WELCOME TO THE CREDIT SUISSE SECURITIES SETTLEMENT WEBSITE
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The Settlement Hearing on May 11, 2023 at 11:00 AM will take place telephonically. The dial-in will be posted the morning of the hearing. (HEREBY ORDERED by Judge Naomi Reice Buchwald) (Text Only Order)
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This website has been established to provide general information related to the proposed settlement of the lawsuit referred to as City of St. Clair Shores Police and Fire Retirement System v. Credit Suisse Group AG, et al., No. 1:21-cv-03385-NRB (the “Litigation”), and pending before the Honorable Naomi Reice Buchwald in the United States District Court for the Southern District of New York (the “Court”). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement dated September 12, 2022 (the "Stipulation"), which can be found and downloaded by clicking on the Case Documents tab above.
The law firm of Robbins Geller Rudman & Dowd LLP represents you and other Class Members. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.
WHAT IS THIS LAWSUIT ABOUT?
This is a securities class action brought by Lead Plaintiff Sheet Metal Workers Pension Plan of Northern California ("Lead Plaintiff") on behalf of all Persons who purchased or otherwise acquired Credit Suisse Group AG ("Credit Suisse" or the "Company") American Depository Receipts ("ADRs") between October 29, 2020 and March 31, 2021, inclusive, against Credit Suisse and individuals Thomas Gottstein, David R. Mathers, Lara J. Warner and Brian Chinn (collectively, "Defendants") for alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
Lead Plaintiff's Amended Complaint for Violations of the Federal Securities Laws alleges Defendants made false and misleading statements and omissions pertaining to Credit Suisse’s focus on risk management. More specifically, Lead Plaintiff alleges Credit Suisse and the other defendants misrepresented and/or omitted material information concerning: (i) Credit Suisse’s commitment to risk management; (ii) the adequacy of Credit Suisse’s internal risk controls; and (iii) the implementation and effectiveness of new risk controls implemented in the wake of Credit Suisse’s alleged previous risk management failures. Defendants deny all of Lead Plaintiff's allegations.
If you purchased or otherwise acquired Credit Suisse ADRs between October 29, 2020 and March 31, 2021, inclusive, you are a Class Member. Excluded from the Class are Defendants and members of their immediate families, the officers and directors of the Company at all relevant times and members of their immediate families, the legal representatives, heirs, successors or assigns of any of the foregoing, and any entity in which Defendants have or had a controlling interest. Also excluded from the Class are any persons and entities who are found by the Court to have timely and validly requested exclusion.
WHAT DOES THE SETTLEMENT PROVIDE?
The proposed Settlement will create a cash settlement fund of $32,500,000 in cash. The balance of this fund after payment of Court-approved attorneys’ fees and expenses and any award to Lead Plaintiff and the costs of claims administration, including the costs of printing and mailing the Notice of Pendency and Proposed Settlement of Class Action ("Notice") and the cost of publishing newspaper notice, and Taxes and Tax Expenses (the “Net Settlement Fund”), will be divided among all eligible Class Members who send in valid Proof of Claim and Release forms ("Proof of Claim").
Your share of the Net Settlement Fund will depend on several things, including the total amount of claims represented by the valid Proofs of Claim Class Members send in, compared to the amount of your claim, as calculated under the Plan of Allocation outlined in the Notice.
ADDITIONAL INFORMATION
Although the information on this website is intended to assist you, it does not replace the information contained in the Notice and the Stipulation. We recommend you read the Notice and other relevant case documents carefully.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
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SUBMIT A CLAIM
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If you are a Class Member, you will share in the proceeds of the proposed settlement if your claim is timely, valid, and entitled to a distribution under the Plan of Allocation described in the Notice and if the proposed settlement is finally approved by the Court You will be bound by the Judgment and release to be entered by the Court. Proofs of Claim must be postmarked (if mailed) or received (if submitted online) on or before April 6, 2023.
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EXCLUDE YOURSELF
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If you exclude yourself from the Class: (a) you are not entitled to share in the proceeds of the settlement described herein; (b) you are not bound by any judgment entered in the Litigation; and (c) you are not precluded by the settlement from otherwise prosecuting an individual claim against Defendants, to the extent any such claim exists, based on the matters complained of in the Litigation. Exclusions must be postmarked on or before April 20, 2023.
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OBJECT
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You may write to the Court if you do not like this Settlement, the Plan of Allocation and/or the application for attorneys’ fees and expenses. Objections must be received by the Court and counsel for the Settling Parties on or before April 20, 2023.
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ATTEND A HEARING ON MAY 11, 2023 at 11:00 a.m. EST
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If you submit a written objection and notice of intention to appear, you may speak in Court about the fairness of the Settlement, the Plan of Allocation and/or the request for attorneys’ fees and expenses. If you submit a written objection, you may (but you do not have to) attend the hearing and speak to the Court about your objection.
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DO NOTHING
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If you chose this option, you will not share in the proceeds of the settlement, but you will be bound by any judgment entered by the Court, and you will have fully released all of the Release Claims against the Released Persons.
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IMPORTANT DATES AND DEADLINES
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Submit Proof of Claim
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April 6, 2023
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Request Exclusion
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April 20, 2023
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Submit Written Objection
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April 20, 2023
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Submit Notice of Intent to Appear
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April 20, 2023
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Settlement Hearing
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May 11, 2023, at 11:00 A.M. EST
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