Answer:

You or someone in your family may have held or purchased shares in certain of the mutual funds in the Alger Fund Complex advised and/or managed by Fred Alger Management, Inc. (i.e., the Alger Releasing Funds) during the period from November 1, 1998 to September 3, 2003, inclusive.  You may also currently hold shares in one of the Alger Funds. 

If this description applies to you, you have a right to know about proposed Settlements of a class action lawsuit and a derivative lawsuit, and about all of your options, before the Court decides whether to approve the Settlements.  If the Court approves the Settlements and after any objections or appeals are resolved, the Claims Administrator appointed by the Court will make the payments that the Settlements allow. 

The Long-Form Notice explains the lawsuits, the Settlements, your legal rights, what benefits are available, who is eligible for them, and how to receive them.

Answer:

On October 31, 2003, the first in a series of putative securities class action complaints was filed against Fred Alger Management, Inc. and related entities in the United States District Court for the Southern District of New York, alleging market-timing and late trading in the Alger Funds in violation of the federal securities laws.  Market-timing is an investment technique involving short-term, “in and out” trading of mutual fund shares, designed to exploit inefficiencies in the way mutual fund companies price their shares.  Late trading is an investment practice whereby investors are permitted to place orders to buy, sell or exchange mutual fund shares using the day’s net asset value (“NAV”) after the 4:00 p.m. eastern time cut-off, capitalizing on information obtained after the close of the market.  On November 24, 2003, a derivative action resulting from the same alleged market-timing and late trading practices was filed in the United States District Court for the Eastern District of New York.

In the weeks and months that followed, numerous additional suits were filed in courts throughout the country.  Various other mutual fund families identified as being involved in the regulatory market-timing and late trading investigations likewise were named in numerous complaints filed in courts throughout the United States.  On February 20, 2004, the Judicial Panel on Multi-District Litigation issued an order centralizing all of these actions in one multi-district docket in the United States District Court for the District of Maryland under the caption MDL-1586 - In re Mutual Funds Investment Litigation (the “MDL Actions”).  By letters to counsel in the MDL Actions dated April 9, 2004 and April 12, 2004, the Court assigned four Judges separate tracks of the MDL Actions, with multiple mutual fund families assigned to sub-tracks within each track.  The Alger Sub-track was assigned to the Honorable J. Frederick Motz.

On May 25, 2004, the Court issued a case management order coordinating all class actions and other direct cases involving Alger, Columbia, Janus, MFS, One Group and Putnam mutual funds, as well as all cases filed on behalf of purchasers or holders of shares of the corporate parents of any of these entities or their investment advisors (including all cases brought nominally on behalf of the funds or corporate parents of the funds or their investment advisors and styled as derivative actions), for pretrial purposes under the caption In re Alger, Columbia, Janus, MFS, One Group and Putnam, Civil No. 04-md-15863-JFM.  By this same case management order, the Court appointed Donna Roubicek (formerly, Donna Gaffney) as lead plaintiff for the consolidated class claims and her selection of Schiffrin & Barroway, LLP (now known as Barroway Topaz Kessler Meltzer & Check, LLP) as lead class counsel for the MDL Alger Sub-track (“Investor Lead Counsel”) and Wolf Haldenstein Adler Freeman & Herz, LLP as lead fund derivative counsel for the MDL Alger Sub-track (“Derivative Counsel”).

On September 29, 2004, amended complaints were filed in the class and derivative actions (the “Complaints”).  Claims were asserted in the Actions against persons and entities affiliated with the Alger Funds, including the investment advisor to the Alger Funds and its affiliates, as well as unaffiliated entities, including alleged market-timers and other parties that were alleged to have participated in or facilitated the market timers’ trading of the Alger Funds.  Specifically, plaintiffs in the class action asserted claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, Sections 11, 12(a)(2) and 15 of the Securities Act of 1933, Sections 34(b), 36(a), 36(b), 47 and 48(a) of the Investment Company Act of 1940 ("ICA"), and state law.  Plaintiffs in the derivative action asserted claims under Sections 36(a), 36(b), 47 and 48 of the (ICA), Sections 206 and 215 of the Investment Advisors Act of 1940, and state law.  On February 25, 2005, defendants moved to dismiss the Complaints. 

