NEW YORK, Feb. 9, 2016 /PRNewswire/ -- Chimicles & Tikellis LLP of Haverford, PA and Wolf Haldenstein Adler Freeman & Herz LLP of New York, NY, announce that they filed a class action in the New York Supreme Court in Manhattan on behalf of holders of the 7.45% Quarterly Interest Bonds due 2032 ("Bonds") (CUSIP: 71902E 20 8) ("Bondholders") against The Phoenix Companies ("Phoenix") as well as U.S. Bank National Association in its capacity as Trustee. Phoenix, a publicly-traded insurance company trading on the NYSE under ticker "PFX", issued and sold $300 million of Bonds to the public pursuant to a registered offering in 2001. The action is captioned as Kenneth Roth on behalf of himself and all similarly-situated bondholders v. The Phoenix Companies, Inc. and U.S. Bank National Association, in its capacity as Indenture Trustee, Index No. 650634/2016 (N.Y. Sup. Ct.)

On September 29, 2015, the Company announced a going-private merger whereby the common stockholders of Phoenix will be cashed out while the Bonds remain outstanding ("Merger"). In connection with the Merger, on January 7, 2016, Phoenix launched a consent solicitation ("Consent Solicitation") seeking the Bondholders' approval to a proposed Supplemental Indenture that would, if approved, amend § 704 of the Indenture. Bondholders are being asked to consent to a material amendment to the document that serves to protect their fundamental rights as Bondholders, the Indenture Agreement, as amended on February 21, 2014.

The Consent Solicitation, which the complaint asserts is materially misleading, is scheduled to expire today. As alleged in the complaint, Bondholders are being asked to consent to material amendments, including an amendment that would: (a) jettison Bondholders' right to receive material financial information, to which they are otherwise entitled; and (b) allow the Trustee to waive material duties otherwise owed to the Bondholders. The complaint alleges that the impact on Bondholders if the Supplemental Indenture is adopted is significant because without access to material financial information, the Bondholders will not have critical information about the security underlying the Bonds, and will be unable to know about or assess the Company's ability to comply with the financial obligations owed to the Bondholders, as set forth in the Indenture.

For more details or to see a copy of the complaint, go to www.chimicles.com. If you possess information relevant to this action, or purchased the Bonds and would like to discuss your legal rights and options, please contact attorney Catherine Pratsinakis, Esq. by telephone at (610)649-1497 or by email at cp@chimicles.com.  

CHIMICLES & TIKELLIS LLP
Catherine Pratsinakis, Esq.
Kimberly Donaldson Smith, Esq.
One Haverford Centre
361 West Lancaster Avenue
Haverford, PA 19041
Telephone: (610) 649-1497
www.chimicles.com

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SOURCE Chimicles & Tikellis LLP