NEW YORK, April 4, 2019 /PR Newswire/ -- The following statement is being issued by Kessler Topaz Meltzer & Check, LLP regarding the JPMorgan ADR FX Litigation.
Pursuant to Federal Rule of Civil Procedure 23 and Court Order, Merryman, et al. v. JPMorgan Chase Bank, N.A., No. 1:15-cv-09188-VEC (S.D.N.Y.) has been provisionally certified as a class action for settlement purposes and a $9,500,000 settlement has been proposed, which, if approved, will resolve all claims in the litigation. This notice provides basic information. It is important that you review the detailed notice ("Notice") found at the website below.
What is this lawsuit about:
Plaintiffs claim that JPM, as depositary bank for the American Depositary Receipts or securities covered by the litigation ("ADRs"), assigned foreign exchange rates ("FX") to the conversion of non-U.S. dollar-based cash distributions, which reflected a spread that was added to the FX rate JPM actually received at the time of the conversion, and thereby improperly retained class member dollars from such distributions. JPM has denied, and continues to deny, any wrongdoing or liability whatsoever.
Who is a Settlement Class Member:
Persons or entities who are or were holders (directly or indirectly, registered or beneficially) of or otherwise claim any entitlement to any payment (dividend, rights offering, interest on capital, sale of shares or other distribution) in connection with (i) securities listed on Appendix 1 to the Notice (including any predecessor or successor) from November 21, 2010 to July 18, 2018; or (ii) securities listed on Appendix 2 to the Notice (including any predecessor or successor) from November 21, 2012 to July 18, 2018.
What are the benefits:
If the Court approves the settlement, the proceeds, after deduction of Court-approved notice and administration costs, attorneys' fees and expenses, will be distributed pursuant to the Plan of Allocation in the Notice, or other plan approved by the Court.
What are my rights:
If you hold (or held) your ADRs directly and are listed on JPM's transfer agent records, you are a Registered Holder Settlement Class Member and do not have to take any action to be eligible for a settlement payment. However, if you hold (or held) your ADRs through a bank, broker or nominee and are not listed on JPM's transfer agent records, you are a Non-Registered Holder Settlement Class Member and you must submit a Claim Form, postmarked by September 19, 2019, to be eligible for a settlement payment. Non-Registered Holder Settlement Class Members who do nothing will not receive a payment, and will be bound by all Court decisions.
If you are a Settlement Class Member and do not want to remain in the Settlement Class, you may exclude yourself by request, received by July 3, 2019, in accordance with the Notice. If you exclude yourself, you will not be bound by any Court decisions in this litigation and you will not receive a payment, but you will retain any right you may have to pursue your own litigation at your own expense concerning the settled claims. Objections to the settlement, Plan of Allocation, or request for attorneys' fees and expenses must be received by July 3, 2019, in accordance with the Notice.
A hearing will be held on August 8, 2019 at 11:00 a.m., before the Honorable Valerie E. Caproni, at the Thurgood Marshall U.S. Courthouse, 40 Foley Square, NY, NY 10007, to determine if the settlement, Plan of Allocation, and/or request for fees and expenses should be approved. Supporting papers will be posted on the website once filed.
SOURCE Kessler Topaz Meltzer & Check, LLP