The opinion
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
JAMES CONTANT, et al.,
Plaintiffs, Case No. 17-cv-3139-LGS
v.
(related to No. 13-cv-7789-LGS)
BANK OF AMERICA
CORPORATION, et al., ECF CASE
Defendants.
[XP RX OX PX OX SXE XD X] FINAL JUDGMENT, ORDER OF DISMISSAL WITH PREJUDICE, AND
ORDER GRANTING MOTION FOR FINAL APPROVAL OF CLASS SETTLEMENTS
WHEREAS, the Action1 is pending before this Court;
WHEREAS, Class Plaintiffs2 and Defendants Citigroup Inc., Citibank, N.A., Citicorp, and
Citigroup Global Markets Inc. (“Citigroup”) have entered into and executed a Stipulation and
Agreement of Settlement (the “Citigroup Settlement”) that has been attached as Exhibit A to the
Declaration of Michael Dell’Angelo in Support of Plaintiffs’ Motion for Preliminary Approval of
Settlements and Certifications of the Proposed Settlement Classes for Settlement Purposes that
Plaintiffs filed in connection with their Motion for Preliminary Approval of the Citigroup and
MUFG Bank Settlements, ECF No. 274 (“Dell’Angelo Citigroup and MUFG Bank Settlement
Decl.”); Plaintiffs and Defendant MUFG Bank, Ltd. (formerly known as the Bank of Tokyo-
Mitsubishi UFJ, Ltd.) (“MUFG Bank”) have entered into and executed a Stipulation and
Agreement of Settlement (the “MUFG Bank Settlement”) that has been attached as Exhibit B to
the Dell’Angelo Citigroup and MUFG Bank Settlement Declaration; Plaintiffs and Standard
Chartered Bank (“SC”) have entered into and executed a Stipulation and Agreement of Settlement
(the “SC Settlement”) that has been attached as Exhibit A to the Declaration of Michael
Dell’Angelo in Support of Plaintiffs’ Motion for Preliminary Approval of Settlements and
Certifications of the Proposed Settlement Classes for Settlement Purposes that Plaintiffs filed in
connection with their Motion for Preliminary Approval of the SC, SG, and Group Settlements,
ECF No. 418 (“Dell’Angelo SC, SG, and Group Settlement Decl.”); Plaintiffs and Société
Générale (“SG”) have entered into and executed a Stipulation and Agreement of Settlement (the
“SG Settlement”) attached as Exhibit B to the Dell’Angelo SC, SG, and Group Settlement
1 As defined in the Settlements, “Action” means Contant, et al. v. Bank of America Corp., et al., No. 1:17-cv-03139-
LGS (S.D.N.Y.).
2 As defined in the Settlements, “Class Plaintiffs” or “Plaintiffs” are James Contant (the “New York Plaintiff”), Sandra
Lavender (the “Arizona Plaintiff”), Victor Hernandez and Martin-Han Tran (together, the “California Plaintiffs”), FX
Primus Ltd. and Carlos Gonzalez (together, the “Florida Plaintiffs”), Ugnius Matkus (the “Illinois Plaintiff”), Charles
G. Hitchcock III (the “Massachusetts Plaintiff”), Jerry Jacobson (the “Minnesota Plaintiff”), and Tina Porter and Paul
Vermillion (together, the “North Carolina Plaintiffs”).
