Settlement Announcement for Independence Holding Company Stockholders in Class Action Lawsuit

Settlement Announcement for Independence Holding Company Stockholders



A significant development has arisen for the stockholders of Independence Holding Company (IHC), as Block & Leviton LLP has announced a proposed settlement related to a class action lawsuit. This situation revolves around the financial implications for current and past shareholders of IHC, especially those who were involved in a recent take-private transaction.

Overview of the Case



The case, presided over by the Delaware Court of Chancery, was initiated by plaintiff Lawrence Bass against Geneve Holdings, Inc. and several executives, including Steven B. Lapin and Roy T.K. Thung. The crux of the lawsuit centers on the acquisition of IHC's shares at a rate of $57.00 each during the transaction's closing on February 15, 2022. This class action aims to address the grievances of all record holders and beneficial owners of IHC common stock who were affected by this exchange.

Details of the Proposed Settlement



In a recent court order, it was confirmed that a settlement agreement totaling $11 million in cash is on the table. The agreement is outlined in the Stipulation and Agreement of Settlement document, which became available on November 27, 2024. If the court approves this settlement, it will resolve all claims against the defendants involved in the case. Shareholders will be eligible to receive a portion of the settlement based on their stock holdings at the time of the acquisition.

Settlement Hearing Scheduled



A crucial hearing is slated for March 14, 2025, at 11:00 a.m. The hearing will be conducted by Vice Chancellor J. Travis Laster either in person or remotely. During this hearing, the court will review whether the proposed settlement terms are fair and reasonable for all class members.

The hearing agenda includes:
1. Certifying the class and appointing representatives.
2. Assessing the overall fairness and adequacy of the settlement.
3. Considering objections that may arise from class members regarding the settlement terms or the plan for distributing the settlement funds.
4. Approving attorney fees and other expenses related to the lawsuit.

It is essential for class members to stay informed about the hearing's updates, which will be posted on the settlement website, IHCStockholderLitigation.com.

Eligibility for Settlement Distribution



Class members eligible for a payout will include those who held or beneficially owned shares of IHC common stock during the closing date. Each eligible member stands to receive an equitable share of the settlement based on their holdings. No claim forms are required, simplifying the process for shareholders to receive their portion of the settlement funds.

Objections and Contact Information



Shareholders dissatisfied with the proposed settlement must submit their objections to the court by February 27, 2025. This submission must also be sent to the legal counsel of both plaintiffs and defendants, as indicated in the official notice.

For any related inquiries or requests for further notifications about the settlement, shareholders can reach out to the settlement administrator at:
  • - Address: IHC Stockholder Litigation, c/o A.B. Data, Ltd., P.O. Box 170500, Milwaukee, WI 53217
  • - Phone: 877-354-3840
  • - Email: info@IHCStockholderLitigation.com

In conclusion, this proposed settlement represents a pivotal moment for IHC shareholders, potentially offering significant financial restitution stemming from this legal action. All interested parties are encouraged to stay vigilant for updates relating to the settlement process and participate accordingly to ensure their rights as shareholders are upheld.

Topics Financial Services & Investing)

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