Notice of Proposed Distribution Plan in SEC v. The BISYS Group, Inc., 07-Civ-4010 (RJS) (S.D.N.Y.)

On December 22, 2011, the SEC filed a motion seeking Court approval of a plan to distribute the approximately $25 million paid by The BISYS Group, Inc. in settlement of the above-referenced case, plus funds that may be combined therewith from a related case.  In this case, filed in the United States District Court for the Southern District of New York on May 23, 2007, the SEC charged BISYS with alleged violations of the financial reporting, books-and-records, and internal controls provisions of the federal securities laws arising out of improper accounting practices that occurred from July 2000 through December 2003.  For more information about the SEC’s case, see Litigation Release No. 20125 (May 23, 2007).

Under the terms of the proposed Distribution Plan, the available funds will be distributed to shareholders who acquired and held BISYS stock during the period beginning on October 23, 2000 and ending on April 22, 2004 (the “Recovery Period”) and suffered a loss on their investment.  The Distribution Plan will be administered by A.B. Data, Ltd., the claims administration firm that served as the Court-appointed claims administrator in a parallel class action, In re BISYS Securities Litigation, 04-Civ-3840 (JSR) (S.D.N.Y.) (the “Class Action”).  Persons eligible to receive a distribution under the proposed Distribution Plan are persons who purchased BISYS shares during the Recovery Period, and who incurred a Net Recognized Loss, as defined under the proposed Distribution Plan, with respect to their purchase of BISYS shares and (a) submitted a claim in the Class Action that was accepted by the Claims Administrator in that case; or (b) who requested to be excluded from the class in the Class Action and whose request for exclusion was approved by the court in that action (the “Opt-Outs”).

You can obtain a copy of the SEC’s proposed Distribution Plan, or upon written or telephonic request to:

U.S. Securities and Exchange Commission
New York Regional Office
Attn: Donna Smith/Steven Sanchez
NYRO Investor Assistance Group
3 World Financial Center, Suite 400
New York, NY 10281
Tel. (212) 336-0100

If you wish to comment upon or object to the proposed Distribution Plan, you may do so by letter, addressed to:

U.S. Securities and Exchange Commission
New York Regional Office
Attn: Leslie Kazon, Esq.
3 World Financial Center, Suite 400
New York, NY 10281

In accordance with the scheduling order entered by the Court, any such comments or objection must be post-marked or sent by overnight courier by March 12, 2012.

PLEASE do not contact the court