Declaration; and Plaintiffs and Defendants Bank of America Corporation, Bank of America, N.A.,
and Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Bank of America”); Barclays Bank
PLC and Barclays Capital Inc. (“Barclays”); BNP Paribas (identified in the Complaint as BNP
Paribas Group), BNP Paribas US Wholesale Holdings Corp., previously known as BNP Paribas
North America, Inc., and BNP Paribas Securities Corp., which now includes BNP Paribas Prime
Brokerage, Inc. (“BNP Paribas”); Credit Suisse AG and Credit Suisse Securities (USA) LLC
(“Credit Suisse”); Deutsche Bank AG (“Deutsche Bank”); The Goldman Sachs Group, Inc. and
Goldman, Sachs & Co. (now known as Goldman Sachs & Co. LLC) (“Goldman Sachs”); HSBC
Bank plc, HSBC North America Holdings, Inc., HSBC Bank USA, N.A., and HSBC Securities
(USA) Inc. (“HSBC”); JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A. (“JPMorgan”);
Morgan Stanley, Morgan Stanley & Co. LLC, and Morgan Stanley & Co. International plc
(“Morgan Stanley”); RBC Capital Markets, LLC (“RBC”); The Royal Bank of Scotland plc (now
known as NatWest Markets Plc) and RBS Securities Inc. (now known as NatWest Markets
Securities Inc.) (“RBS”); UBS AG, UBS Group AG, and UBS Securities LLC (“UBS”)
(collectively, “Group Settling Defendants”) (together with Citigroup, MUFG Bank, SC, and SG,
“Settling Defendants”) (together with Class Plaintiffs, “Settling Parties”), have entered into and
executed a Stipulation and Agreement of Settlement (the “Group Settlement”) attached as Exhibit
C to the Dell’Angelo SC, SG, and Group Settlement Declaration.3
WHEREAS, in full and final settlement of the Released Claims in this Action, Citigroup
has agreed to pay an amount of $9,950,000 (the “Citigroup Settlement Amount”);
WHEREAS, in full and final settlement of the Released Claims in this Action, MUFG has
agreed to pay an amount of $985,000 (the “MUFG Bank Settlement Amount”);
3 The Citigroup Settlement, MUFG Bank Settlement, SC Settlement, SG Settlement, and Group Settlement are defined
collectively as the “Settlements.”
WHEREAS, in full and final settlement of the Released Claims in this Action, SC has
agreed to pay an amount of $1,720,000 (the “SC Settlement Amount”);
WHEREAS, in full and final settlement of the Released Claims them in this Action, SG
has agreed to pay an amount of $975,000 (the “SG Settlement Amount”);
WHEREAS, in full and final settlement of the Released Claims in this Action, Group
Settling Defendants have agreed to pay a total amount of $10,000,000 (the “Group Settlement
Amount”);
WHEREAS, Plaintiffs have filed a Motion for Final Approval of Class Settlements,
pursuant to Federal Rule of Civil Procedure 23(e), for an order (1) granting final approval of the
proposed Settlements as fair, reasonable, and adequate, and directing the consummation of the
Settlements according to their terms; (2) granting final approval of the proposed plan of allocation;
(3) finding that the notice, as implemented, satisfies the requirements of due process and Federal
Rule of Civil Procedure 23; (4) directing that this Action shall be dismissed with prejudice and
without costs with respect to Settling Defendants, Credit Suisse Group AG, and Deutsche Bank
Securities Inc., and final judgment of that dismissal be entered; (5) directing that the releases in
the Settlements shall be deemed effective as of the Effective Date specified therein; (6) ordering
that the Releasing Parties are permanently enjoined and barred from instituting, commencing, or
prosecuting any action asserting any Released Claims as defined under the Settlements against any
Released Party; (7) ordering that rulings, orders, and judgments in this Action shall not have any
res judicata, collateral estoppel, or offensive collateral estoppel effect with respect to any non-
released claims; (8) retaining with the Court the exclusive jurisdiction over the Settlements,
including administration and consummation of the Settlements; and (9) such other and further
relief as the Court deems appropriate;
WHEREAS, by Orders July 29, 2019 and July 17, 2020 (the “Preliminary Approval
Orders”), this Court: (a) preliminarily approved the Settlements and Plan of Allocation; (b)
preliminarily certified the Settlement Classes; (c) ordered that notice of the Settlement Agreements
be provided to potential members of the Settlement Classes; (d) provided members of the
Settlement Classes with the opportunity either to exclude themselves from the Settlement Classes
or to object to any of the proposed Settlements; (e) designated Berger Montague PC as settlement
class counsel for the Settlement Classes (“Class Counsel”); and (f) scheduled a hearing regarding
final approval of the Settlements on November 19, 2020 at 11:30 am;
WHEREAS, due and adequate notice has been given to the Settlement Classes;
WHEREAS, the 90-day period provided by the Class Action Fairness Act, 28 U.S.C.
