Levi & Korsinsky, LLP Announces Proposed Class Action Settlement on Behalf of Purchasers of Telephone and Data Systems, Inc. Securities (NYSE: TDS)

/EIN News/ -- NEW YORK, June 09, 2025 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP announces that the United States District Court for the Northern District of Illinois, Eastern Division has approved the following announcement of a proposed class action settlement that would benefit purchasers of Telephone and Data Systems, Inc. (“TDS”) securities (NYSE: TDS, TDSPrU, TDSPrV):

SUMMARY NOTICE OF PENDENCY OF CLASS ACTION, PROPOSED CLASS ACTION SETTLEMENT, SETTLEMENT HEARING, AND MOTION FOR ATTORNEYS’ FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

To: All persons and entities similarly situated, other than Defendants, who purchased or otherwise acquired securities of TDS between May 6, 2022 and November 3, 2022, inclusive (the “Settlement Class”).

Excluded from the Settlement Class are Defendants, TDS and United States Cellular Corporation (“UScellular”) and their subsidiaries, affiliates, and respective officers and directors at all relevant times, and any of their immediate families, legal representatives, heirs, successors, or assigns, and any entity in which any Defendant has or had a controlling interest. Also excluded from the Settlement Class are all persons or entities who would otherwise be members of the Settlement Class, but who exclude themselves by validly and timely submitting a request for exclusion.¹

YOU ARE HEREBY NOTIFIED, pursuant to Federal Rule of Civil Procedure 23 and an Order of the United States District Court for the Northern District of Illinois, that the Court-appointed Lead Plaintiff, Howard M. Rensin, Trustee Of The Rensin Joint Trust, on behalf of himself and all members of the Settlement Class, and TDS, UScellular, Laurent C. Therivel, and Douglas W. Chambers (collectively, “Defendants”), have reached a proposed settlement of the claims in the above-captioned class action (the “Action”) in the amount of $7,750,000.00 (the “Settlement”). Lead Plaintiff and Lead Counsel estimate that if all affected TDS shares elect to participate in the Settlement, the average recovery per share could be approximately $0.50 for TDS common stock, $0.11 for TDS Series UU preferred stock, and $0.10 for TDS Series VV preferred stock, before deduction of any fees, expenses, costs, and awards as described in the Notice of Pendency of Class Action and Proposed Settlement, Settlement Hearing, and Motion for Attorneys’ Fees and Reimbursement of Litigation Expenses (the “detailed Notice”).

In exchange for the Settlement and the release of the Releasing Plaintiff’s Parties’ Claims against the Released Defendants’ Parties, Defendants have agreed to create a $7,750,000.00 cash fund, which may accrue interest, to be distributed, after deduction of Court-awarded attorneys’ fees and litigation expenses, Notice and Administration Expenses, Taxes, and any other fees or expenses approved by the Court (the “Net Settlement Fund”), among all Settlement Class Members who submit valid Claim Forms and are found to be eligible to receive a distribution from the Net Settlement Fund (“Authorized Claimants”).

A hearing will be held before the Honorable Mary M. Rowland on September 3, 2025, 2025 at 1:00 p.m., in Courtroom 1225 of the United States District Court for the Northern District of Illinois, Everett McKinley Dirksen United States Courthouse, 219 South Dearborn Street, Chicago, IL 60604 (the “Settlement Hearing”) to, among other things, consider whether: (i) the Settlement is fair, reasonable, and adequate, and should be approved; (ii) the proposed plan for allocating the proceeds of the Settlement to Settlement Class Members (the “Plan of Allocation”) is fair and reasonable and should be approved; and (iii) Lead Counsel’s application for attorneys’ fees and reimbursement of litigation expenses, and any award to the Lead Plaintiff for his time and expenses in representing the interests of the Settlement Class, are reasonable and should be approved. This notice describes important rights you may have and what steps you must take if you wish to participate in the Settlement, object, or be excluded from the Settlement Class. The Court may change the date of the Settlement Hearing, or hold it telephonically or via videoconference, without providing another notice. You do NOT need to attend the Settlement Hearing to receive a distribution from the Net Settlement Fund.

IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PROPOSED SETTLEMENT AND YOU MAY BE ENTITLED TO A MONETARY PAYMENT. A detailed Notice and Claim Form can be obtained by visiting the Settlement website, www.strategicclaims.net/tds/, or by contacting the Claims Administrator at:

TDS Securities Litigation
c/o Strategic Claims Services
P.O. Box 230
600 N. Jackson Street, Suite 205
Media, PA 19063
info@strategicclaims.net
Toll-free: (866) 274-4004
Fax: (610) 565-7985

Inquiries, other than requests for the Notice and Claim Form or for information about the status of a claim, may also be made to Lead Counsel:

LEVI & KORSINSKY, LLP
Shannon L. Hopkins
Gregory M. Potrepka
1111 Summer Street, Suite 403
Stamford, CT 06905
203-992-4523
shopkins@zlk.com
gpotrepka@zlk.com

If you are a Settlement Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form postmarked (for U.S. mail), received by the private carrier (for FedEx, UPS, etc.), or submitted online no later than August 27, 2025 to the Claims Administrator at the address above. If you are a Settlement Class Member and do not timely submit a valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by all judgments or orders entered by the Court relating to the Settlement, whether favorable or unfavorable.

If you are a Settlement Class Member and wish to exclude yourself from the Settlement Class, you must submit a written request for exclusion in accordance with the instructions set forth in the detailed Notice such that it is postmarked (for U.S. mail), received by the private carrier (for FedEx, UPS, etc.), or e-mailed, no later than August 13, 2025 to the Claims Administrator. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court relating to the Settlement, whether favorable or unfavorable, and you will not be eligible to share in the distribution of the Net Settlement Fund.

Any objections to the proposed Settlement, Lead Counsel’s Fee and Expense Application including a Lead Plaintiff Award, and/or the proposed Plan of Allocation, must be filed with the Court, either by mail or in person, and be mailed to counsel for the Parties in accordance with the instructions in the detailed Notice, such that they are postmarked (for U.S. mail), received by the private carrier (for FedEx, UPS, etc.), or e-mailed, no later than August 13, 2025.

PLEASE DO NOT CONTACT THE COURT, DEFENDANTS, OR DEFENDANTS’ COUNSEL REGARDING THIS NOTICE.

DATED: MAY 8, 2025

BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF ILLINOIS

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¹ Unless otherwise defined herein, all capitalized terms shall maintain the same meaning as those set forth in the Stipulation of Settlement, dated April 25, 2025, which can be viewed and/or obtained at www.strategicclaims.net/tds/.