Frequently Asked Questions

 

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  • The Notice was sent to you pursuant to an Order of the Court because you or someone in your family or an investment account for which you serve as a custodian may have purchased or otherwise acquired Bankrate common stock during the Settlement Class Period. 

    Please Note: Receipt of the Notice does not mean you are a Settlement Class Member or that you will be entitled to receive a payment from the Settlement. As described below in "How do I Participate in the Settlement?", if you are a Settlement Class Member and wish to be eligible for a payment, you are required to submit the Claim Form that was distributed with the Notice and supporting documents, as explained in the Claim Form.

  • Bankrate is an online publisher of financial information. Through its various websites, Bankrate provides consumers with personal finance information across various categories, including, among others, mortgages, deposits, insurance, and credit cards. Lead Plaintiff alleged that, during the Settlement Class Period, Defendants, in violation of the federal securities laws, made materially false and misleading statements and failed to disclose certain material facts about accounting issues. Lead Plaintiff further alleged that these statements and omissions caused the price of Bankrate common stock to be artificially inflated, that the price declined when, among other things, investigations by the federal government and Bankrate’s Audit Committee were disclosed publicly, and that the price decline reflected a harm to prior purchasers of Bankrate common stock.

    For information about what has happened in the Action so far, please review the Notice.

  • The Settlement Class consists of all persons and entities who or which purchased or otherwise acquired the common stock of Bankrate during the period from October 27, 2011 through October 9, 2014, inclusive, including in the March 2014 Secondary Offering of Bankrate common stock. If you are a member of the Settlement Class, you will be bound by all orders and judgments in the Action, unless you timely request to be excluded.

    Excluded from the Settlement Class are Defendants and Former Defendants; members of the Immediate Family of any Defendant or Former Defendant; any firm, trust, corporation, or other entity in which any Defendant or Former Defendant has or had a controlling interest, and any legal representatives, heirs, successors-in-interest, or assigns of any such excluded Person. Notwithstanding the foregoing exclusions, Investment Vehicles shall not be excluded from the Settlement Class. Also excluded from the Settlement Class are any persons and entities who or which exclude themselves from the Settlement Class by submitting a request for exclusion that is accepted by the Court.

    Please Note: Receipt of the Notice does not mean that you are a Settlement Class member or that you will be entitled to received proceeds from the Settlement. If you are a Settlement Class Member and you wish to be eligible to participate in the distribution of proceeds from the Settlement, you are required to submit the Claim Form and the required supporting documentation postmarked no later than January 21, 2017.

  • Lead Plaintiff and Lead Counsel believe that the claims asserted against Defendants have merit.  However, Lead Plaintiff and Lead Counsel also recognize that continued litigation presents substantial risks that may result in a recovery of far less than the $20 million Settlement, or no recovery at all, and that any such recovery could be many years in the future.  Here, the Court had already granted Defendants’ motions to dismiss the Amended Class Action Complaint, and at the time the Settlement was reached, the Court was considering Defendants’ motion to dismiss the Second Amended Class Action Complaint.  Lead Plaintiff recognizes that Defendants had significant arguments that their alleged misstatements were not materially misleading and that, even if they made materially misleading statements, they did not do so intentionally or recklessly.  Lead Plaintiff also faced challenges with respect to establishing loss causation and classwide damages.  Specifically, Defendants argued that the decline in Bankrate’s stock price during the Settlement Class Period resulted from factors unrelated to the correction of the alleged misstatements.  Had the Court accepted any of these arguments in whole or in part, Lead Plaintiff’s ability to obtain a recovery for the Settlement Class could have been reduced or eliminated.  Further, if Lead Plaintiff survived Defendants’ motion to dismiss, it still would have had to prevail at several stages – summary judgment, trial, and even if it prevailed at those stages, on the appeals that would likely follow.  Thus, there were very significant risks in continuing to prosecute the Action, and there was no guarantee that further litigation would have resulted in a higher recovery, or any recovery at all.

    In light of these risks, Lead Plaintiff and Lead Counsel believe that the proposed $20 million cash Settlement is fair, reasonable, adequate, and in the best interests of the Settlement Class.

  • If there were no Settlement and Lead Plaintiff failed to establish any essential legal or factual element of its claims against Defendants, Lead Plaintiff and the Settlement Class would not recover anything from Defendants.  Also, if Defendants were successful in pursuing any of their defenses, either with their pending motion to dismiss, at summary judgment, at trial, or on appeal, the Settlement Class could recover substantially less than the amount provided in the Settlement, or nothing at all.

  • If you are a Settlement Class Member and you do not exclude yourself from the Settlement Class, you will be bound by any orders and judgments issued by the Court in the Action, regardless of whether you submit a Claim Form.

