No, you are not being sued. 

This lawsuit was brought by investors who claim that there were misstatements and omissions of material fact in the prospectuses and registration statements by which Global Cash Access Holdings, Inc.'s common stock was offered and sold to the public, in violation of the federal securities laws.

The Defendants deny every claim and contention alleged by Lead Plaintiff.  The proposed settlement is not an admission of wrongdoing or an indication that any law was violated.  The Defendants entered into the proposed settlement to avoid further expense, inconvenience, or uncertainty from proceeding to trial on this matter.

Included in the Class are all persons who purchased the publicly traded common stock of Global Cash Access Holdings during the period from September 22, 2005 through November 14, 2007, with certain limited exceptions that are described on page 6 of the Notice.

In a class action, one or more people, called Class Representatives sue on behalf of all people who have similar claims.  In this case, the Class Representative is the City of Richmond Retirement System.  All of the people with similar claims are known as a Class, or as Class Members.  One court resolves all issues for the Class, and protects the interest of Class Members while preserving court resources.

The Settlement creates a fund in the amount of $5,875,000.00 plus interest.  Based on Lead Counsel’s estimates, the average recovery per damaged share of common stock, before expenses and fees, is 10.7 cents.  Your actual recovery will depend on a number of factors, such as, the number of shares purchased and sold, the timing of your transactions, the expense of administering the claims process and attorney’s fees and expenses awarded, as well as the number of eligible shares purchased by class members who elect to participate in the claims process.

We can not advise you on what to do.  However, according to the terms of the proposed settlement, you had four options:

First, if you are a class member and wished to participate in the distribution of the Settlement fund, you were required to submit a valid proof of claim, postmarked on or before July 24, 2010.

Second, if you wished to be excluded from the proposed settlement, you were required to mail a written request for exclusion from the class, postmarked by June 4, 2010. If you chose to exclude yourself from the Settlement you will receive no share of the settlement fund, and you will not be bound by the Settlement Stipulation or the Judgment.  Please refer to page 9 and 10 of the Notice for additional details regarding excluding yourself from the class.

Third, you were able to  object to the proposed Settlement, or any other matter in the Notice. Your written Objection was to have been received no later than June 4, 2010 by the Clerk of the Court, plaintiff’s counsel, and defense counsel.

Finally, you could elect to do nothing. If you did nothing, you will not receive a share of the settlement fund but you are bound by the terms of the Settlement Stipulation and the Judgment.

The Court appointed the law firm of Grant & Eisenhofer P.A. as “Class Counsel” to represent the Lead Plaintiff and all class members.

You may contact Class Counsel in writing at:

Mary S Thomas, Esq.
Grant & Eisenhofer P.A
1201 N Market St.
Wilmington, DE 19801

Or by phone at (302) 622-7000

You do not need to retain your own lawyer because Class Counsel is acting on behalf of the entire Class.  If you wish to retain your own lawyer, you may do so at your own expense.

On July 1, 2011, the Claims Administrator mailed distribution checks to all Authorized Claimants whose check amount was $10.00 or more.  As set forth in the Plan of Allocation, if an Authorized Claimant’s prorated payment calculates to less than $10.00, it will not be distributed.

At this hearing the Court will determine whether the Settlement Agreement should be finally approved as fair, reasonable and adequate. The Court will also consider whether the proposed plan to distribute the settlement proceeds is fair, reasonable and adequate, whether the application by Lead Counsel for an award of attorneys’ fees and expenses should be approved, and whether the Securities Action should be dismissed with prejudice.

This hearing is scheduled for 10:00 a.m. on June 25, 2010, at the United States District Court for the District of Nevada, 333 S. Las Vegas Blvd., Las Vegas, NV 89101.

The District Court may adjourn or continue the Settlement Hearing without further notice to the class.

No, you do not have to attend the Settlement Hearing, even if you properly mailed a written response.  If you wish to appear in this case through separate counsel, any fees incurred will be your responsibility. If you do not retain your own counsel, your rights will be protected by the Class Counsel.