City of Birmingham Retirement and Relief System, et al v. Credit Suisse Group AG et al.
Case No.: 1:17-cv-10014-LGS
The Court directed that the Notice be mailed to you because you or someone in your family may have purchased or otherwise acquired Credit Suisse ADRs during the Settlement Class Period. The Court has directed us to send you the Notice because, as a potential Settlement Class Member, you have a right to know about your options before the Court rules on the proposed Settlement. Additionally, you have the right to understand how this class action lawsuit may generally affect your legal rights.
The purpose of the Notice is to inform you of the existence of this case, that it is a class action, how you might be affected, and how to exclude yourself from the Settlement Class if you wish to do so. It was also being sent to inform you of the terms of the proposed Settlement, and of a hearing to be held by the Court to consider the fairness of the Settlement, the proposed Plan of Allocation and proposed attorneys’ fees and reimbursement of Litigation Expenses (the “Settlement Hearing”).
A copy of the Notice can be found here.Back To Top
Lead Plaintiffs filed a class action complaint on behalf of the Settlement Class. The Complaint alleges that the price of Credit Suisse ADRs was artificially inflated as a result of Defendants’ false and misleading statements, and that the price of Credit Suisse ADRs declined when the truth regarding Defendants’ alleged misrepresentations was revealed.Back To Top
The Court directed, for the purposes of the proposed Settlement, that everyone who fits this description is a Settlement Class Member and subject to the Settlement unless they are an excluded person or take steps to exclude themselves from the Settlement Class:
The Settlement Class consists of all persons and entities who purchased, or otherwise acquired, the ADRs of Credit Suisse between March 20, 2015, and February 3, 2016, inclusive, and who were allegedly damaged thereby.
Excluded from the Settlement Class are the Defendants, the Officers and directors of Credit Suisse (at all relevant times), members of their immediate families and their legal representatives, successors or assigns, and any firm or entity in which any Defendant has or had a controlling interest. Also excluded from the Settlement Class are any persons and entities who or which exclude themselves by submitting a request for exclusion that is accepted by the Court.
If you are still not sure whether you are included, you can call 855-907-2119 for more information.Back To Top
Lead Plaintiffs and Co-Lead Counsel believe that the claims asserted against Defendants have merit. They recognize, however, the expense and length of continued proceedings necessary to pursue their claims against Defendants through further motion practice, trial and appeals, as well as the very substantial risks they would face in establishing liability and damages.
In light of these risks, the amount of the Settlement and the immediacy of recovery to the Settlement Class, Lead Plaintiffs and Co-Lead Counsel believe that the proposed Settlement is fair, reasonable and adequate, and in the best interests of the Settlement Class. Lead Plaintiffs and Co-Lead Counsel believe that the Settlement provides a substantial benefit to the Settlement Class, namely $15,500,000.00 in cash (less the various deductions described in the Notice), as compared to the risk that a trial would produce a smaller (or no) recovery after summary judgment, trial and appeals, possibly years in the future.Back To Top
If there were no Settlement and Lead Plaintiffs failed to establish any essential legal or factual element of their claims against Defendants, neither Lead Plaintiffs nor the other members of the Settlement Class would recover anything from Defendants. Also, if Defendants were successful in proving any of their defenses, either at summary judgment, at trial or on appeal, the Settlement Class could recover substantially less than the amount provided in the Settlement, or nothing at all.Back To Top
As a Settlement Class Member, you are represented by Lead Plaintiffs and Lead Counsel, unless you enter an appearance through counsel of your own choice at your own expense. You are not required to retain your own counsel, but if you choose to do so, such counsel must file a notice of appearance on your behalf and must serve copies of his or her appearance on the attorneys for this matter
If you are a Settlement Class Member and do not wish to remain a Settlement Class Member, you may exclude yourself from the Settlement Class.
If you are a Settlement Class Member and you wish to object to the Settlement, the Plan of Allocation, or Lead Counsel’s application for attorneys’ fees and reimbursement of Litigation Expenses, and if you do not exclude yourself from the Settlement Class, you may present your objections by following the instructions listed in the Notice.
If you are a Settlement Class Member and you do not exclude yourself from the Settlement Class, you will be bound by any orders issued by the Court. If the Settlement is approved, the Court will enter a judgment (the “Judgment”). The Judgment will dismiss with prejudice the claims against the Defendants.Back To Top
To be potentially eligible for a payment from the proceeds of the Settlement, you must be a member of the Settlement Class and you must timely complete and return the Claim Form with adequate supporting documentation. The Claim Form and documentation can be submitted by mail or online here. The Claim Form must be postmarked or submitted online no later than January 20, 2021.
A Claim Form is included with the Notice, or you may obtain one from here or you may request that a Claim Form be mailed to you.Back To Top
At this time, it is not possible to make any determination as to how much any individual Settlement Class Member may receive from the Settlement.Back To Top
Court-appointed Co-Lead Counsel, Saxena White P.A and Cohen Milstein Sellers & Toll PLCC, have not received any payment for their services in pursuing claims against the Defendants on behalf of the Settlement Class, nor have Plaintiffs’ Counsel been reimbursed for their out-of-pocket expenses. Before final approval of the Settlement, Co-Lead Counsel will apply to the Court for an award of attorneys’ fees for all Plaintiffs’ Counsel in an amount not to exceed thirty percent (30%) of the Settlement Fund. At the same time, Co-Lead Counsel also intends to apply for reimbursement of Litigation Expenses in an amount not to exceed $400,000, which may include an application for reimbursement of the reasonable costs and expenses incurred by Lead Plaintiffs directly related to their representation of the Settlement Class. The Court will determine the amount of any award of attorneys’ fees or reimbursement of Litigation Expenses. Such sums as may be approved by the Court will be paid from the Settlement Fund. Settlement Class Members are not personally liable for any such fees or expenses.Back To Top
The deadline to submit requests for Exclusion was November 19, 2020.Back To Top
The Settlement Hearing was held on December 16, 2020. The Court approved the Settlement, the Plan of Allocation, Co-Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses. The deadline to submit Objections was November 19, 2020.Back To Top
Credit Suisse Securities Litigation
P.O. Box 4129
Portland, OR 97208-4129
DO NOT CALL OR WRITE THE COURT, THE OFFICE OF THE CLERK OF THE COURT, DEFENDANTS, OR THEIR COUNSEL REGARDING THE NOTICE.Back To Top
The CUSIP for Credit Suisse ADRs during the Settlement Class Period is 225401108. The ticker symbol from March 20, 2015, through February 3, 2016, was CS.Back To Top