On August 25, 2005, Judge Motz issued an order addressing common issues presented in the MDL Actions.  On November 3, 2005, Judge Motz issued a Memorandum ruling on the motions to dismiss filed by various defendants in the Alger Sub-track, denying in part and granting in part the motions to dismiss.  On December 1, 2005, Wilshire filed a motion for reconsideration of the Court’s November 3, 2005 Order, and on January 11, 2006, the Alger Defendants filed a motion for partial reconsideration of the Court’s November 3, 2005 Order.  Following further briefing, the parties submitted proposed orders for the Court’s review and entry.  Thereafter, certain of the parties began discovery.

Discussions of possible settlements of the Actions proceeded with various groups of defendants at various times throughout the litigation.  The Canary Defendants reached the first agreement in principle to settle and provided cooperation to Plaintiffs in pursuing their claims against the other defendants.  Subsequently, agreements in principle to settle were reached with the other Settling Entities.

Answer:

 In a class action, one or more individuals or entities called class representatives (in this case, the court-appointed lead plaintiff, Donna Roubicek (formerly, Donna Gaffney), and additional plaintiff Gerald Born (together, the “Investor Class Plaintiffs”)) sue on behalf of individuals and entities who have similar claims.  All of these individuals and entities who have similar claims are referred to collectively as a class, or individually as a class member.  One court resolves the issues for all class members, except for those who exclude themselves from the settlement.  Here, the United States District Court for the District of Maryland, the Honorable J. Frederick Motz, is in charge of the Class Action as well as the Derivative Action.

Answer:

In a derivative action, one or more individuals or entities who are shareholders of a corporation, or as here, the Alger Funds (in this case, David Grant, Jonathan Clain, James Laufer, Harry Schipper, Barbara Cordani, Joseph Cordani and John Vining (collectively, the “Derivative Plaintiffs”)), sue on behalf of the corporation, alleging that the corporation was injured, and seek to enforce the corporation’s legal rights.  In a derivative action, the corporation usually receives the benefit of the settlement.  In the mutual fund context, payments to the Alger Settlement Funds may increase the NAV of present holders of shares.

Answer:

The Court did not decide in favor of Plaintiffs or the Settling Entities.  Instead, in order to avoid the risks and costs of further litigation and trial, all parties agreed to a series of Settlements.  Investor Class Plaintiffs and their attorneys believe the Settlements are best for all Class Members and likewise, Derivative Plaintiffs and their counsel believe the Settlements are best for the Alger Funds.

Answer:

To see if you will receive money from the Settlements or if the Fund(s) in which you currently hold shares may receive a distribution, you first have to determine if you are a Class Member or a holder. 

The Class includes: all persons who, during the period from November 1, 1998 to September 3, 2003, inclusive, purchased and/or held shares in one or more of the following mutual funds in the Alger Fund Complex advised and/or managed by Fred Alger Management, Inc.: Alger LargeCap Growth Portfolio (f/k/a Alger Growth Portfolio) (n/k/a Alger Large Cap Growth Fund); Alger MidCap Growth Portfolio (n/k/a Alger Mid Cap Growth Fund); Alger SmallCap Growth Portfolio (f/k/a Alger Small Cap Portfolio) (n/k/a Alger Small Cap Growth Fund); Alger Capital Appreciation Portfolio (n/k/a Alger Capital Appreciation Fund); Alger American Balanced Portfolio (n/k/a Alger Balanced Portfolio); Alger Health Sciences Portfolio (n/k/a Alger Health Sciences Fund); Spectra Fund (n/k/a Alger Spectra Fund); China – US Growth Fund (n/k/a Alger China – U.S. Growth Fund); The Alger Institutional Fund (n/k/a The Alger Institutional Funds); The Alger American Fund (n/k/a The Alger Portfolios); and Castle Convertible Fund, Inc. (collectively, the Alger Releasing Funds), except those persons and entities that are excluded, as described in Question 7 of the Long-Form Notice.

For purposes of the derivative litigation, you are a “holder” if you currently hold shares in one of the Alger Funds, or a successor fund.

Answer:

Excluded from the Class are the Settling Entities, members of the immediate family of each of the individual defendants, any subsidiary, affiliate, director, officer, or employee of any of the Settling Entities, any entity in which any excluded person or entity has a controlling interest, and the legal representatives, heirs, successors and assigns of any excluded person or entity.  Also excluded from the Class are all persons and entities who exclude themselves from the Settlements by timely requesting exclusion in accordance with the requirements set forth in Question 15 of the Long-Form Notice.

Answer:

The Derivative Action was brought on behalf of the Alger Funds.  The Alger Settlement Funds, and not the individual shareholders (except insofar as the value of their shares increase), will receive the benefit of the settlement of the Derivative Action.

