Sonn & Erez Announces Notice of Pendency of Class Action, Re: MRT Holdings, LLC

Sonn & Erez Announces Notice of Pendency of Class Action, Re: MRT Holdings, LLC - 1/16/2009

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HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

SETTLEMENT NEWS:

Sonn & Erez Announces Notice of Pendency of Class Action, Re: MRT Holdings, LLC
Staff Writer - Sonn & Erez

GlobeNewswire, Inc.. January 16, 2009
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EXCERPT: […] This is a notification that you are a member of a plaintiff class (the "Class") in this case against MRT Holdings, LLC, ("Defendants") in the United States District Court, Southern District of Florida, styled Marvin Katz, et al. on behalf of himself and all others similarly situated, vs. MRT Holdings, LLC, James Clements and Zeina Smidi, Case No. 07- 6143 8-civ-Cohn (the "Lawsuit"). The purpose of this Notice is to explain to you: (1) the nature of the Lawsuit and the Class claims, issues or defenses; (2) the definition of the Class; (3) that a Class member may enter an appearance through an attorney if the member so desires; (4) that the court will exclude from the Class any member who requests exclusion; and (5) the binding effect of a Class judgement on Class members. 1. The Nature of the Action and the Class Claims, Issues or Defenses: In this lawsuit, Plaintiffs alleged that MRT Holdings, LLC was a Ponzi scheme (an investment scam where earlier investors are typically paid back with monies invested by later investors) and that both James Clements and Zeina Smidi operated MRT, including the sale of unregistered securities and otherwise failing to disclose material information to investors. MRT Holdings, LLC, Clements and Smidi have defaulted the Lawsuit, which means that the factual allegations against these Defendants are assumed to be true for purposes of the Lawsuit. The purpose of the lawsuit is to try to obtain a judgment against MRT, Clements and Smidi, and then try to collect on that judgment for the benefit of all investors. No final judgment has yet been entered in this case and the case is currently pending.

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