§ 1715(d), having expired;
WHEREAS, the Settling Parties have agreed to the entry of this Final Judgment and Order
Granting Motion for Final Approval of Class Settlements (the “Order” or “Final Approval Order”);
WHEREAS, the Court conducted a fairness hearing on November 19, 2020 to consider,
among other things, (a) whether the terms and conditions of the Settlements are fair, reasonable,
and adequate to the Settlement Classes, and should therefore be approved; and (b) whether a
judgment should be entered dismissing the Action with prejudice as against Settling Defendants;
WHEREAS, the Court has considered the Settlements and other documents submitted in
connection with Plaintiffs’ Motion for Final Approval of Class Settlements, and good cause
appearing therefore, IT IS HEREBY ORDERED, ADJUDGED, AND DECREED:
1. This Court has subject matter jurisdiction over this Action and, solely for purposes
of effectuating the Settlements and subject to the express limitations contained in the Settlements,
personal jurisdiction over all Class Members.
2. All terms in initial capitalization used in this Order shall have the same meanings
as set forth in the Settlements, unless otherwise defined herein.
3. This Final Approval Order incorporates and makes a part hereof: (a) the Settlement
Agreements, and (b) the Notice Plan, which was previously approved by the Court.
I. FINAL APPROVAL OF THE SETTLEMENTS
4. Upon review of the record, including the submissions in support of the Settlements,
the Court finds that the Settlements resulted from arm’s-length negotiations between highly
experienced counsel and fall within the range of possible approval.
5. Pursuant to Rule 23(e) of the Federal Rules of Civil Procedure, the Court hereby
grants final approval of the Settlements in all respects (including, without limitation: the
Settlement Amounts; the Releases; and the dismissal with prejudice of the claims asserted against
Settling Defendants in the Action), and finds that the Settlements are, in all respects, fair,
reasonable, and adequate as to, and in the best interests of, all Class Members, within the meaning
of, and in compliance with all applicable requirements of, Federal Rule of Civil Procedure 23; the
Court directs the Settlements’ consummation according to their terms. In reaching this conclusion,
the Court has considered the factors set forth in City of Detroit v. Grinnell Corp., 496 F.2d 448,
463 (2d Cir.1974), abrogated on other grounds by Goldberger v. Integrated Res., Inc., 209 F.3d
43 (2d Cir. 2000). Moreover, the Court concludes as follows:
a. This Action is likely to involve contested and serious questions of law and
fact, such that the value of immediate monetary recovery outweighs the
risks and uncertain possibility of future relief and protracted and expensive
litigation; and
b. Class Counsel’s judgment that the Settlements are fair, reasonable and
adequate, and Class Members’ reaction to the Settlements, are entitled to
great weight.
II. FINAL APPROVAL OF THE PLAN OF ALLOCATION
6. Upon review of the record, the Court finds that the Plan of Allocation proposed in
the May 22, 2020, Declaration of Janet S. Netz, Ph.D, ECF 420-6 (the “Plan of Allocation”), has
a reasonable basis and is fair and adequate. Therefore, the Plan of Allocation is finally approved.
III. FINAL APPROVAL OF CLASS NOTICE
7. Upon review of the record, the Court finds that the Notice (a) constituted the best
notice practicable under the circumstances; (b) constituted notice that was reasonably calculated,
under the circumstances, to apprise the Settlement Classes of the pendency of the Action; the effect
of the Settlements (including the releases to be provided thereunder); Class Counsel’s motion for
an award of attorneys’ fees and reimbursement of expenses; the right to object to any aspect of the
Settlements, the Plan of Allocation, or the Fee and Expense Application; the right to opt out of the
Settlement Classes; and the right to appear at the Fairness Hearing; (c) constituted due, adequate,
and sufficient notice of the Settlements; and (d) satisfies the requirements of Federal Rules of Civil
Procedure 23(c) and 23(e), due process, and any other applicable law. The Notice is therefore
finally approved.
