JPMorgan ADR FX Settlement

Welcome to the JPMorgan ADR FX Settlement Website

Merryman, et al. v. JPMorgan Chase Bank, N.A., Civil Action No. 1:15-cv-09188-VEC (S.D.N.Y.)

IMPORTANT UPDATE: The Final Approval Hearing has been adjourned to October 9, 2019 at 11:00 a.m. You can view the Court's Order adjourning the Final Approval Hearing here.

This website has been established to provide general information regarding the proposed settlement (the “Settlement”) of the class action captioned Merryman, et al. v. JPMorgan Chase Bank, N.A., Civil Action No. 1:15-cv-09188-VEC, pending in the United States District Court for the Southern District of New York (the "Court"). The capitalized terms used on this website and not defined shall have the same meanings ascribed to them in the Stipulation and Agreement of Settlement, dated June 12, 2018 (the “Stipulation”).

Please be advised that your rights may be affected by this Settlement if you are a member of the class of investors provisionally certified for purposes of settlement pursuant to Order of the Court dated July 18, 2018:

The class consists of all Persons or entities who are or were holders (directly or indirectly, registered or beneficially) of 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: (1) the securities listed in Appendix 1 of the Notice (including any predecessor or successor securities) from November 21, 2010 to July 18, 2018, inclusive; or (2) the securities listed in Appendix 2 of the Notice (including any predecessor or successor securities) from November 21, 2012 to July 18, 2018, inclusive (collectively, the Settlement Class).  JPMorgan Chase Bank, N.A. and its officers, directors, legal representatives, heirs, successors, corporate parents, subsidiaries, and/or assigns, other than Investment Vehicles (which are not excluded), are excluded from the Settlement Class only to the extent that such Persons or entities had a proprietary (i.e., for their own account) interest in the securities listed in Appendix 1 or 2 of the Notice and not to the extent that they have held the securities in a fiduciary capacity or otherwise on behalf of any third-party client, account, fund, trust or employee benefit plan that otherwise falls within the definition of the Settlement Class. Also excluded from the Settlement Class are any Persons and entities who or which exclude themselves from the Settlement Class by submitting a request for exclusion that is accepted by the Court.

As more fully described in the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Final Approval Hearing; and (III) Motion for Attorneys’ Fees and Reimbursement of Litigation Expenses (the Notice), the Litigation alleges that, during the relevant time period, JPMorgan Chase Bank, N.A. ("JPM"), as depositary bank for the issuance of the American Depositary Receipts or securities listed in Appendixes 1 and 2 of the Notice (ADRs), systematically deducted impermissible fees for conducting foreign exchange (FX) from dividends and/or cash distributions issued by foreign companies, and owed to ADR holders. JPM has denied, and continues to deny, any wrongdoing or liability whatsoever.

Plaintiffs, on behalf of themselves and the Settlement Class, have agreed to settle the Litigation for $9.5 million in cash. If approved, the Settlement will resolve all claims in the Litigation.

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice and the Stipulation, both of which can be found and downloaded on this site. We recommend that you read the Notice and other relevant case documents carefully to fully understand your rights.

 IMPORTANT NOTE TO SETTLEMENT CLASS MEMBERS

As explained in the Notice, Post-Card Notices are being mailed in connection with this Settlement to Registered Holder Settlement Class Members (i.e., those who hold (or held) their eligible ADRs directly and are listed on the records of JPM’s transfer agent). If you are a Registered Holder Settlement Class Member, you do not have to take any action in order to be eligible to receive a payment from the Settlement; information regarding your holdings and distributions during the relevant time period was provided by JPM's transfer agent. You should, however, review the information provided by JPM’s transfer agent with respect to your holdings and distributions to confirm it is accurate and complete. If the Claims Administrator does not hear from you, it will assume the information is accurate and complete and will use this information to calculate your claim pursuant to the Court-approved Plan of Allocation. When this information is available for review, you will be able to access it on the Claim Portal using the Claim Number and PIN found in your Post-Card Notice.

If you are a Non-Registered Holder Damages Class Member (i.e., you hold (or held) your eligible ADRs through a bank, broker or other nominee and are not listed on the records of JPM's transfer agent) you must complete and submit a valid Claim Form in order to be eligible to receive a payment from the Settlement.  You can download a Claim Form here, or you can submit a claim on-line via the Claim Portal.


IMPORTANT DATES & DEADLINES

September 19, 2019

CLAIM FILING DEADLINE

If you are a Non-Registered Holder Settlement Class Member (as defined in the Notice), this is the only way for you to be eligible to receive a payment from the Settlement. If you are a Registered Holder Settlement Class Member (as defined in the Notice), you do not need to take any further action (i.e., submit a Claim Form) to be eligible to receive a payment from the Settlement.

July 3, 2019

EXCLUSION DEADLINE

If you are a member of the Settlement Class and choose to exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement. This is the only option that allows you ever to be part of any other lawsuit against the Defendant or any of the other Released Defendant Parties concerning the Released Claims.

July 3, 2019

OBJECTION DEADLINE

If you do not like the proposed Settlement, the proposed Plan of Allocation, and/or Lead Counsel’s request for attorneys’ fees and reimbursement of Litigation Expenses, you may write to the Court and explain why you do not like them. You can only object to the Settlement, the Plan of Allocation or the fee and expense request if you are a Settlement Class Member and you do not exclude yourself from the Settlement Class. 

October 9, 2019 at 11:00 a.m.

FINAL APPROVAL HEARING

To attend the Final Approval Hearing and/or ask to speak in Court about the fairness of the Settlement, see the instructions in the Notice. The Final Approval Hearing will be held on October 9, 2019 at 11:00 a.m. before the Honorable Valerie E. Caproni in Courtroom 443 of the United States District Court for the Southern District of New York, Thurgood Marshall United States Courthouse, 40 Foley Square, New York, NY 10007.