WELCOME TO THE CLECO MERGER SETTLEMENT WEBSITE
NOTICE OF SETTLEMENT: Please be advised that plaintiffs Lawrence L’Herisson, Helen Moore, and Calvin Trahan (collectively, “Plaintiffs”), on behalf of themselves and the Class (as defined below), have reached a proposed settlement of the Action for a total of $37 million in cash that will resolve all claims in the Action (the “Settlement”).
This website has been established to provide general information related to the proposed Settlement of the case known as Helen Moore, et al. v. Macquarie Infrastructure and Real Assets, et al., No.: 251,417 c/w Nos. 251,456, 251,515, 252,446, 252,458, and 252,459. The judge presiding over this case is the Honorable Lowell C. Hazel, Ninth Judicial District Court Judge. In the Action, the Court has appointed Plaintiffs as the representatives of the Class and Robbins Geller Rudman & Dowd LLP and Kahn Swick & Foti, LLC as Class Counsel. The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement dated November 16, 2023 (the "Stipulation"), which can be found and downloaded by clicking on the Case Documents tab above.
The proposed Settlement, if approved by the Court, will apply to the following Class (the “Class”): all persons or entities (and their successors in interest) who owned Cleco Corporation (“Cleco”) common stock, whether beneficially or of record, as of January 13, 2015 and who voted against, abstained from voting, or did not vote on Proposal 1 on the Proxy Statement issued in connection with the February 26, 2015 shareholder vote on the Merger, except for Defendants and their affiliates or family members. Also excluded from the Class are all persons and entities who timely and validly requested exclusion from the Class in accordance with the requirements set by the Court in connection with the Notice of Pendency of Class Action ("Class Notice").
The purpose of this website is to inform you about: (a) the terms of the proposed Settlement, and (b) your rights in connection with a hearing to be held before the Ninth Judicial District Court for the Parish of Rapides, State of Louisiana (the “Court”), on February 2, 2024 at 10:00 a.m., to consider the fairness, reasonableness, and adequacy of the proposed Settlement, the proposed Plan of Allocation, and the application by Class Counsel for attorneys’ fees and litigation expenses (the “Settlement Hearing”).
WHAT IS THIS CASE ABOUT?
As further described in the Notice, this Action alleges that Defendants Bruce Williamson and Darren Olagues breached their fiduciary duties in connection with the acquisition of Cleco at a price of $55.37 per Cleco share (the “Merger” or the “Buyout”), resulting in an undervalued transaction.
STATEMENT OF CLASS'S RECOVERY
Subject to Court approval, and as described more fully in the Notice, Plaintiffs, on behalf of the Class, have agreed to settle all Released Claims against Defendants and other Released Defendant Parties in exchange for a settlement payment of $37 million in cash (the “Settlement Amount”) to be deposited into an escrow account. The Net Settlement Fund (the Settlement Fund less Taxes and Tax Expenses, Notice and Administration Expenses, and attorneys’ fees and litigation expenses and awards to the Plaintiffs) will be distributed in accordance with a plan of allocation (the “Plan of Allocation”) that will be approved by the Court and will determine how the Net Settlement Fund shall be distributed to members of the Class. The proposed Plan of Allocation is included in the Notice, and may be modified by the Court without further 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 the 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. You may also wish to read the answers to Frequently Asked Questions provided on this website.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
| DO NOTHING |
Get no payment. Remain a Class Member. Give up your rights. |
| SUBMIT A CLAIM FORM POSTMARKED NO LATER THAN MARCH 6, 2024 |
This is the only way to be potentially eligible to receive a payment. If you wish to obtain a payment as a member of the Class, you will need to file a claim form (the “Claim Form” or “Proof of Claim Form”), which can be downloaded HERE, postmarked no later than March 6, 2024. |
| OBJECT TO THE SETTLEMENT SO THAT IT IS RECEIVED NO LATER THAN JANUARY 12, 2024 |
Write to the Court about your view on the Settlement, the Plan of Allocation, or the request for attorneys’ fees and litigation expenses, or why you do not believe the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and litigation expenses is fair to the Class. If you have not excluded yourself from the Class, you may object to the Settlement, the Plan of Allocation, or the request for attorneys’ fees and litigation expenses. You must still submit a Claim Form in order to be potentially eligible to receive any money from the Settlement Fund. |
| GO TO THE HEARING ON FEBRUARY 2, 2024, AT 10:00 A.M. AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN JANUARY 12, 2024 |
Ask to speak in Court about the fairness of the Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and litigation expenses. |
IMPORTANT DATES AND DEADLINES
| Submit Proof of Claim: |
postmarked by March 6, 2024
|
| Submit Objection: |
received by January 12, 2024 |
| File Notice of Intention to Appear: |
received by January 12, 2024 |
| Settlement Hearing: |
February 2, 2024 at 10:00 a.m. |