If You Are Or Were A Holder Of Or Otherwise Claim Any Entitlement To Any Payment In Connection With Any American Depositary Share (Sometimes Known As An American Depositary Receipt) ("ADR") For Which The Bank of New York Mellon ("BNYM") Acted As Depositary, Your Rights May Be Affected.
Jan 25, 2019, 09:17 ET
NEW YORK, Jan. 25, 2019 /PRNewswire/ -- The following statement is being issued by Kessler Topaz Meltzer & Check, LLP and Lieff Cabraser Heimann & Bernstein, LLP regarding The Bank of New York Mellon ADR FX Litigation.
Pursuant to Federal Rule of Civil Procedure 23 and Court Order, the Court has directed notice of the $72.5 million settlement proposed in In re: The Bank of New York Mellon ADR FX Litigation, No. 16-CV-00212-JPO-JLC (S.D.N.Y.) to the Settlement Class. If approved, the settlement 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:
Lead Plaintiffs allege that, during the relevant time period, BNYM systematically deducted impermissible fees for conducting foreign exchange from dividends and/or cash distributions issued by foreign companies, and owed to ADR holders. BNYM has denied, and continues to deny, any wrongdoing or liability whatsoever.
Who is a Settlement Class Member:
All entities and individuals who at any time from January 1, 1997 through January 17, 2019 held (directly or indirectly, registered or beneficially), or otherwise claim any entitlement to any payment (whether a dividend, rights offering, interest on capital, sale of shares, or other distribution) in connection with, any ADR for which BNYM acted as the depositary sponsored by an issuer that is identified in the Appendix to the Notice. Certain entities and individuals are excluded from the definition of the Settlement Class as set forth in the Notice.
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, and any applicable taxes, will be distributed pursuant to the Plan of Allocation set forth in the Notice, or other plan approved by the Court.
What are my rights:
If you receive/have received a Post-Card Notice in the mail, you are a Registered Holder (i.e., you hold (or held) your eligible ADRs directly and your relevant information was provided by BNYM's transfer agent), and you do not have to take any action to be eligible for a settlement payment. If you do not receive/have not received a Post-Card Notice in the mail, you are a Non-Registered Holder and you must submit a Claim Form, postmarked (if mailed), or online, by August 15, 2019, to be eligible for a settlement payment. Non-Registered Holder Settlement Class Members who do nothing will not receive a payment, but 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 May 13, 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 May 13, 2019, in accordance with the Notice.
A hearing will be held on June 17, 2019 at 3:00 p.m., before the Honorable J. Paul Oetken, at the Thurgood Marshall U.S. Courthouse, 40 Foley Square, 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.bnymadrfxsettlement.com, email [email protected] or call 866-447-6210.
SOURCE Kessler Topaz Meltzer & Check, LLP and Lieff Cabraser Heimann & Bernstein, LLP
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