IV. CERTIFICATION OF THE SETTLEMENT CLASSES
8. Based on the record before the Court, including the submissions in support of the
Settlements and objections and responses thereto, the Court hereby affirms its determinations in
its preliminary approval orders.
9. Solely for purposes of the Settlements, the Court finds that the requirements of
Federal Rules of Civil Procedure 23(a) and 23(b)(3) have been satisfied, as follows: (a) the
members of the Settlement Classes are so numerous that joinder of all Class Members in the Action
is impracticable; (b) there are questions of law and fact common to the Settlement Classes and
these common questions predominate over any individual questions; (c) the claims of Plaintiffs
are typical of the claims of their respective Settlement Classes; (d) Class Plaintiffs and Class
Counsel have fairly and adequately represented and protected the interests of the Settlement
Classes; and (e) a class action is superior to other available methods for the fair and efficient
adjudication of the controversy, considering (i) the interests of the members of the Settlement
Classes in individually controlling the prosecution of separate actions; (ii) the extent and nature of
any litigation concerning the controversy already begun by members of the Settlement Classes;
(iii) the desirability or undesirability of concentrating the litigation of these claims in this particular
forum; and (iv) the likely difficulties in managing this Action as a class action.
10. Pursuant to Rule 23 of the Federal Rules of Civil Procedure, the Court certifies,
solely for purposes of effectuating the Settlements, the following “Settlement Classes”:
New York Class: All persons and entities who, during the Class Period, indirectly
purchased an FX Instrument from a Defendant or co-conspirator in New York and/or while
domiciled in New York, by entering into an FX Instrument with a member of the Direct
Settlement Class, where the Direct Settlement Class member entered into the FX
Instrument directly with a Defendant or co-conspirator. Excluded from the New York Class
are Defendants and their co-conspirators; the officers, directors, and employees of any
Defendant or co-conspirator; any entity in which any Defendant or co-conspirator has a
controlling interest; any affiliate, legal representative, heir, or assign of any Defendant or
co-conspirator; federal, state, and municipal government entities and agencies; any judicial
officer presiding over this action and the members of his/her immediate family and judicial
staff; and any juror assigned to this action. Also excluded from the New York Class are all
indirect purchases of FX Instruments where the direct purchaser and indirect purchaser
were operating outside of the U.S. at the time the direct purchase was made and the
purchase was made with the foreign desk of a Defendant.
Arizona Class: All persons and entities who, during the Class Period, indirectly purchased
an FX Instrument from a Defendant or co-conspirator in Arizona and/or while domiciled
in Arizona, by entering into an FX Instrument with a member of the Direct Settlement
Class, where the Direct Settlement Class member entered into the FX Instrument directly
with a Defendant or co-conspirator. Excluded from the Arizona Class are Defendants and
their co-conspirators; the officers, directors, and employees of any Defendant or co-
conspirator; any entity in which any Defendant or co-conspirator has a controlling interest;
any affiliate, legal representative, heir, or assign of any Defendant or co-conspirator;
federal, state, and municipal government entities and agencies; any judicial officer
presiding over this action and the members of his/her immediate family and judicial staff;
and any juror assigned to this action. Also excluded from the Arizona Class are all indirect
purchases of FX Instruments where the direct purchaser and indirect purchaser were
operating outside of the U.S. at the time the direct purchase was made and the purchase
was made with the foreign desk of a Defendant.
California Class: All persons and entities who, during the Class Period, indirectly
purchased an FX Instrument from a Defendant or co-conspirator and were thereby injured
in California by entering into an FX Instrument with a member of the Direct Settlement
Class, where the Direct Settlement Class member entered into the FX Instrument directly
with a Defendant or co-conspirator. Excluded from the California Class are Defendants
and their co-conspirators; the officers, directors, and employees of any Defendant or co-
conspirator; any entity in which any Defendant or co-conspirator has a controlling interest;
any affiliate, legal representative, heir, or assign of any Defendant or co-conspirator;
federal, state, and municipal government entities and agencies; any judicial officer
presiding over this action and the members of his/her immediate family and judicial staff;
and any juror assigned to this action. Also excluded from the California Class are all
indirect purchases of FX Instruments where the direct purchaser and indirect purchaser
were operating outside of the U.S. at the time the direct purchase was made and the
purchase was made with the foreign desk of a Defendant.