    If the Settlement is approved, the Court will enter a judgment (the “Judgment”).  The Judgment will dismiss with prejudice the claims alleged in the Action against Defendants and will provide that, upon the Effective Date of the Settlement, without further action by anyone, Lead Plaintiff and each of the Settlement Class Members (whether or not such Person submits a Claim Form) shall be deemed to have, and by operation of law and of the judgment, shall have fully, finally, and forever compromised, settled, released, resolved, relinquished, waived, discharged, and dismissed each and every Claim Released By Plaintiffs against the Defendants and the other Defendant Related Parties, and shall forever be enjoined from prosecuting any or all of the Claims Released By Plaintiffs against any of the Defendant Related Parties.  This release shall not apply to any claims of any Person who or which submits a request for exclusion from the Settlement Class that is accepted by the Court.  The Judgment will also provide that, upon the Effective Date of the Settlement, without further action by anyone, Defendants shall be deemed to have, and by operation of law and of the judgment shall have, fully, finally, and forever compromised, settled, released, resolved, relinquished, waived, and discharged each and every Claim Released By Defendants (including, without limitation, any Unknown Claims) against Lead Plaintiff and the other Plaintiff Related Parties.

    For more information on the scope of this release, please review the Notice.

  • To be potentially eligible for a payment from the proceeds of the Settlement, you must be a member of the Settlement Class and you must timely complete and return the Claim Form with adequate supporting documentation postmarked no later than January 21, 2017 to:

    The City of Los Angeles, et al. v. Bankrate, Inc., et al.
    c/o JND Legal Administration
    PO Box 6847
    Broomfield, CO 80021

    A Claim Form is available on the Key Dates/Docs page. You may also request that a Claim Form be mailed to you by calling the Claims Administrator toll-free at 1-844-360-2773 or by sending an email to the Claims Administrator at info@BankrateSettlement.com.

    Please retain all records of your ownership of and transactions in Bankrate common stock, as they may be needed to document your claim. If you request exclusion from the Settlement Class or do not submit a timely and valid Claim Form, you will not be eligible to share in the Net Settlement Fund.

  • Lead Plaintiff’s damages consultant estimates that 69,425,264 shares of Bankrate common stock purchased during the Settlement Class Period may have been affected by the conduct at issue in the Action, and assuming that all Settlement Class Members elect to participate in the Settlement, the estimated average recovery (before deducting any Court-approved fees, expenses and costs as described in the Notice, available on the Key Dates/Docs page) is $0.29 per affected share of Bankrate common stock. Please note, however, that the foregoing average recovery per share is only an estimate, and Settlement Class Members may recover more or less than this estimated amount. A Settlement Class Member’s actual recovery will depend on, among other factors, when and at what prices they purchased/acquired or sold their shares of Bankrate common stock, and the total number of valid Claim Forms submitted. Distributions to Settlement Class Members will be made based on the Plan of Allocation set forth in Appendix A of the Notice (available on the Key Dates/Docs page) or such other plan of allocation as may be ordered by the Court.

    To be potentially eligible for a payment from the proceeds of the Settlement, you must be a member of the Settlement Class and you must timely complete and return the Claim Form with adequate supporting documentation postmarked no later than January 21, 2017.

  • At this time, it is not possible to make a precise determination as to the amount of any payment that any individual Settlement Class Member may receive from the Settlement. If you are a Settlement Class Member, your share of the Net Settlement Fund will depend on the total number of valid Claim Forms received, how many shares of Bankrate common stock you purchased, acquired, and sold during the Settlement Class Period, and when you purchased, acquired, and sold such shares. 

    Appendix A of the Notice sets forth the Plan of Allocation for allocating the Net Settlement Fund among Authorized Claimants, as proposed by Lead Plaintiff and Lead Counsel. Defendants had no involvement in the proposed Plan of Allocation. The Court may modify the Plan of Allocation, or approve a different plan of allocation, without further notice to the Settlement Class.

  • Lead Counsel has not received any payment for its services in pursuing claims against the Defendants on behalf of the Settlement Class, nor has Lead Counsel been reimbursed for its out-of-pocket expenses incurred in the prosecution of this Action.  Before final approval of the Settlement, Lead Counsel, on behalf of Plaintiffs’ Counsel, will apply to the Court for an award of attorneys’ fees in an amount not to exceed 10% of the Settlement Fund. Lead Counsel also intends to apply for reimbursement of expenses in an amount not to exceed $250,000, which may include an application for reimbursement of the reasonable costs and expenses incurred by Lead Plaintiff directly related to its representation of the Settlement Class.  The Court will determine the amount of any award of attorneys’ fees or reimbursement of Litigation Expenses. Such sums as may be approved by the Court will be paid from the Settlement Fund. Settlement Class Members are not personally responsible for any such fees or expenses.