Answer:

If you are still not sure whether you are included, you can ask for free help.  You can call the Claims Administrator, Rust Consulting, Inc., at 1-866-880-0443, for more information.  Or you can fill out and return the Proof of Claim and Release form described in Question 11 of the Long-Form Notice, to see if you qualify.

Answer:

The proposed Settlements provide for a total payment of $4,828,800 in cash, comprised of (i) $2,950,000 paid on behalf of the Alger Defendants for the benefit of the Class and the Alger Releasing Funds, (ii) $950,000 paid on behalf of defendant Wilshire for the benefit of the Class and the Alger Releasing Funds, (iii) $404,800 paid on behalf of BAS for the benefit of the Class and the Alger Releasing Funds,(63,800 of this amount is targeted for notice-related expenses) (iv) $224,000 paid on behalf of the Bear Stearns Defendants for the benefit of the Class, and (v) $300,000 paid on behalf of the Canary Defendants for the benefit of the Class and the Alger Releasing Funds.  Investor Lead Counsel will also distribute to the Class a total of $600,000 plus interest which was obtained by the Office of the Attorney General ("OAG") in a settlement with the Canary Defendants.

The Settlement Fund plus all interest earned thereon shall be referred to as the “Gross Settlement Fund.”  The balance of the Gross Settlement Fund, after payment of taxes owed on any income earned by the Settlement Fund, Court-approved attorneys’ fees and litigation expenses and the costs of claims administration, including the costs of printing and mailing of this Notice, the cost of publishing notice and the costs of processing claims (the “Net Settlement Fund”), will be divided among all Class Members who submit timely and valid Proof of Claim and Release forms.  Any funds remaining in the Net Settlement Fund following the distribution to the Class, will be distributed to the Alger Settlement Funds, as agreed upon by Plaintiffs’ Counsel, in proportion to the alleged harm to each fund as determined by Investor Lead Counsel’s expert.  See Question 11 of the Long-Form Notice for more details regarding the allocation of the Settlement Fund.

Answer:

The proposed Plan of Allocation set forth in the Long-Form Notice provides for distribution of the Net Settlement Fund to persons and entities entitled to recovery (the “Authorized Claimants”) as follows:

Each person or entity claiming to be an Authorized Claimant shall be required to submit a Proof of Claim and Release form (“Proof of Claim”) signed under penalty of perjury and supported by such documents as specified in the Proof of Claim.  Class Members who purchased, owned or held shares in any of Funds listed in Table 1, contained on page 2 of the Long-Form Notice (i.e., Alger American Balanced Portfolio (n/k/a Alger Balanced Portfolio), Alger American Small Capitalization Portfolio (n/k/a Alger Small Cap Growth Portfolio), Alger Capital Appreciation Portfolio (n/k/a Alger Capital Appreciation Fund), Alger LargeCap Growth Portfolio (f/k/a Alger Growth Portfolio) (n/k/a Alger Large Cap Growth Fund) and Alger MidCap Growth Portfolio (n/k/a Alger Mid Cap Growth Fund)) during the Class Period may receive a payment from the Net Settlement Fund.

If you are entitled to a payment, your share of the Net Settlement Fund will depend on (i) the number of valid Proofs of Claim that Class Members submit, (ii) the particular Fund(s) in which you held shares, (iii) the number of shares in the Alger Settlement Funds you purchased and/or held during the Class Period, and (iv) when you purchased and sold your shares.  By following the Plan of Allocation described in the Long-Form Notice, you can calculate your “Recognized Claim.”  The Claims Administrator will distribute the Net Settlement Fund to Authorized Claimants according to the Plan of Allocation after all Proofs of Claim have been processed and the Court has finally approved the Settlements.  The $600,000 (plus interest) OAG/Canary recovery described in Question 10 of the Long-Form Notice, will also be distributed to Authorized Claimants pursuant to the Plan of Allocation.
All Proofs of Claim must be postmarked or received by December 8, 2010, addressed as follows:

In re Mutual Funds Investment Litigation – Alger Sub-Track
c/o Rust Consulting, Inc.
Claims Administrator
P.O. Box 2307
Faribault, MN  55021-9307

Unless otherwise ordered by the Court, any Class Member who fails to submit a properly completed and signed Proof of Claim within such period, or such other period as may be ordered by the Court, shall be forever barred from receiving any payments pursuant to the Settlements, but will in all other respects be subject to the provisions of the Stipulations and the final judgments entered by the Court.  See Question 11 of the Long-Form Notice for more details regarding the allocation of the Settlement Fund.

