Citibank ADR Settlement

Welcome to the Citibank ADR Settlement Website

Merryman et al. v. Citigroup, Inc. et al., Civil Action No. 1:15-cv-09185-CM-KNF (S.D.N.Y.)

This website has been established to provide general information regarding the proposed settlement (the “Settlement”) of the class action captioned Merryman et al. v. Citigroup, Inc., et al., Civil Action No. 1:15-cv-09185-CM-KNF, pending in the United States District Court for the Southern District of New York (the "Court"). The capitalized terms used on this website and not defined shall have the same meanings ascribed to them in the Stipulation and Agreement of Settlement, dated August 20, 2018 (the “Stipulation”).

Please be advised that your rights may be affected by this Settlement if you are a member of the class of investors provisionally certified for purposes of settlement pursuant to Order of the Court dated September 4, 2018:

The class consists of all persons or entities (1) who received cash distributions from the Depositary- sponsored American Depositary Receipts ("ADRs") listed in Appendix 1 of the Notice from January 1, 2006 to September 4, 2018, inclusive, and were damaged thereby (the "Damaged Class") and/or (2) who currently own the Depositary-sponsored ADRs listed in Appendix 1 of the Notice (the "Current Holder Class" and, together with the Damages Class, the "Class"). The Depositary and its officers, directors, legal representatives, heirs, successors, corporate parents, subsidiaries, and/or assigns, other than Investment Vehicles (which are not excluded) are excluded from the Class only to the extent that such persons or entities had a proprietary (i.e., for their own account) interest in the ADRs listed in Appendix 1 of the Notice and not to the extent that they have held the ADRs in a fiduciary capacity or otherwise on behalf of any third-party client, account, fund, trust or employee benefit plan that otherwise falls within the definition of the Class. Also excluded from the Class are any persons and entities who or which exclude themselves from the Class by submitting a request for exclusion that is accepted by the Court.

As more fully described in the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Final Approval Hearing; and (III) Motion for Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”), the Litigation alleges that, during the relevant time period, Citibank, N.A., as depositary bank for the ADRs listed in Appendix 1 of the Notice, 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 these allegations.

Plaintiffs, on behalf of themselves and the Class, have agreed to settle the Litigation for $14.75 million in cash and certain additional non-monetary relief. If approved, the Settlement will resolve all claims in the Litigation.

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice and the Stipulation, both of which can be found and downloaded on this site. We recommend that you read the Notice and other relevant case documents carefully to fully understand your rights.

IMPORTANT NOTE TO CLASS MEMBERS

As explained in the Notice, if you receive a Post-Card Notice in the mail in connection with this Settlement, you are a Registered Holder Damages Class Member (i.e., you hold (or held) your eligible ADRs directly and are listed on the records of the Depositary’s transfer agent) and you do not have to take any action in order to be eligible to receive a payment from the Settlement.  You should, however, review the information provided by the Depositary’s transfer agent with respect to your holdings and distributions to confirm it is accurate and complete.  If the Claims Administrator does not hear from you, it will assume the information is accurate and complete and will use this information to calculate your claim pursuant to the Court-approved Plan of Allocation.  When this information is available for review, you will be able to access on the Claim Portal using the Claim Number and PIN found in your Post-Card Notice.  

If you do not receive a Post-Card Notice in the mail in connection with this Settlement, you are a Non-Registered Holder Damages Class Member and you must complete and submit a valid Claim Form in order to be eligible to receive a payment from the Settlement.  You can download a Claim Form here, or you can submit a claim on-line via the Claim Portal.

IMPORTANT DATES & DEADLINES

August 12, 2019

CLAIM FILING DEADLINE

If you are a Non-Registered Holder Damages Class Member (as defined in the Notice), this is the only way for you to be eligible to receive a payment from the Settlement.

If you are a Registered Holder Damages Class Member (as defined in the Notice), you do not need to take any further action (i.e., submit a Claim Form) to be eligible to receive a payment from the Settlement. You should, however, review your holding and cash distribution information on the Claim Portal using the Claim Number and PIN mailed to you. If this information is incorrect or incomplete, you must notify the Claims Administrator.

June 7, 2019

EXCLUSION DEADLINE

If you are a member of the Class and choose to exclude yourself from the Class, you will not be eligible to receive any payment from the Settlement. This is the only option that allows you ever to be part of any other lawsuit against the Depositary or any of the other Defendant Released Parties concerning the Released Claims. 

June 7, 2019

OBJECTION DEADLINE

If you do not like the proposed Settlement, the proposed Plan of Allocation, and/or Lead Counsel’s request for attorneys’ fees and reimbursement of Litigation Expenses, you may write to the Court and explain why you do not like them. You can only object to the Settlement, the Plan of Allocation and/or the fee and expense request if you are a Class Member and you do not exclude yourself from the Class. 

July 12, 2019 at 10:00 a.m.

FINAL APPROVAL HEARING

To attend the Final Approval Hearing and/or ask to speak in Court about the fairness of the Settlement, see the instructions in the Notice. The Final Approval Hearing will be held on July 12, 2019 at 10:00 a.m. before the Honorable Colleen McMahon in Courtroom 24A of the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007.

Please continue to check this website for updates