Textainer
In this aggressively defended litigation, Green Welling LLP and our co-counsel defeated defendants' demurrers to the complaint, obtained an order certifying a nationwide class, defeated an attempt at summary judgment and conducted Phase 1 of the trial to a successful result on behalf of plaintiffs. We obtained settlements totaling $10,240,000 on behalf of the class.
If the settlement with the Textainer Defendants is approved by the Court
on or after the hearing set for April 21, 2009 and you are a member of
the Settlement Class, the Settlement Administrator will send you a check
for your share. The mailing will not be made until the settlement process
is complete, which will take several months. The results of the Final
Approval Hearing and the dates when checks are mailed will be posted on
www.TextainerClassAction.com
after these steps are completed. If you believe you are a Class Member
and you do not receive a check within ten (10) days of the date on which
checks are mailed, you should contact the Settlement Administrator.
The lawsuit was on behalf of holders of limited partnership units issued
by TCC Equipment Fund, a California Limited Partnership, Textainer Equipment
Income Fund II, L.P., Textainer Equipment Income Fund III, L.P., Textainer
Equipment Income Fund, IV, L.P., Textainer Equipment Income Fund V, L.P.,
and Textainer Equipment Fund VI, L.P.
Each of the Textainer Partnerships was the subject of a sale, negotiated
by the general partners, of all of their assets. According to the lawsuit,
the result of this sale was the liquidation of the remaining assets of
the Partnerships on terms that were fundamentally unfair to the limited
partners.
The complaint alleges that the sale was fundamentally unfair because it
was, first, a flawed bidding process that conditioned any bid on the Partnerships'
assets on a management contract with Textainer Equipment Management Limited,
one of the general partners of the Partnerships. Second, the complaint
alleges that the sale was fundamentally unfair because of the significant
undervaluation of the assets, as the terms on which the assets were sold
did not reflect the market conditions. In addition, the complaint alleges
that in order to effectuate the sale, a series of materially misleading
proxy statements were issued to solicit the proxies of the limited partners.
On January 30, 2008, the Court approved a settlement with one of the defendants
--- RFH, Ltd., the company that purchased the assets from the sale. Details
of that settlement can be found at www.textainerclassaction.com.
On November 17, 2008, a settlement was reached as to the other defendants.
If you wish to exclude yourself from this settlement you must do so by
following the instructions in the notice
by April 7, 2009.
If you have questions, visit www.TextainerClassAction.com or call toll
free 1-800-207-0343.