  • Each Settlement Class Member will be considered bound by all determinations and judgments in this lawsuit, whether favorable or unfavorable, unless such person or entity mails or delivers a written request for exclusion from the Settlement Class, addressed to:

    The City of Los Angeles, et al. v. Bankrate, Inc., et al.
    EXCLUSIONS
    c/o JND Legal Administration
    PO Box 6847
    Broomfield, CO 80021

    The exclusion request must be received no later than January 17, 2017. You will not be able to exclude yourself from the Settlement Class after that date. 

    Each request for exclusion must (a) state the name, address, and telephone number of the person or entity requesting exclusion, and in the case of entities, the name and telephone number of the appropriate contact person; (b) state that such person or entity “requests exclusion from the Settlement Class in The City of Los Angeles, et al. v. Bankrate, Inc., et al., Case No. 9:14-cv-81323-DMM”; (c) state the number of shares of Bankrate common stock that the person or entity requesting exclusion purchased/acquired and/or sold during the Settlement Class Period (i.e., from October 27, 2011 through October 9, 2014, inclusive), as well as the dates and prices of each such purchase/acquisition and sale; and (d) be signed by the person or entity requesting exclusion or by an authorized representative. A request for exclusion shall not be valid and effective unless it provides all the information called for in this paragraph and is received within the time stated above, or is otherwise accepted by the Court. You cannot exclude yourself over the phone or by e-mail.

    If you ask to be excluded from the Settlement Class, you will not be eligible to receive any payment out of the Net Settlement Fund.

    For more information on how to exclude yourself and what this would mean for you, please review the Notice.

  • The Settlement Fairness Hearing will be held on February 6, 2017 at 10:00 a.m., before the Honorable Donald M. Middlebrooks at the United States District Court for the Southern District of Florida, Paul G. Rogers Federal Building and U.S. Courthouse, 701 Clematis Street, West Palm Beach, FL 33401.  The Court reserves the right to approve the Settlement, the Plan of Allocation, Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses, and/or any other matter related to the Settlement at or after the Settlement Fairness Hearing without further notice to the members of the Settlement Class. The Settlement Fairness Hearing may be adjourned by the Court without further written notice to the Settlement Class.  If you plan to attend the Settlement Fairness Hearing, you should confirm the date and time with Lead Counsel.

    You may file a written objection without having to appear at the Settlement Fairness Hearing.  You may not, however, appear at the Settlement Fairness Hearing to present your objection unless you first file and serve a written objection in accordance with the procedures described below in "May I speak at the Hearing if I don't like the Settlement?", unless the Court orders otherwise.

    Settlement Class Members do not need to attend the Settlement Fairness Hearing. The Court will consider any submission made in accordance with the provisions of this Notice even if a Settlement Class Member does not attend the hearing. Participation in the Settlement is not conditioned on attendance at the Settlement Fairness Hearing.

  • Any Settlement Class Member who or which does not request exclusion from the Settlement Class may object to the Settlement, the proposed Plan of Allocation, or Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses. Objections must be in writing. You must file any written objection, together with copies of all other papers and briefs supporting the objection, with the Clerk’s Office at the United States District Court for the Southern District of Florida at the address set forth below on or before January 17, 2017. You must also serve the papers on Lead Counsel and Defendants’ Counsel at the addresses set forth below so that the papers are received on or before January 17, 2017.

    Clerk's Office Lead Counsel
    United States District Court
    Southern District of Florida
    Clerk of the Court
    Paul G. Rogers Federal Building
    and U.S. Courthouse
    701 Clematis Street
    Room 202
    West Palm Beach, FL 33401
     
    Kessler Topaz Meltzer & Check, LLP
    Andrew L. Zivitz
    Johnston de F. Whitman, Jr.
    280 King of Prussia Road
    Radnor, PA 19087
     
    Mr. DiMaria's Counsel
    Kramer Levin Naftalis & Frankel LLP
    Kerri Ann Law
    1177 Avenue of the Americas
    New York, NY 10036
     
    Underwriter Defendants' Counsel
    Cleary Gottlieb Steen & Hamilton LLP
    Meredith E. Kotler
    One Liberty Plaza
    New York, NY 10006
          
    Holland & Knight LLP
    Tracy A. Nichols
    701 Brickell Avenue
    Miami, FL 33131
     
    Bankrate Defendants' Counsel
    Wachtell, Lipton, Rosen & Katz
    Warren R. Stern
    George T. Conway III
    51 West 52nd Street
    New York, NY 10019
    Stearns Weaver Miller Weissler
    Alhadeff & Sitterson, P.A.
    Grace L. Mead
    Jenea M. Reed
    Museum Tower, Suite 2200
    150 West Flagler Street
    Miami, FL 33130

