There are two parts, (1) the SEC Fair Fund ($602 million settlement/distribution, no attorneys' fees and very limited expenses) and (2) the class action ($135 million settlement after four years of litigation/approximately $95 million distribution net of attorneys' fees and expenses).
(1) The SEC Fair Fund claims had to be filed last year, and are being processed. The claims process should be done about April, then following SEC and court signoff, checks should be mailed mid- to late 2017.
(2) The class action, which covers many more Elan investors than the SEC Fair Fund, received preliminary court approval last month, and the notice and claim forms are due to be mailed today. If you do not receive paper copies in the mail, the website, www.sac-elan.com
, activated today, has downloadable copies of all pertinent documents. Claimants will be able to file claims online, including uploading monthly account statements. The final approval hearing is scheduled for 4:30 pm, Friday, April 27, and claims are due May 29. The claims process will likely take much of 2017, and checks should be mailed either late 2017 or early 2018.