Florida Class: All persons and entities who, during the Class Period, indirectly purchased
an FX Instrument from a Defendant or co-conspirator in Florida and/or while domiciled in
Florida, by entering into an FX Instrument with a member of the Direct Settlement Class,
where the Direct Settlement Class member entered into the FX Instrument directly with a
Defendant or co-conspirator. Excluded from the Florida Class are Defendants and their co-
conspirators; the officers, directors, and employees of any Defendant or co-conspirator;
any entity in which any Defendant or co-conspirator has a controlling interest; any affiliate,
legal representative, heir, or assign of any Defendant or co-conspirator; federal, state, and
municipal government entities and agencies; any judicial officer presiding over this action
and the members of his/her immediate family and judicial staff; and any juror assigned to
this action. Also excluded from the Florida Class are all indirect purchases of FX
Instruments where the direct purchaser and indirect purchaser were operating outside of
the U.S. at the time the direct purchase was made and the purchase was made with the
foreign desk of a Defendant.
Illinois Class: All persons and entities who, during the Class Period, indirectly purchased
an FX Instrument from a Defendant or co-conspirator in Illinois and/or while domiciled in
Illinois, by entering into an FX Instrument with a member of the Direct Settlement Class,
where the Direct Settlement Class member entered into the FX Instrument directly with a
Defendant or co-conspirator. Excluded from the Illinois Class are Defendants and their co-
conspirators; the officers, directors, and employees of any Defendant or co-conspirator;
any entity in which any Defendant or co-conspirator has a controlling interest; any affiliate,
legal representative, heir, or assign of any Defendant or co-conspirator; federal, state, and
municipal government entities and agencies; any judicial officer presiding over this action
and the members of his/her immediate family and judicial staff; and any juror assigned to
this action. Also excluded from the Illinois Class are all indirect purchases of FX
Instruments where the direct purchaser and indirect purchaser were operating outside of
the U.S. at the time the direct purchase was made and the purchase was made with the
foreign desk of a Defendant.
Massachusetts Class: All persons and entities who, during the Class Period, indirectly
purchased an FX Instrument from a Defendant or co-conspirator in Massachusetts and/or
while domiciled in Massachusetts, by entering into an FX Instrument with a member of the
Direct Settlement Class, where the Direct Settlement Class member entered into the FX
Instrument directly with a Defendant or co-conspirator. Excluded from the Massachusetts
Class are Defendants and their co-conspirators; the officers, directors, and employees of
any Defendant or co-conspirator; any entity in which any Defendant or co-conspirator has
a controlling interest; any affiliate, legal representative, heir, or assign of any Defendant or
co-conspirator; federal, state, and municipal government entities and agencies; any judicial
officer presiding over this action and the members of his/her immediate family and judicial
staff; and any juror assigned to this action. Also excluded from the Massachusetts Class
are all indirect purchases of FX Instruments where the direct purchaser and indirect
purchaser were operating outside of the U.S. at the time the direct purchase was made and
the purchase was made with the foreign desk of a Defendant.
Minnesota Class: All persons and entities who, during the Class Period, indirectly
purchased an FX Instrument from a Defendant or co-conspirator in Minnesota and/or while
domiciled in Minnesota, by entering into an FX Instrument with a member of the Direct
Settlement Class, where the Direct Settlement Class member entered into the FX
Instrument directly with a Defendant or co-conspirator. Excluded from the Minnesota
Class are Defendants and their co-conspirators; the officers, directors, and employees of
any Defendant or co-conspirator; any entity in which any Defendant or co-conspirator has
a controlling interest; any affiliate, legal representative, heir, or assign of any Defendant or
co-conspirator; federal, state, and municipal government entities and agencies; any judicial
officer presiding over this action and the members of his/her immediate family and judicial
staff; and any juror assigned to this action. Also excluded from the Minnesota Class are all
indirect purchases of FX Instruments where the direct purchaser and indirect purchaser
were operating outside of the U.S. at the time the direct purchase was made and the
purchase was made with the foreign desk of a Defendant.
