This page provides the answers to class members' most frequently asked questions. 

The information provided is in summary form and is not intended as a complete explanation of your rights. For full and complete information, you are directed to review carefully the Notice of Pendency of Class Action and Proposed Settlement, Stipulation and Agreement of Settlement, and Proof of Claim and Release.

A:  No, you are not.

A:  Asia Pulp & Paper (APP) is organized under law of the Republic of Singapore, and is a world-wide, vertically integrated pulp and paper producer. The Complaint alleges that in Spring 2001, APP began to disclose adverse information which was materially different from prior representations as to assets and income, resulting in a dramatic drop in the market prices of it’s securities. The Complaint alleges, among other issues, the defendants failed to disclose entry into two currency swap transactions costing the company a $220 million loss, included reported trade receivables over $1 billion from related parties which were sham transactions; and reported other assets and deposits which were unrecoverable. For additional details about this litigation, including details about the settlement, please refer to the Notice of Pendency of Class Action and Proposed Settlement.

A:  In a class action, one or more people called class representatives sue on behalf of people who have similar claims. All these people are a class or class members. Asia Pulp & Paper and Merrill Lynch & Co., which are being sued, are the defendants. The court will resolve the common issues for everyone in the class. The lawyers representing the class are called "class counsel".

A:  The principal reason for the Settlement is the benefit to be provided to the Class now. This benefit must be compared to the risk that no recovery might be achieved after a contested trial and likely appeals, possibly years into the future.

A:  Class counsel believes that thousands of people are members of the class.

A:  No, you do not have to pay anything.

A:  We cannot offer any advice as to what you should do. That said, you have five options:

First, to qualify for a payment, you must submit a valid Proof of Claim and Release form. A Proof of Claim and Release form is being circulated with the Notice of Pendency of Class Action and Proposed Settlement. You may also get a Proof of Claim and Release form here. Read the instructions carefully, fill out the form, include all the documents the form asks for, sign it, and mail it postmarked no later than March 6, 2006.

Second, you can exclude yourself from the Class with respect to the Settlement. Pursuant to the Notice of Pendency of Class Action and Proposed Settlement, class members are allowed to request exclusion, in writing, postmarked on or before February 6, 2006. Persons who exclude themselves will NOT receive any share of the Settlement proceeds and will not be bound by the Settlement. Detailed directions on how to exclude yourself from the Settlement are contained on page seven of the Notice of Pendency of Class Action and Proposed Settlement.

Third, you may object and write to the court about why you do not agree with the Settlement or any part of it. Persons who exclude themselves from the Class are not affected by the settlements and may not object to the Settlement. Detailed directions on how to object to the settlement - and to make an appearance at the Settlement Fairness Hearing - are contained on page eight of the Notice of Pendency of Class Action and Proposed Settlement.

Persons who object to the Settlement must still submit a Proof of Claim and Release form in order to receive any share of the Settlements’ proceeds in the event the Court approves the Settlement. Submitting a Proof of Claim and Release does not waive any objection that you file. Submitting an objection does not does not exclude you from the Class.

Fourth, you may go to the Fairness Hearing. The Court will hold a hearing to decide whether to approve the proposed Settlement. You may attend and you may ask to speak, but you do not have to. Refer to “What is the Settlement Fairness Hearing?” below.

Lastly, you can do nothing. If you do nothing, you will get no money from this Settlement. If you do nothing, upon the effective date of the settlement, you will release all settled claims against the released parties. You must submit a Proof of Claim and Release form in order to share in the net settlement funds.

A:  If the court approves the settlement, US $46 million will be paid into escrow for the benefit of the class. If and when such approval becomes final, and the claims administration process has been completed, that fund, after payment of fees and expenses awarded or allowed by the Court, will be divided among all Class Members who send in a valid Proof of Claim and Release form. The amount that any class member will receive will depend on several factors, including, for example, when the class member purchased the securities and when they were sold, the size of the class members’ claim, the number of claims filed, and the total of the losses of all claims filed. Proof of Claim and Release forms must be postmarked on or before March 6, 2006, to be considered valid.

A:  You may communicate with them by writing to:

Paul D. Young, Esq., of counsel to
Milberg Weiss Bershad & Shulman LLP
One Pennsylvania Plaza
New York, New York 00119-0165

OR

Joshua N. Rubin, Esq.
Abbey Gardy, LLP
212 East 39th Street
New York, New York 10016

A:  You do not have to hire your own lawyer because class counsel is working on behalf of all Class Members. If you want your own lawyer to separately represent your own interests, to object to the Settlement or, if you exclude yourself, to bring a separate action against Asia Pulp & Paper, you can hire a lawyer at your own expense.

A:  The court will hold a hearing at 3:00 pm on Monday, February 27, 2006 at the US District Court for the Southern District of New York, 40 Centre Street, New York, New York 10007, to decide whether to approve the proposed settlements with Asia Pulp & Paper. At this hearing the court will consider whether the settlements with the APP defendants are fair, reasonable and adequate. The court will consider the proposed Plan of Allocation for the proceeds of the Settlement. If there are written objections, the court will consider them. The court may also listen to people who have asked to speak at the hearing. The court may also decide how much to pay to plaintiffs’ counsel. After the hearing, the court will decide whether to approve the settlement with the APP defendants. We do not know how long these decisions will take.

A:  No, you do not.

A:  You can call the Claims Administrator toll free at 1-866-314-5805, or write to:

In re Asia Pulp & Paper Securities Litigation
c/o Analytics Incorporated, Claims Administrator
P.O. Box 2002
Chanhassen, Minnesota 55317-2002

To view detailed examples of acceptable documentation that can be submitted with your Proof of Claim and Release, please click on the following link: Documentation

For more detailed information concerning the matters involved in this Action, reference is made to the pleadings, to the Stipulation, to the Orders entered by the court and to the other papers filed in the Action, which may be inspected during normal business hours, at the Office of the Clerk of the United States District Court for the Southern District of New York, United States District Courthouse, 40 Centre Street, New York, New York 10007.