This is the settlement website for the consolidated class action brought on behalf of investors in the largest group of feeder funds to Bernard L. Madoff Investment Securities. The class action is entitled Anwar v. Fairfield Greenwich Limited, 09-cv-118 (VM) (FM).
SETTLEMENT UPDATE - CITCO DEFENDANTS:
Representative plaintiffs, along with co-lead counsel in the consolidated class action, have entered into a Stipulation of Settlement on behalf of investors in Fairfield Sentry Limited, Fairfield Sigma Limited, Fairfield Lambda Limited, Greenwich Sentry, L.P. and Greenwich Sentry Partners, L.P to resolve claims asserted against Citco Fund Services (Europe) B.V., Citco (Canada) Inc., Citco Bank Nederland N.V. Dublin Branch, Citco Global Custody N.V., Citco Fund Services (Bermuda Limited), The Citco Group Limited, Brian Francoeur, and Ian Pilgrim (the “Citco Defendants”). The Citco Settlement resolves all claims asserted in the Action against the Citco Defendants, and provides for a payment of $125,000,000 to be distributed to the Settlement Class (net of fees and expenses). Additional information on the Settlement is available in the Notice of Proposed Partial Settlement of Class Action and Settlement Fairness Hearing, and Motion for Attorneys’ Fees and Reimbursement of Expenses. The District Court (Hon. Victor Marrero) has entered a Preliminary Approval Order scheduling a hearing to consider final approval of the settlement on November 20, 2015 at 11:00 A.M. Proof of Claim Forms must be filed by December 28, 2015.
This is a partial settlement only. Plaintiffs will continue to prosecute their negligence claims against the PwC Defendants (PricewaterhouseCoopers LLP [Canada] and PricewaterhouseCoopers Accountants Netherlands N.V). The PwC Defendants were auditors of the Funds. In an order and opinion dated March 3, 2015, the District Court certified the pending claims against PwC. The PwC Defendants have filed a motion with the Second Circuit seeking review of the March 3, 2015 class certification order. That motion is still pending. In a decision dated July 29, 2015, the District Court Judge dismissed Plaintiffs’ claims against the PwC Defendants for negligent misrepresentation, but left in place Plaintiffs’ negligence claims.
IMPORTANT DEADLINES - CITCO SETTLEMENT
|SUBMIT A CLAIM FORM
||Deadline: December 28, 2015. This is the only way to receive a payment from the Settlement Fund.
|EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS
||Deadline: October 16, 2015. Receive no payment from the Settlement. If the Court approves the Settlement, this is the only option that allows you ever to participate in any other lawsuit against the Citco Defendants and other Released Parties (as defined in the Notice) which involves the Released Claims (as defined in the Notice).
||Deadline: October 16, 2015. You may write to the Court if you do not like this Settlement or the request for an award of attorneys’ fees and reimbursement of expenses. You may not object if you have excluded yourself from the Settlement.
|GO TO THE SETTLEMENT HEARING
||Settlement Hearing Date: November 20, 2015. Whether or not you object to the Settlement, you may ask to speak in Court about the fairness of the Settlement. The Deadline to ask to speak in Court about the Settlement is October 16, 2015.
Plaintiffs must file their motion papers for Final Approval of the Settlement and for Approval of Attorneys’ Fees and Expenses on or before October 1, 2015.
This is the third settlement to date in the consolidated class action.
Representative plaintiffs, along with co-lead counsel, obtained Final Court Approval of the Stipulation of Settlement with defendants associated with the Fairfield Greenwich Group. On March 25, 2013, the Court entered an Order approving the settlement of Plaintiffs’ claims against the FG Defendants for $80,250,000 ($30,000,000 of which continues to be held in escrow and may be distributed to Authorized Claimants subject to certain conditions). That Order was affirmed on appeal. On February 24, 2015 pursuant to the Court’s Order, the Net Settlement Fund was distributed to Authorized Claimants.
In addition, the Representative Plaintiffs, along with co-lead counsel, obtained Final Court Approval of the Stipulation of Settlement with GlobeOp Financial Services LLC for the benefit of certain investors in Greenwich Sentry, L.P. and Greenwich Sentry Partners, L.P. On November 22, 2013, the Court entered an Order approving the settlement of Plaintiffs’ claims against GlobeOp Financial Services LLC for $5,000,000. On October 10, 2014 pursuant to the Court’s Order, the Net Settlement Fund was distributed to Authorized Claimants.
The $125,000,000 Citco partial Settlement is separate from and in addition to the $80,250,000 Settlement with the Fairfield Greenwich Defendants and the $5,000,000 Settlement with GlobeOp. Additional information on the Settlements is available via the Court Documents link on the left. In addition, there is a separate $5,000,000 settlement in a related action brought against GlobeOp in New York State Court by the Litigation Trustee for the Domestic Funds. That $5,000,000 million state court settlement (net of any expenses and fees) will benefit investors in the Domestic Funds through the Domestic Funds’ U.S. bankruptcy proceedings.