MEMORANDUM OF UNDERSTANDING IN THE BROOKLYN FEDERAL BANCORP, INC. SHAREHOLDER LITIGATIONBrooklyn Federal Bancorp, Inc. • November 3rd, 2011 • Savings institution, federally chartered
This memorandum of understanding (“MOU”) contains essential terms of a settlement (“Settlement”) agreed to in principle between defendants Brooklyn Federal Bancorp, Inc. (“Brooklyn Federal” or “Company”), Daniel O. Reich, Angelo J. Di Lorenzo, Gregg J. Wagner, Arthur R. Williams, Rebecca Northey, Mark Hughes, Richard A. Kielty, BFS Bancorp, MHC, Brooklyn Federal Savings Bank, Investors Bancorp, Inc. (“Investors Bancorp”), Investors Bancorp, MHC, and Investors Bank, formerly Investors Savings Bank (collectively, “Defendants”), and plaintiffs in the actions, Joseph Underwood and Russ Bastin, (“Actions”) on behalf of themselves as well as members of the putative classes alleged in the Actions (collectively, “Plaintiffs”).
