NEW YORK, Feb. 10, 2014 /PR Newswire/ -- The following statement is being issued by Wolf Haldenstein Adler Freeman & Herz LLP regarding the Citigroup FA CAP Litigation.
If You Participated in Citigroup's Voluntary FA Capital Accumulation Program (the "FA CAP") between November 1, 2006 through June 30, 2009, and Received an FA CAP award on January 2, 2007, July 1, 2007, January 2, 2008, July 1, 2008 and/or January 1, 2009 Then Your Rights May Be Affected and You May Be Entitled To A Benefit
The purpose of this notice is to inform you of the pendency and settlement of a class action entitled Brecher v. Citigroup Inc., No. 09 Civ. 7359 (S.D.N.Y.) (SHS), pending in the U.S. District Court for the Southern District of New York. The Court has scheduled a public Settlement Hearing on April 28, 2014, 10 a.m. at the United States Courthouse, 500 Pearl Street, New York, New York, Courtroom 23A.
In the action, Plaintiffs alleged that Defendants violated Section 12(a)(2) of the Securities Act of 1933 from November 1, 2006 through June 30, 2009 (the "Class Period") by virtue of certain misstatements and omissions concerning Citigroup's exposure to various mortgage-related investments. Defendants have denied and continue to deny the claims against them.
In order to resolve the claims against them, Defendants have agreed to pay the sum of $8,500,000 into a Settlement Fund. The Settlement Fund will be distributed to eligible Citigroup FA CAP participants.
If you are a Member of the Class, you may seek to share in the Net Settlement Fund by filing a Proof of Claim on or before May 3, 2014. You may obtain a Proof of Claim on the settlement website referenced below. If you are a Member of the Class but do not file a Proof of Claim, you will still be bound by the releases set forth in the settlement agreements if the Court enters an order approving the settlement agreements. All objections to the settlements must be made in accordance with the instructions set forth in the formal Settlement Notice and must be filed with the Court and served on the Parties' counsel by March 28, 2014. The Court will exclude you from the Class and thereby the settlements only if you make a written request for exclusion that is received by the Settlement Administrator (The Garden City Group, Inc.) at the address below on or before March 28, 2014.
Citigroup FA CAP Litigation
P.O. Box 9349
Dublin, OH 43017-4249
A copy of the settlement agreement, the formal Settlement Notice, Proof of Claim, information on how to object or be excluded from the Class, and other important documents and information are available on the settlement website at www.gcginc.com/cases-info/CFA. For additional information, you may also contact the Settlement Administrator at 1-800-231-1815.
SOURCE Wolf Haldenstein Adler Freeman & Herz LLP