Answer:

To qualify for a payment, you must be an eligible Class Member and you must submit a Proof of Claim Form.  Click Here to download and print a copy of the Proof of Claim Form. You may also obtain a Proof of Claim by calling the Claims Administrator at 1-866-880-0443.  Read the instructions carefully, fill out the Proof of Claim, include all the documents requested, sign it, and mail it in an envelope postmarked no later than December 8, 2010.  Please retain a copy of everything you mail, in case the materials are lost or destroyed during shipping.

Answer:

For Alger Fund shareholders who purchased their shares through Fred Alger & Company, Incorporated, if you do not have your year-end holdings, contact Alger at 1-800-992-3863 for assistance.

If you did not purchase shares directly through Fred Alger & Company, Incorporated, please review your historical, financial records such as hard copy account statements, electronic statements, tax returns or schedules, or any other records you may have showing your mutual fund holdings during the Class Period.  If you cannot locate documentation within your personal records, and you held mutual fund shares through a brokerage house or other intermediary, contact your broker, custodian, financial advisor, etc. and request copies of your year-end financial statements during the class period.

Answer:

The Court will hold a hearing on October 21 and 22, 2010, to decide whether to approve the Settlements.  If the Court approves the Settlements, there may be appeals.  It is always uncertain whether appeals, if any, can be resolved, and resolving them can take time, perhaps several years.  In addition, the Claims Administrator must process all of the Proofs of Claim.  The processing is complicated and will take many months.  Please be patient.

Answer:

If you are a member of the Class and do not want a payment from the Settlements, but you want to keep the right to sue or continue to sue the Settling Entities on your own about the same claims being released in these Settlements, then you must take steps to exclude yourself from the Settlements.  This is referred to as “opting out” of the class.

To exclude yourself from the Class, you must send a letter by mail stating that you want to be excluded from the Class in the In re Mutual Funds Investment Litigation – Alger Sub-Track, 1:04-MD-15863-JFM.  Your request for exclusion must include your name, address, telephone number, signature, and information or documents concerning your holding(s) and purchase(s) of shares in the Alger Releasing Funds during the Class Period, including the amount of shares you held at the beginning of the Class Period, the end of the Class Period, and at the end of each calendar quarter during the Class Period.  If you represent to the Claims Administrator (subject to verification) that this information is not available, you may provide the number of shares that you held in the Alger Releasing Funds at the end of each year ended 1998-2003. You must mail your exclusion request so that it is received no later than September 21, 2010 to:

In re Mutual Funds Investment Litigation – Alger Sub-Track
c/o Rust Consulting, Inc.
Claims Administrator
P.O. Box 2307
Faribault, MN  55021-9307

Please keep a copy of everything you send by mail, in case it is lost or destroyed during shipping.
You cannot exclude yourself over the phone or by e-mail.  If you request to be excluded, you will not be eligible to receive any payment from the Net Settlement Fund, and you cannot object to the Settlements.  You will not be legally bound by anything that happens in this lawsuit and you may be able to pursue the claims that are being released in these Settlements.

Pursuant to separate supplemental agreements, the Settling Entities shall have the option to withdraw from the Settlements in the event that certain threshold levels of investors who would otherwise be entitled to participate as members of the Class timely and validly request to exclude themselves from the Class.

Answer:

No.  Unless you exclude yourself from the Class, you give up any right to sue the Settling Entities or the Released Parties for the claims being released by these Settlements.  If you have a pending lawsuit relating to the claims being released in the Actions against any of the Settling Entities, speak to your lawyer in that case immediately.  Remember, the exclusion deadline is September 21, 2010.

Answer:

No.  Because the Derivative Action was brought on behalf of the Alger Funds, you cannot exclude yourself from the settlement of the Derivative Action.  As discussed in Question 23 of the Long-Form Notice, current shareholders of the Alger Funds, or their successor funds, may object to the Settlements of the Derivative Action.
Any amounts distributed to the Alger Settlement Funds may benefit current holders of shares in the Alger Settlement Funds to the extent that such payments may increase share value.

Answer:

No.  If you exclude yourself, do not send in a Proof of Claim.  But, you may sue, continue to sue, or be part of a different lawsuit or arbitration asserting the claims being released in these Settlements against the Settling Entities or the Released Parties.

