Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement in the Credit Suisse Securities Litigation

SAN DIEGO–(BUSINESS WIRE)–The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Credit Suisse Securities Litigation:

UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF NEW YORK

 

CITY OF ST. CLAIR SHORES POLICE

X

Civil Action No. 1:21-cv-03385-NRB

AND FIRE RETIREMENT SYSTEM,

:

 

Individually and on Behalf of All Others

:

CLASS ACTION

Similarly Situated,

:

 

 

:

SUMMARY NOTICE

  Plaintiff,

:

 

:

vs.

:

 

:

CREDIT SUISSE GROUP AG, THOMAS

:

GOTTSTEIN, DAVID R. MATHERS, LARA

:

J. WARNER AND BRIAN CHIN,

:

 

:

  Defendants.

:

 

X

TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED AMERICAN DEPOSITORY RECEIPTS (“ADRs”) OF CREDIT SUISSE GROUP AG (“CREDIT SUISSE”) DURING THE PERIOD FROM OCTOBER 29, 2020 THROUGH MARCH 31, 2021, INCLUSIVE (THE “CLASS”)

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York (the “Court”), that the above-captioned litigation (the “Litigation”) has been certified for the purpose of settlement only as a class action on behalf of the Class, except for certain persons and entities who are excluded from the Class by definition as set forth in the full printed Notice of Pendency and Proposed Settlement of Class Action (the “Notice”).

YOU ARE ALSO NOTIFIED that Lead Plaintiff in the Litigation has reached a proposed settlement of the Litigation for $32,500,000.00, that, if approved, will resolve all claims in the Litigation.

A hearing will be held on May 11, 2023, at 11:00 a.m., before the Honorable Naomi Reice Buchwald, United States District Judge, at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, Courtroom 21A, New York, NY 10007-1312, for the purpose of determining: (1) whether the proposed settlement of the claims in the Litigation for the principal amount of $32,500,000.00, plus interest, should be approved by the Court as fair, just, reasonable, and adequate; (2) whether a Final Judgment and Order of Dismissal with Prejudice should be entered by the Court dismissing the Litigation with prejudice against Defendants, and the Releases specified and described in the Stipulation of Settlement (the “Stipulation”) dated September 12, 2022 (and in the Notice) should be granted; (3) whether the Plan of Allocation is fair, reasonable, and adequate and should be approved; and (4) whether the application of Lead Counsel for an award of attorneys’ fees and expenses and an award to Lead Plaintiff in connection with its representation of the Class should be approved.

IF YOU PURCHASED OR OTHERWISE ACQUIRED CREDIT SUISSE ADRs DURING THE PERIOD FROM OCTOBER 29, 2020 THROUGH MARCH 31, 2021, INCLUSIVE, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION. If you have not received a detailed Notice and a copy of the Proof of Claim and Release form, you may obtain copies by writing to Credit Suisse Securities Settlement, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 6159, Novato, CA 94948-6159, or at www.CreditSuisseSecuritiesSettlement.com.

If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release by mail (postmarked no later than April 6, 2023) or electronically (no later than April 6, 2023), establishing that you are entitled to a recovery. If you are a Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the settlement, but you will nevertheless be bound by any judgments or orders entered by the Court in the Litigation.

If you are a Class Member and you desire to be excluded from the Class, you must submit a request for exclusion, in writing and in accordance with the instructions set forth in the Notice, to Credit Suisse Securities Settlement, EXCLUSIONS, c/o Gilardi & Co. LLC, P.O. Box 5100, Larkspur, CA 94977-5100, postmarked no later than April 20, 2023. All Class Members who do not timely and validly request exclusion from the Class in response to the Notice will be bound, to the extent approved by the Court, by the proposed settlement and any judgment entered in the Litigation pursuant to the Stipulation.

Any objection to the settlement, the Plan of Allocation, or the fee and expense application must be in accordance with the instructions set forth in the Notice and received by each of the following recipients no later than April 20, 2023:

   

CLERK OF THE COURT

   

UNITED STATES DISTRICT COURT

   

SOUTHERN DISTRICT OF NEW YORK

   

DANIEL PATRICK MOYNIHAN UNITED STATES COURTHOUSE

   

500 Pearl Street

   

New York, NY 10007-1312

   

 

   

Lead Counsel:

   

 

   

ROBBINS GELLER RUDMAN

   

& DOWD LLP

   

JASON C. DAVIS

   

Post Montgomery Center

   

One Montgomery Street, Suite 1800

   

San Francisco, CA 94104

   

 

   

Defendants’ Counsel:

   

 

   

CAHILL GORDON & REINDEL LLP

   

HERBERT S. WASHER

   

EDWARD MOSS

   

ADAM S. MINTZ

   

32 Old Slip

   

New York, NY 10005

PLEASE DO NOT CONTACT THE COURT, THE CLERK’S OFFICE, CREDIT SUISSE OR DEFENDANTS’ COUNSEL REGARDING THIS NOTICE. If you have any questions about the settlement, you may contact Lead Counsel at the address listed above or by an email to Lead Counsel at [email protected]. Copies of certain pleadings and other documents filed in the Litigation can also be found at www.CreditSuisseSecuritiesSettlement.com.

DATED: December 23, 2022

BY ORDER OF THE COURT

 

UNITED STATES DISTRICT COURT

 

SOUTHERN DISTRICT OF NEW YORK

 

Contacts

Media:

Robbins Geller Rudman & Dowd LLP

Shareholder Relations Department

Greg Wood

(619) 231-1058

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