option that allows you to ever potentially be part of any other lawsuit against Banc of California or the other Released Defendant Parties concerning the Released Plaintiff’s Claims.
OBJECT TO THE SETTLEMENT SO THAT IT IS RECEIVED NO LATER THAN FEBRUARY 24, 2020 Write to the Court if you have any objection to the fairness of the Settlement, the request for attorneys’ fees and expenses, the requested award to Lead Plaintiff pursuant to 15 U.S.C. §78u-4(a)(4) in connection with its representation of the Class, or the proposed Plan of Allocation.
GO TO THE HEARING ON MARCH 16, 2020, AT 10:00 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN FEBRUARY 24, 2020 Ask to speak in Court about the fairness of the Settlement, the proposed Plan of Allocation, the request for attorneys’ fees and litigation expenses, or the requested award to Lead Plaintiff.

IMPORTANT DATES AND DEADLINES

Submit Proof of Claim: March 17, 2020
Request Exclusion: February 24, 2020
File Objection: February 24, 2020
File Notice of Intention to Appear: February 24, 2020
Court Hearing on Fairness of Settlement: March 16, 2020, at 10:00 a.m.