Answer:

The Court appointed the law firm of Barroway Topaz Kessler Meltzer & Check, LLP (formerly, Schiffrin & Barroway, LLP) as lead class counsel to represent you and the other Class Members.  These lawyers are called Investor Lead Counsel.  The Court also appointed the law firm of Wolf Haldenstein Adler Freeman & Herz, LLP as lead fund Derivative Counsel and Tydings & Rosenberg LLP as Plaintiffs’ Administrative Chair and Liaison Counsel.  You will not be individually charged for the services of these lawyers beyond your pro rata share of any attorneys’ fees and expenses awarded by the Court that will be paid from the Gross Settlement Fund.  If you want to be represented by your own lawyer, you may hire one at your own expense.  You do not, however, need to retain a lawyer to exclude yourself from the Class or to object to the Settlements.

Answer:

Investor Lead Counsel and Derivative Counsel will jointly apply to the Court for attorneys’ fees not to exceed 20% of the Gross Settlement Fund and for reimbursement of their expenses advanced in connection with the Actions up to an amount of $325,000, plus interest.  In addition, Court-appointed Plaintiffs’ Administrative Chair and Liaison Counsel, Tydings & Rosenberg LLP, will apply for an award of attorneys’ fees and expenses of an additional 1.25% of the Gross Settlement Fund for its efforts on behalf of the Plaintiffs.  Such sums as may be approved by the Court will be paid from the Gross Settlement Fund.  Class Members are not personally liable for any such fees or expenses.

The attorneys’ fees and expenses requested will be the only payments to Plaintiffs’ Counsel for their efforts in achieving the Settlements and for their risk in undertaking this representation on a wholly contingent basis and advancing the money necessary to pursue the Actions.  To date, Plaintiffs’ Counsel have not been paid for their services or for their substantial litigation expenses.  The fee requested will compensate Plaintiffs’ Counsel for their work in achieving the Settlements and Plaintiffs’ Counsel believe that it is well within the range of fees awarded to counsel under similar circumstances in other cases of this type.  The Court has discretion, however, to award less than this amount.

Answer:

You can tell the Court that you do not agree with the Settlements or some parts of them.

If you are a Class Member, you can object to the Settlements if you do not like any part of them, the Plan of Allocation, or the application for attorneys’ fees and reimbursement of litigation expenses.  To object, you must send a letter saying that you object to one or more of the Settlements in the In re Mutual Funds Investment Litigation – Alger Sub-Track, 1:04-MD-15863-JFM, and the reasons why you object to the Settlements.  Be sure to include your name, address, telephone number and signature.  You must also include information or documents concerning your holding(s) of shares in the Alger Releasing Funds during the Class Period or a statement attesting to the fact that you held or purchased shares in one or more of the Alger Releasing Funds during the Class Period.  You must submit any objection to the Clerk’s Office at the United States District Court for the District of Maryland at the address set forth below on or before September 21, 2010.  You must also serve any objection on Investor Lead Counsel, on behalf of all counsel, at the address set forth below, so that the objections are received by September 21, 2010:

COURT

Clerk of the Court

United States District Court
District of Maryland
101 W. Lombard Street
Baltimore, MD  21201

INVESTOR LEAD COUNSEL

Michael K. Yarnoff, Esq.
Jennifer L. Enck, Esq.
BARROWAY TOPAZ KESSLER MELTZER & CHECK, LLP
280 King of Prussia Road
Radnor, PA 19087

Answer:

Objecting means telling the Court that you do not like something about the Settlements, the Plan of Allocation, or the application for attorneys’ fees and litigation expenses, and that you want the Court to disapprove one or more of the Settlements or modify them in some way.  You can object only if you stay in the Class.  Excluding yourself is telling the Court that you do not want to be part of the Settlements.  If you exclude yourself, you have no basis to object because the case no longer affects you.

Answer:

If you are a current shareholder of one of the Alger Funds and will continue to own shares in one of the Alger Funds through the date of the Settlement Hearing, you also have the right to object to the Settlements of the Derivative Action, the proposed Plan of Allocation, and the request for attorneys’ fees and expenses with respect to the Derivative Action.  To object, you must send a letter saying that you object to one or more of the Settlements in the In re Mutual Funds Investment Litigation – Alger Sub-Track, 1:04-MD-15863-JFM, and the reasons why you object to the Settlements.  Be sure to include your name, address, telephone number and signature.  You must also include information concerning your current holdings of shares in one or more of the Alger Funds.  Any such objections must be submitted to the Court and counsel at the addresses set forth below, so that the objection is received no later than September 21, 2010:

COURT

Clerk of the Court

United States District Court
District of Maryland
101 W. Lombard Street
Baltimore, MD  21201

