The class-action lawsuit, filed in November, 2015, alleged that Citibank improperly provided ADRs to brokers in thousands of pre-release transactions when neither the broker nor its customers had the foreign shares needed to support those new ADRs. Such practices resulted in inflating the total number of a foreign issuer’s tradeable securities, which resulted in abusive practices like inappropriate short selling and dividend arbitrage that should not have been occurring.
Class members who received cash distributions from the Depositary-sponsored American Depositary Receipts (“ADRs”) listed in Appendix 1 to the Stipulation and Agreement of Settlement dated August 20, 2018 (“Stipulation”)1 from January 1, 2006 to September 4, 2018, inclusive, and were damaged thereby (the “Damages Class”); and/or (2) who currently own the Depositary-sponsored ADRs listed in Appendix 1 to the Stipulation (the “Current Holder Class” and, together with the Damages Class, the “Class”).
Proof of Purchase
Depending on the nature of your specific claim, you may need to provide supporting materials.
NOTE: If you do not qualify for this settlement do NOT file a claim.
Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Settlement Insider is not a Settlement Administrator).
Merryman et al. v. Citigroup, Inc. et al., Civil Action No. 1:15-cv-09185-CM-KNF (S.D.N.Y.), in the U.S. District Court for the Southern District of New York.
Settlement Website Status
Kessler Topaz Meltzer & Check, LLP.