FrontPoint Asian Event Driven Fund, Ltd. et al v. Citibank, N.A. et al

Filing 517

ORDER CONCERNING SETTLEMENT ADMINISTRATOR REPORTING IN CONNECTION WITH DISTRIBUTION OF THE NET SETTLEMENT FUNDS. IT IS HEREBY ORDERED that: 1. Except for the terms expressly defined herein, the Court adopts and incorporates the definitions in the Settlement Agreements for the purposes of this Order. 2. Representative Plaintiffs will file a motion(s) for distribution of the Net Settlement Funds following the time A.B. Data has completed its processing, review and auditing of the Proofs of C laim and Release submitted in connection with the administration of claims for the Settlements. 3. In connection with the motion(s) for distribution of the Net Settlement Funds, A.B. Data will provide a declaration that will report on the following topics as further set forth in this Order. IT IS SO ORDERED. (Signed by Judge Alvin K. Hellerstein on 6/17/22) (yv)

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Case1:16-cv-05263-AKH
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UNITED STATES DISTRICT COURT
FOR THE SOUTHERN DISTRICT OF NEW YORK
FUND LIQUIDATION HOLDINGS LLC, as assignee
and successor-in-interest to FrontPoint Asian Event
Driven Fund L.P., MOON CAPITAL PARTNERS
MASTER FUND LTD., and MOON CAPITAL
MASTER FUND LTD., on behalf of themselves and
all others similarly situated,

Docket No. 16-cv-05263 (AKH)

Plaintiffs,
-v.CITIBANK, N.A., BANK OF AMERICA, N.A.,
JPMORGAN CHASE BANK, N.A., THE ROYAL
BANK OF SCOTLAND PLC, UBS AG, BNP
PARIBAS, S.A., OVERSEA-CHINESE BANKING
CORPORATION LTD., BARCLAYS BANK PLC,
DEUTSCHE BANK AG, CREDIT AGRICOLE
CORPORATE AND INVESTMENT BANK, CREDIT
SUISSE AG, STANDARD CHARTERED BANK, DBS
BANK LTD., ING BANK, N.V., UNITED OVERSEAS
BANK LIMITED, AUSTRALIA AND NEW
ZEALAND BANKING GROUP, LTD., THE BANK OF
TOKYO-MITSUBISHI UFJ, LTD., THE HONGKONG
AND SHANGHAI BANKING CORPORATION
LIMITED, COMMERZBANK AG, AND JOHN DOES
NOS. 1-50,
Defendants.

ORDER CONCERNING SETTLEMENT ADMINISTRATOR REPORTING IN
CONNECTION WITH DISTRIBUTION OF THE NET SETTLEMENT FUNDS

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WHEREAS, by orders dated June 9, 2022 (ECF Nos. 509-515) (the “Preliminary Approval
Orders”), the Court granted preliminary approval of settlements with Defendants Citibank, N.A.
and Citigroup Inc. (collectively, “Citi”); JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A.
(together, “JPMorgan”); Credit Suisse AG (“Credit Suisse”); Deutsche Bank AG (“Deutsche
Bank”); The Hongkong and Shanghai Banking Corporation Limited (“HSBC”); ING Bank N.V.
(“ING”); and Australia and New Zealand Banking Group, Ltd. (“ANZ”), Bank of America, N.A.
(“BOA”), Barclays Bank PLC (“Barclays”), BNP Paribas, S.A. (“BNPP”), Commerzbank AG
(“Commerzbank”), Crédit Agricole Corporate and Investment Bank (“CACIB”), DBS Bank Ltd.
(“DBS”), MUFG Bank, Ltd. (f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd.) (“MUFG”), OverseaChinese Banking Corporation Limited (“OCBC”), The Royal Bank of Scotland plc (n/k/a NatWest
Markets plc) (“RBS”), Standard Chartered Bank (“SCB”), UBS AG (“UBS”), and United
Overseas Bank Limited (“UOB”) and appointed A.B. Data, Ltd. (“A.B. Data”) as the Settlement
Administrator;
WHEREAS, the Court requested a specific proposal concerning reporting criteria to be
used by the Settlement Administrator upon the distribution of the Net Settlement Fund;
WHEREAS, after conferring with Defendants, Representative Plaintiffs are proposing the
reporting criteria described below; and A.B. Data has confirmed that it will be able to provide a
declaration to this Court regarding the proposed reporting criteria;
NOW, THEREFORE, on this ___ day of ____________, 2022,
IT IS HEREBY ORDERED that:
1.

Except for the terms expressly defined herein, the Court adopts and incorporates

the definitions in the Settlement Agreements for the purposes of this Order.

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2.

Representative Plaintiffs will file a motion(s) for distribution of the Net Settlement

Funds following the time A.B. Data has completed its processing, review and auditing of the Proofs
of Claim and Release submitted in connection with the administration of claims for the
Settlements.
3.

In connection with the motion(s) for distribution of the Net Settlement Funds, A.B.

Data will provide a declaration that will report on the following topics:
a.

Claims received and processed;

b.

Authorized claims (i.e., claims that are timely and valid) by claimant number
with Transaction Claim Amount;

c.

Rejected claims by claimant number (including withdrawn, replaced, and
duplicate claims);

d.

Late claims by claim number and their disposition (accepted or rejected);

e.

Summary of deficiencies for rejected and accepted claims;

f.

Auditing criteria on both a claims level and at the transaction level;

g.

Number of claims and transactions subjected to an audit;

h.

The quality assurance review process implemented to ensure proper
processing of claims;

i.

Claimants seeking court review of their claim determination (if any);

j.

The estimated Net Settlement Fund and the implementation of Distribution
Plan, including:
i. The determination of Minimum Payment Amount;
ii. The estimated maximum recovery;

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iii. The estimated median recovery (excluding Minimum Payment Amount
recipients);
iv. The estimated average recovery (excluding Minimum Payment Amount
recipients);
v. The first and second distribution parameters, including the amount of
payments and holdbacks (if any);
vi. Deadline to cash payments.
IT IS SO ORDERED.
June
Signed this 17th
___ day of ____________,
2022, at the Courthouse for the United States
District Court for the Southern District of New York.
/s/ Alvin K. Hellerstein
The Honorable Alvin K. Hellerstein
United States District Judge

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