CSO Hedge Fund Settlement
CSO Hedge Fund Settlement
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UPDATE

On January 28, 2016, the Honorable Gregory H. Woods entered the Order Approving the Plan of Allocation, the Order Awarding Attorneys' Fees and Reimbursement of Litigation Expenses and the Final Approval Order and Judgment.  These Orders are available for download on the Court Documents page of this website.   

Please check this website for any further updates regarding the Settlement.



The information contained on this website is only a summary.  You may download a full copy of the Notice by clicking here.

If you purchased, held, or otherwise acquired shares of any class in CSO Ltd. or CSO US Ltd., including any and all of their respective successors-in-interest, predecessors, legal representatives, trustees, executors, administrators, heirs, assignees, or transferees, immediate and remote, and any person or entity acting for or on behalf of, or claiming under, any of them, and each of them, and the legal representatives, agents, affiliates, heirs, successors, and assigns of the above, you may be eligible to participate as a Settlement Class Member in this Action.

The Settlement Class is defined as:

Any person or entity who purchased, held or otherwise acquired (directly or indirectly) any class of shares in CSO Ltd. or CSO US Ltd.; the Class excludes, however, Defendants Citigroup and CAI and their affiliates and successors, to the extent they invested proprietary capital, as well as Former Defendants in the Litigation, to the extent they or their spouse or any entity personally controlled by them invested in the CSO Fund; this exclusion is not intended to exclude investments made and/or held by Defendants or their affiliates as nominees for outside investors.  The Class shall also exclude any person who served as a member of the Board of Directors of the CSO Fund or the Board of Directors of Former Defendant CSO Partners Ltd., or any entity personally controlled by that person.  The Class shall also exclude any persons who have either (i) released relevant claims related to or arising from the subject matter of this dispute against Defendants or their affiliates and/or employees in a settlement, or (ii) have secured a final judgment from an arbitrator or a court that would preclude further litigation.  The Class shall also exclude persons who affirmatively exclude themselves from the Class pursuant to the procedures described below (collectively, “Excluded Persons”).


If you are a member of the Class, your legal rights are affected and you have a choice to make now:


YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:

SUBMIT A VERIFICATION FORM POSTMARKED OR BY EMAIL BY MARCH 14, 2016

This is the only way to be eligible to receive a payment in connection with the Settlement.  If you have not received your Verification Form, please follow the instructions on how to request your Verification Form by clicking here.

EXCLUDE YOURSELF FROM THE CLASS BY SUBMITTING A REQUEST FOR EXCLUSION FORM POSTMARKED NO LATER THAN NOVEMBER 25, 2015

If you exclude yourself from the Class, you will not be eligible to get any payment from the Net Settlement Fund.  This is the only option that allows you to be part of any other lawsuit against any of the Defendants or the other Released Persons concerning the Released Claims.  Further information regarding how to submit a Request for Exclusion is included on pages 9 and 10 of  the Notice.

OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION NO LATER THAN NOVEMBER 25, 2015

If you do not like the proposed Settlement, the proposed Plan of Allocation, or the Fee and Expense Application, you may write to the District Court and explain why you do not like them.  You cannot object to the Settlement, the Plan of Allocation, or the Fee and Expense Application unless you are a Class Member and do not exclude yourself.  Further information regarding how to Object to the Settlement is included on page 12 of the Notice.

GO TO THE SETTLEMENT HEARING ON DECEMBER 17, 2015 AT 10:00 A.M. AND FILE A NOTICE OF INTENTION TO APPEAR NO LATER THAN NOVEMBER 25, 2015

Filing a written objection and notice of intention to appear allows you to speak in the District Court about the fairness of the Settlement, the Plan of Allocation, and/or the Fee and Expense Application.  If you submit a written objection, you may (but do not have to) attend the hearing and speak to the District Court about your objection.  Further information regarding how to file a Notice of Intention to Appear is included on page 12 of the Notice.

DO NOTHING

If you are a member of the Class and you do not submit a Verification Form by March 14, 2016, you will not be eligible to receive any payment from the Net Settlement Fund.  You will, however, remain a member of the Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any Judgments or Orders entered by the District Court pertaining to the Action.



 
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