    Any objection (a) must state the name, address, and telephone number of the person or entity objecting and must be signed by the objector; (b) must contain a statement of the Settlement Class Member’s objection or objections, and the specific reasons for each objection, including any legal and evidentiary support the Settlement Class Member wishes to bring to the Court’s attention; and (c) must include documents sufficient to prove membership in the Settlement Class, including the number of shares of Bankrate common stock that the objecting Settlement Class Member  purchased/acquired and/or sold during the Settlement Class Period (i.e., from October 27, 2011 through October 9, 2014, inclusive), as well as the dates and prices of each such purchase/acquisition and sale. Documents sufficient to prove membership in the Settlement Class include brokerage statements, confirmation slips, or authorized statements from a broker containing the transaction and holding information found in a confirmation slip or account statement. You may not object to the Settlement, the Plan of Allocation, or Lead Counsel’s motion for attorneys’ fees and reimbursement of Litigation Expenses if you exclude yourself from the Settlement Class or if you are not a member of the Settlement Class.

    If you wish to be heard orally at the Settlement Fairness Hearing, and if you file and serve a timely written objection as described above, you must also file a notice of appearance with the Clerk’s Office and serve it on Lead Counsel and Defendants’ Counsel at the addresses set forth above so that it is received on or before January 17, 2017.  Persons who intend to object and desire to present evidence at the Settlement Fairness Hearing must include in their written objection or notice of appearance the identity of any witnesses they may call to testify and exhibits they intend to introduce into evidence at the hearing.  Such persons may be heard orally at the discretion of the Court.

    You are not required to hire an attorney to represent you in making written objections to any aspect of the Settlement or in appearing at the Settlement Fairness Hearing.  However, if you decide to hire an attorney, it will be at your own expense, and that attorney must file a notice of appearance with the Court and serve it on Lead Counsel and Defendants’ Counsel at the addresses set forth above so that the notice is received on or before January 17, 2017.

    Unless the Court orders otherwise, any Settlement Class Member who does not object in the manner described above will be deemed to have waived any objection and shall be forever foreclosed from making any objection to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses.  Settlement Class Members do not need to appear at the Settlement Fairness Hearing or take any other action to indicate their approval.

  • If you purchased or otherwise acquired shares of Bankrate common stock from October 27, 2011 through October 9, 2014, inclusive, for the beneficial interest of persons or organizations other than yourself, you must either: (a) within fourteen (14) calendar days of receipt of the Notice, request from the Claims Administrator sufficient copies of the Notice and Claim Form (the “Notice Packet”) to forward to all such beneficial owners, and within seven (7) calendar days of receipt of those Notice Packets, forward them to all such beneficial owners; or, (b) within fourteen (14) calendar days of receipt of the Notice, provide a list of the names and addresses of all such beneficial owners to:

    The City of Los Angeles, et al. v. Bankrate, Inc., et al.
    c/o JND Legal Administration
    PO Box 6847
    Broomfield, CO 80021

    If you choose the second option, the Claims Administrator will send a copy of the Notice Packet to the beneficial owners. Upon full compliance with these directions, such nominees may seek reimbursement of their reasonable expenses actually incurred, by providing the Claims Administrator with proper documentation supporting the expenses for which reimbursement is sought. Copies of the Notice and the Claim Form may also be obtained from the Key Dates/Docs page, or by calling the Claims Administrator toll-free at 1-844-360-2773.

  • All inquiries concerning the Notice and the Claim Form, or requests for additional information, should be directed to either the Claims Administrator or Lead Counsel:

    Claims Administrator Plaintiff Counsel
    The City of Los Angeles, et al. v. Bankrate, Inc., et al.
    c/o JND Legal Administration
    P.O. Box 6847
    Broomfield, CO 80021
    1-844-360-2773
    www.BankrateSettlement.com
    info@BankrateSettlement.com
    Kessler Topaz Meltzer & Check, LLP
    Andrew L. Zivitz, Esq.
    Johnston de F. Whitman, Jr., Esq.
    280 King of Prussia Road
    Radnor, PA 19087
    (610) 667-7706
    info@ktmc.com

    DO NOT CALL OR WRITE THE COURT, THE OFFICE OF THE CLERK OF THE COURT, DEFENDANTS OR THEIR COUNSEL REGARDING THE NOTICE.

  • The Notice contains a summary of the terms of the proposed Settlement. Copies of the Stipulation and the proposed Judgment are available on the Key Dates/Docs page of this website.  For more detailed information about the matters involved in this Action, you are referred to the papers on file in the Action, including the Stipulation, which may be inspected during regular office hours at the Office of the Clerk, United States District Court for the Southern District of Florida, Paul G. Rogers Federal Building and U.S. Courthouse, 701 Clematis Street, Room 202, West Palm Beach, FL 33401.