North Carolina Class: All persons and entities who, during the Class Period, indirectly
purchased an FX Instrument from a Defendant or co-conspirator and were thereby injured
in North Carolina, by entering into an FX Instrument with a member of the Direct
Settlement Class, where the Direct Settlement Class member entered into the FX
Instrument directly with a Defendant or co-conspirator. Excluded from the North Carolina
Class are Defendants and their co-conspirators; the officers, directors, and employees of
any Defendant or co-conspirator; any entity in which any Defendant or co-conspirator has
a controlling interest; any affiliate, legal representative, heir, or assign of any Defendant or
co-conspirator; federal, state, and municipal government entities and agencies; any judicial
officer presiding over this action and the members of his/her immediate family and judicial
staff; and any juror assigned to this action. Also excluded from the North Carolina Class
are all indirect purchases of FX Instruments where the direct purchaser and indirect
purchaser were operating outside of the U.S. at the time the direct purchase was made and
the purchase was made with the foreign desk of a Defendant.
11. As defined in the Settlements, the term “Class Period” means December 1, 2007,
through July 19, 2019 (inclusive) for the Citigroup and MUFG Bank Settlements; December 1,
2007, through July 17, 2020 (inclusive) for the SC and SG Settlements; and December 1, 2007,
through December 15, 2015 (inclusive) for the Group Settlement.
12. As defined in the Settlements, the term “FX Instrument” for all Settlement Classes
is any FX spot, forward, swap, future, option, or any other FX transaction or instrument, the trading
or settlement value of which is related in any way to FX rates.
13. As defined in the Settlements, the term “Direct Settlement Class” for all Settlement
Classes refers to the class of direct purchasers who purchased an FX Instrument directly from one
or more Defendants or co-conspirators, which was certified for settlement purposes in FOREX,
see, e.g., ECF No. 1097 and defines the Direct Settlement Class as:
All Persons who, between January 1, 2003 and December 15, 2015, entered into an FX
Instrument directly with a Defendant, a direct or indirect parent, subsidiary, or division of
a Defendant, a Released Party, or co-conspirator where such Persons were either domiciled
in the United States or its territories or, if domiciled outside the United States or its
territories, transacted FX Instruments in the United States or its territories. Specifically
excluded from the Direct Settlement Class are Defendants; Released Parties; co-
conspirators; the officers, directors, or employees of any Defendant, Released Party, or co-
conspirator; any entity in which any Defendant, Released Party, or co-conspirator has a
controlling interest; any affiliate, legal representative, heir, or assign of any Defendant,
Released Party, or co-conspirator and any person acting on their behalf; provided, however,
that Investment Vehicles shall not be excluded from the definition of the Direct Settlement
Class. Also excluded from the Direct Settlement Class are any judicial officer presiding
over this action and the members of his/her immediate family and judicial staff, and any
juror assigned to this Action.
14. In the event that any of the five Settlements does not become effective in
accordance with the terms of the respective agreement or the Effective Date does not occur, the
certification of the Settlement Classes, as to whichever of the five Settlements did not become
effective, shall be deemed null and void without the need for further action by the Court or Settling
Defendants.
V. OTHER PROVISIONS
15. The Court approves and directs the implementation of all the terms of the
Settlements.
16. If this Final Approval Order is set aside, materially modified, or overturned by this
Court or on appeal, and is not fully reinstated on further appeal, this Final Approval Order
certifying the Settlement Classes shall be vacated nunc pro tunc.
17. For avoidance of doubt, because no individual or entity has validly or timely
requested exclusion from any of the Settlement Classes, all members of the Settlement Classes are
Releasing Parties and shall be bound by this Final Approval Order and by the Settlements.
18. The Court dismisses the Action, as well as all of the Released Claims, against any
of the Released Parties by the Releasing Parties, with prejudice, and the Releasing Parties are
enjoined from pursuing any Released Claim against any of the Released Parties. All parties are to
bear their own costs, except as otherwise provided in the Settlements.
