If You Received A Cash Distribution In Connection With Certain American Depositary Receipts ("ADRs") For Which Citibank N.A. Served As Depositary Or If You Currently Own Such ADRs, Your Rights May Be Affected

NEW YORK, Feb. 22, 2019 /PRNewswire/ -- The following statement is being issued by Kessler Topaz Meltzer & Check, LLP regarding the Citibank ADR Litigation.

Pursuant to Federal Rule of Civil Procedure 23 and Court Order, Merryman et al. v. Citigroup, Inc. et al., No. 1:15-cv-09185-CM-KNF (S.D.N.Y.) has been provisionally certified as a class action for settlement purposes and a settlement for $14,750,000 in cash and certain additional non-monetary relief 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 allege that, during the relevant time period, Citibank N.A. (the "Depositary") systematically deducted impermissible fees for conducting foreign exchange from dividends and/or cash distributions issued by foreign companies, and owed to ADR holders. The Depositary has denied, and continues to deny, any wrongdoing or liability whatsoever.

Who is a Class Member:

Persons or entities (1) who received cash distributions from the ADRs listed in Appendix 1 to the Notice from January 1, 2006 to September 4, 2018, inclusive, and were damaged thereby (the "Damages Class"); and/or (2) who currently own the ADRs listed in Appendix 1 to the Notice (the "Current Holder Class" and, together with the Damages Class, the "Class").

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.

If you are a Current Holder Class Member, the Settlement also provides additional non-monetary relief related to the conversion of foreign currency of cash distributions paid by eligible ADR issuers pursuant to a deposit agreement.

What are my rights:

If you are a Damages Class Member and you hold (or held) your ADRs directly and are listed on the Depositary's transfer agent records, you are a Registered Holder Damages 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 the Depositary's transfer agent records, you are a Non-Registered Holder Damages Class Member and you must submit a Claim Form, postmarked by August 12, 2019, to be eligible for a settlement payment. Non-Registered Holder Damages Class Members who do nothing will not receive a payment, and will be bound by all Court decisions.

If you are a Class Member and do not want to remain in the Class, you may exclude yourself by request, received by June 7, 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 June 7, 2019, in accordance with the Notice.

A hearing will be held on July 12, 2019 at 10:00 a.m., before the Honorable Colleen McMahon, at the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, 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.

For more information visit www.CitibankADRSettlement.com,
email [email protected] or call 1.866.680.6138.

SOURCE Kessler Topaz Meltzer & Check, LLP