If You Purchased American Depository Shares (“ADS”) Of Credit Suisse Group (“CSG”) On The New York Stock Exchange During The Time Period Between February 15, 2007 And April 14, 2008, Inclusive (The “Class Period”) Or If You Are A U.S. Resident Who Purchased CSG Securities On The Swiss Stock Exchange During The Class Period, Your Rights May Be Affected By A Class Action Settlement.
A class action settlement has been reached in a class action lawsuit against Credit Suisse Group (“Credit Suisse” or “CSG”), Brady W. Dougan, Renato Fassbind, D. Wilson Ervin, and Paul Calello (including his estate) (collectively, “Defendants”) in the United States District Court for the Southern District of New York (styled Kevin Cornwell v. Credit Suisse Group, et al., Civil Class Action Case No. 08-cv-03758 -VM) alleging, among other things, that Defendants violated §10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), Rule 10b-5 promulgated thereunder, and §20(a) of the Exchange Act, according to the Credit Suisse Group CSG ADS securities class action lawsuit settlement notice.
Credit Suisse Group CSG ADS securities litigation class action settlement class members reportedly include, unless otherwise excluded, (a) all purchasers of Credit Suisse Group CSG American Depository Shares (“ADS”) on the New York Stock Exchange during the Class Period, and (b) all U.S. residents who purchased CSG securities on the Swiss Stock Exchange during the Class Period.
Under the Credit Suisse Group CSG ADS securities class action settlement, a settlement fund of $70,000,000 has reportedly been created, a portion of which will reportedly be used for certain administrative expenses and a portion of which may be awarded by the Court to class counsel as attorneys’ fees and for expenses incurred in litigating the case. The balance of the Settlement Fund (the “Net Settlement Fund”) will reportedly be distributed to Class Members who submit valid and timely Proofs of Claim.
A class action settlement hearing (the “Settlement Hearing”) is scheduled to be held on July 18, 2011, at 3:00 p.m., before the Honorable Victor Marrero, United States District Judge, in Courtroom 20B of the Daniel Patrick Moynihan United States Courthouse, Southern District of New York, 500 Pearl Street, New York, New York 10007, where the Court may determine, among other things, whether the Credit Suisse Group CSG ADS settlement should be approved as fair, reasonable, and adequate to the Settlement Class.
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