19. For purposes of the Settlements, “Released Claims” is defined as any and all
manner of claims, including Unknown Claims as defined below, causes of action, cross-claims,
counter-claims, charges, liabilities, demands, judgments, suits, obligations, debts, setoffs, rights of
recovery, or liabilities for any obligations of any kind whatsoever (however denominated), whether
class or individual, in law or equity or arising under constitution, statute, regulation, ordinance,
contract, or otherwise in nature, for fees, costs, penalties, fines, debts, expenses, attorneys’ fees,
and damages, whenever incurred, and liabilities of any nature whatsoever (including joint and
several), known or unknown, suspected or unsuspected, asserted or unasserted, choate or inchoate,
which Class Plaintiffs and the Settlement Classes ever had, now have, or hereafter can, shall, or
may have, individually, representatively, derivatively, or in any capacity against the Released
Parties that arise from or relate to a factual predicate of the Action, including any conduct alleged
or that could have been alleged in any amended complaint or pleading therein, from the beginning
of time through the Effective Date. The Released Claims do not include: (i) any claims relating to
the enforcement of the settlement; or (ii) any claims of a Person that submits a timely Request for
Exclusion in connection with the notice whose request is accepted by the Court. With respect to
any and all Released Claims, the Parties stipulate and agree that, by operation of the Final
Judgment and Order of Dismissal, upon the Effective Date, Releasing Parties shall have expressly
waived and Class Members shall be deemed to have waived the provisions, rights, and benefits of
Cal. Civ. Code § 1542, which provides:
A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS
THAT THE CREDITOR OR RELEASING PARTY DOES
NOT KNOW OR SUSPECT EXIST IN HIS OR HER FAVOR
AT THE TIME OF EXECUTING THE RELEASE AND
THAT, IF KNOWN BY HIM OR HER, WOULD HAVE
MATERIALLY AFFECTED HIS OR HER SETTLEMENT
WITH THE DEBTOR OR RELEASED PARTY.
and any and all provisions, rights, and benefits conferred by any law of any state or territory of the
United States, or principle of common law, which is similar, comparable, or equivalent to Cal.
Civ. Code § 1542.
20. “Unknown Claims” means any and all Released Claims against the Released Parties
which Releasing Parties do not know or suspect to exist in her, his, or its favor as of the Effective
Date, and any Settling Defendants’ Claims against Releasing Parties which Released Parties do
not know or suspect to exist in her, his, or its favor as of the Effective Date, which if known by the
Releasing Parties or Released Parties might have affected her, his, or its decision(s) with respect
to the Settlements.
21. For purposes of the Settlements, “Released Party” or “Released Parties” means
Settling Defendants along with Credit Suisse Group AG, Deutsche Bank Securities Inc., and each
of their past, present, and future, direct and indirect parents (including holding companies),
subsidiaries, affiliates, associates (all as defined in SEC Rule 12b-2 promulgated pursuant to the
Securities Exchange Act of 1934), divisions, predecessors, successors, and each of their respective
past, present, and future officers, directors, managers, members, partners, shareholders, insurers,
employees, agents, attorneys, legal or other representatives, trustees, heirs, executors,
administrators, advisors, and assigns, and the predecessors, successors, heirs, executors,
administrators, and assigns of each of the foregoing.
22. “Releasing Parties” for purposes of the Settlements means individually and
collectively Class Plaintiffs and each Class Member, on behalf of themselves and any of their
respective past, present or future officers, directors, stockholders, agents, employees, legal or other
representatives, partners, associates, trustees, beneficiaries, parents, subsidiaries, divisions,
affiliates, heirs, executors, administrators, purchasers, predecessors, successors, and assigns,
whether or not they object to the settlement set forth in this Settlement Agreement, and whether or
not they make a claim for payment from the Net Settlement Fund.
