Synovus Financial Corp
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Synovus Financial Corp. Securities Settlement
The lawsuit was settled for $11.75 million in cash. The following is a summary of the proceedings in this lawsuit: ‘On July 6, 2009, the Company and certain of its present and former officers and directors were named as defendants in a class action complaint filed in the United States District Court for the Northern District of Georgia. On January 28, 2010, the Court entered an order appointing Labourers Pension Fund of Central and Eastern Canada (Canadian Labourers) and Sheet Metal Workers National Pension Fund (Sheet Metal Workers) as Lead Plaintiffs for the action and approving Lead Plaintiffs selection of Lead Counsel. On June 11, 2010, Plaintiffs filed their Amended Class Action Complaint. This complaint alleged that Defendants violated the federal securities laws, specifically Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, by causing Synovus to issue materially false and misleading statements during the Class Period. Defendants moved to dismiss the complaint on August 13, 2010. On May 19, 2011, the Court granted in part Defendants motion to dismiss and allowed Plaintiffs leave to submit an amended complaint. Plaintiffs filed their Second Amended Class Action Complaint (the Complaint) on June 27, 2011. Defendants moved to dismiss the Complaint on July 27, 2011. The Court issued an order on March 23, 2012, granting in part and denying in part Defendants motion to dismiss. Defendants answered the Complaint on May 21, 2012. On July 30, 2012, Plaintiffs moved for class certification. Defendants conducted discovery related to class certification, and opposed the motion. On March 7, 2013, the Court issued an Order appointing Sheet Metal Workers as a Class Representative. On April 22, 2013, the Court issued an Order certifying the Class and also appointing Canadian Labourers as a Class Representative. On September 23, 2013, Plaintiffs and Defendants met with Jed D. Melnick, Esq. of JAMS in an attempt to settle the Litigation. No agreement was reached during that full-day mediation, but Mr. Melnick made a mediator proposal at the end of the session that, after further discussion, was accepted by Plaintiffs and Defendants on October 4, 2013.’