INVESTOR LEAD COUNSEL

Michael K. Yarnoff, Esq.
Jennifer L. Enck, Esq.
BARROWAY TOPAZ KESSLER MELTZER & CHECK, LLP
280 King of Prussia Road
Radnor, PA 19087

Answer:

The Court will hold a fairness hearing at 10:00 a.m., on October 21 and 22, 2010, at the United States District Court for the District of Maryland, 101 W. Lombard Street, Baltimore, MD 21201, Courtroom 1A (the “Settlement Hearing”).  At this hearing, the Court will consider whether the Settlements and the Plan of Allocation are fair, reasonable, and adequate.  If there are objections, the Court will consider them.  The Court will listen to people who have requested in writing by September 21, 2010 to speak at the hearing.  The Court may also consider Plaintiffs’ Counsel’s application for attorneys’ fees and reimbursement of expenses.

Answer:

No.  Plaintiffs’ Counsel will answer any questions the Court may have.  But, you are welcome to come at your own expense.  If you send an objection, you do not have to come to Court to talk about it.  As long as you mailed your written objection so that it is received on time, the Court will consider it.  You may also pay your own lawyer to attend, but it is not required.

Answer:

Yes, but you must first ask the Court for permission to speak at the Settlement Hearing.  To do so, you must send a letter stating your intention to appear in the In re Mutual Funds Investment Litigation – Alger Sub-Track, 1:04-MD-15863-JFM.  Be sure to include your name, address, telephone number, signature, and also identify (i) information or documents concerning your holding(s) in the Alger Releasing Funds during the Class Period, including the amount of shares you held at the beginning of the Class Period, the end of the Class Period, and at the end of each calendar year during the Class Period, or (ii) information concerning your current holdings of shares in the Alger Funds.  Your notice of intention to appear must be received no later than September 21, 2010, and be sent to the Clerk of the Court and Investor Lead Counsel, on behalf of all counsel, at the addresses listed below. You cannot speak at the hearing if you exclude yourself from the Class.

COURT

Clerk of the Court

United States District Court
District of Maryland
101 W. Lombard Street
Baltimore, MD  21201

INVESTOR LEAD COUNSEL

Michael K. Yarnoff, Esq.
Jennifer L. Enck, Esq.
BARROWAY TOPAZ KESSLER MELTZER & CHECK, LLP
280 King of Prussia Road
Radnor, PA 19087

Answer:

If you do nothing, claims that you may have that relate to the subject matter of these lawsuits will be released, and you will receive no money from these Settlements but nonetheless will be bound by their terms.  But, unless you exclude yourself, you will not be able to start a lawsuit, continue with a lawsuit, or be part of any other lawsuit against the Settling Entities or the Released Parties about the same claims being released in these Settlements.

Answer:

The Long-Form Notice summarizes the proposed Settlements.  More details can be found in a series of stipulations with the Settling Entities dated June 2, 2009, January 15, 2010 and January 28, 2010 (the “Stipulations”) copies of which can be found under the "Important Case Documents" section of this website.  All terms used in this Long-Form Notice (unless otherwise defined) shall have the same meanings as in the Stipulations.  To obtain copies of the Stipulations or more information about the Settlements please review the Long-Form Notice.  You can also obtain copies of the Stipulations and other papers filed in the Actions from the Clerk’s office at the United States District Court for the District of Maryland, 101 W. Lombard Street, Baltimore, MD 21201, during regular business hours.  If you have other questions, you may contact the Claims Administrator, Investor Lead Counsel or Derivative Counsel at the addresses and telephone numbers listed on page 4 of the Long-Form Notice.  You may also email your questions to the Claims Administrator at Info@AlgerMutualFundLitigation.com.

DO NOT TELEPHONE THE COURT REGARDING THIS NOTICE

Answer:

Unless you exclude yourself from the Class in accordance with the procedures set out in question 15 of the Long-Form Notice, you will remain in the Class, and that means that you cannot sue, continue to sue, or be part of any other lawsuit against the Settling Entities or certain parties related to the Settling Entities concerning any claims of market-timing, late trading, or short-term or excessive trading in the Alger Funds during the Class Period, including all claims that were or could have been brought in the Complaints.  It also means that all of the Court’s orders will apply to you and legally bind you, and you will release forever any claims you may have against the Settling Entities, and their related parties, relating to market-timing or late trading in the Alger Releasing Funds.  If you are interested in more information regarding the release of claims, please click  this "Releases" link.