September 15, 2014
Notice Letters Mailed to Authorized Claimants of the Shapiro-Hill Class
March 25, 2014
Deadline to Submit Proof of Claim
March 21, 2014
Settlement Hearing before District Court on Class Action Settlement with JPMorgan
March 14, 2014
Affidavit of Statistics (Claims, Objections, Opt-Outs) & Reply to Objections
February 28, 2014
- Deadline to Request Exclusion from Customer Representative Class
- Deadline to File an Objection against the Proposed Settlement with JPMorgan Chase and/or the Plan of Allocation
The Shapiro-Hill Class Settlement Agreement and Class Settlement Fund
On January 7, 2014, Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), filed motions seeking court approval to settle claims asserted by the SIPA Trustee against JPMorgan Chase for $325 million, as well as common law claims brought separately by the SIPA Trustee and in a class action lawsuit – the Shapiro-Hill Class Action – which mirrored the claims developed by the SIPA Trustee’s legal team, for $218 million. (To read the press release regarding these settlements, click here.) Both settlements were approved by the United States Bankruptcy Court for the Southern District of New York on February 4, 2014. (Read the order approving the SIPA Trustee’s avoidance claims here and the Order approving the Class Action here.)
On March 21, 2014, the District Court approved the Class Action settlement certifying the proposed class for purposes of the settlement, appointing settlement class counsel, granting final approval of the settlement agreement and plan of allocation, and authorizing the settlement class counsel to make distributions to class members. (Read the District Court’s order approving the Class Action settlement here.) The Shapiro-Hill Settlement Class consists of BLMIS customers – including their successors, transferees or assignees – who had capital directly invested with BLMIS as of December 11, 2008 and had net losses, regardless of whether they previously filed a claim in the BLMIS SIPA proceeding.
The Claims Administrator for the Class Settlement Fund, AlixPartners LLP, supervised and administered the notice procedure and the processing of claims. On September 15, 2014, AlixPartners mailed notice letters to all authorized claimants of the class stating each claimant’s net losses.
On November 7, 2014, a motion was filed with the United States District Court for the Southern District of New York seeking approval to distribute the Shapiro-Hill Class Settlement Fund. That motion was approved on November 24, 2014.
On December 12, 2014, AlixPartners mailed distribution letters and checks to all authorized claimants.
On November 16, 2015, the United States District Court granted the class action plaintiffs’ motion for final distribution and termination of administration of the class settlement fund. It stated that outstanding and/or uncashed checks issued to Settlement Class members over a certain range of dates can be voided and the funds deposited in the secular Section 501(c)(3) organization.
AlixPartners also serves as the SIPA Trustee’s claims agent in the SIPA liquidation of BLMIS and has access to all updated information on allowed claims and prior distributions made by the SIPA Trustee. The SIPA Trustee will make his documentation of BLMIS customers with allowed claims available to facilitate distribution of the Class Settlement Fund and to vastly reduce potential administrative costs.
For detailed information about the Shapiro-Hill Settlement Class and claims procedures, FAQS and forms, please visit www.Shapiro-HillClassSettlement.com.
CLASS ACTION SETTLEMENT DOCUMENTS