23. Upon the Effective Date, the Releasing Parties: (a) shall be deemed to have, and by
operation of this Final Approval Order, shall have fully, finally and forever waived, released,
relinquished, and discharged (i) all Released Claims against the Released Parties, regardless of
whether such Releasing Party executes and delivers a proof of claim; (ii) any rights to the
protections afforded under California Civil Code §1542 and/or any other similar, comparable, or
equivalent laws; (b) shall be forever enjoined from prosecuting in any forum any Released Claim
against any Released Parties; and (c) agree and covenant not to sue any of the Released Parties on
the basis of any Released Claims or to assist any third party in commencing or maintaining any
suit against any Released Party related in any way to any Released Claims.
24. Upon the Effective Date, claims against the Released Parties for contribution or
indemnification (however denominated) for all or a portion of any amounts paid in the Action by
way of settlement, judgment, or otherwise are barred.
25. This Final Approval Order shall not affect, in any way, the right of Class Plaintiffs
or the Releasing Parties to pursue claims, if any, outside the scope of the Released Claims.
26. Nothing in this Final Approval Order shall bar any action by any of the parties to
enforce or effectuate the terms of the Settlements or this Final Approval Order.
27. The Settlements, acts performed in furtherance of the Settlements, and/or
documents executed in furtherance of the Settlements may not be deemed or used as evidence or
an admission or other statement supporting: (a) the validity of any Released Claim; (b) any
wrongdoing or liability of the Released Parties; or (c) any fault or omission of the Released Parties
in any court, administrative agency, or other proceeding. Notwithstanding the foregoing, any of
the five Settlement Agreements may be filed in an action to enforce or interpret the terms of such
Settlement Agreement, the settlement contained therein, and any other documents executed in
connection with the performance of the agreements embodied therein. The Released Parties may
also file any of the Settlement Agreements and/or this Final Approval Order in any action that may
be brought against them in order to support a defense or counterclaim based on the principles of
res judicata, collateral estoppel, full faith and credit, release, good faith settlement, judgment bar,
or reduction or any other theory of claim preclusion or issue preclusion or similar defense or
counterclaim.
28. Any order entered regarding Plaintiffs’ request for an award of attorneys’ fees,
expenses, and incentive awards shall in no way disturb or affect this Final Approval Order and
shall be considered separate from this Final Approval Order.
29. If this Final Approval Order is set aside, materially modified, or overturned by this
Court or on appeal, and is not fully reinstated on further appeal, this Final Approval Order shall be
deemed vacated and shall have no force or effect whatsoever, to the extent provided by and in
accordance with the relevant Settlement(s). In the event that one or more of the Settlements are
terminated in accordance with their terms, vacated, or not approved, or the Effective Date fails to
occur for any reason, then the parties to the applicable, terminated Settlement(s) shall be deemed
to have reverted to their respective status as of the Execution Date(s) without prejudice, and, except
as otherwise expressly provided in the applicable Settlement(s), the parties shall proceed in all
respects as if the applicable Settlement(s) and any related orders had not been entered, and any
portion of the applicable Settlement Fund(s) previously paid by or on behalf of the applicable
settling defendant(s), together with any interest earned thereon (and, if applicable, re-payment of
any Fee and Expense Award(s), less Taxes due, if any, with respect to such income, and less costs
of administration and notice actually incurred and paid or payable from the applicable Settlement
Fund(s) (not to exceed the threshold(s) specified in the applicable Settlement(s)) shall be returned
to the applicable settling defendants within the time period specified in the applicable
Settlement(s).
30. Without affecting the finality of this Final Approval Order in any way, this Court
hereby retains exclusive continuing jurisdiction over: (a) implementation of the Settlements and
any award or distribution of monies under the Settlements; (b) hearing and determining
applications for attorneys’ fees, costs, expenses, and service awards to Plaintiffs; and (c) the Parties
for the purpose of construing, enforcing, and administering the Settlements.
31. There is no just reason for delay in the entry of this Final Approval Order, and
immediate entry by the Clerk of the Court is directed.
So Ordered.
Dated: November 19, 2020
New York, New York LORNA G. SCHOFIEL
UNITED STATES DISTRICT JUDGE
17