Pirnik v. Fiat Chrysler Automobiles N.V., et. al. | Civil No. 15-cv-07199-JMF
You or someone in your family may have purchased or otherwise acquired the common stock of Fiat Chrysler Automotive during the period from October 13, 2014 through May 23, 2017, inclusive.
The Court directed that the Notice be sent to Settlement Class Members because they have a right to know about the proposed Settlement of this class action lawsuit, and about all of their options, before the Court decides whether to approve the Settlement. If the Court approves the Settlement, and after objections and appeals are resolved, an administrator appointed by the Court will make the payments that the Settlement allows.
The Notice explains the lawsuit, the Settlement, Settlement Class Members’ legal rights, what benefits are available, who is eligible for them, and how to get them.
To view a copy of the Notice, click here.Back To Top
In a class action, one or more persons or entities (in this case, Lead Plaintiff), sue on behalf of people and entities who have similar claims. Together, these people and entities are a “class” and each is a “class member”. Class actions allow the adjudication of many individuals’ similar claims that might be too small economically to bring as individual actions. One court resolves the issues for all class members at the same time, except for those who exclude themselves, or “opt-out,” from the class.Back To Top
The Court did not finally decide in favor of Plaintiffs or Defendants. Instead, both sides agreed to a settlement. That way, they avoid the risks and cost of a trial. Plaintiffs and their attorneys think the Settlement is in the best interest of the Settlement Class.Back To Top
The Court directed, for the purposes of the proposed Settlement, that everyone who fits this description is a Settlement Class Member and subject to the Settlement unless they are an excluded person or take steps to exclude themselves from the Settlement Class:
All persons and entities who purchased or otherwise acquired, on a U.S. Exchange or in a transaction in the United States, FCA common stock between October 13, 2014, and May 23, 2017, both dates inclusive.
If you are still not sure whether you are included, you can ask for free help. You can call (877) 568-3518 for more information. You can also fill out and return the Claim Form, or submit it online, to see if you qualify.Back To Top
Yes. Excluded from the Class are Defendants, current and former officers and directors of FCA and FCA US LLC, their Immediate Family members and their legal representatives, heirs, successors or assigns, and any entity in which Defendants have or had a controlling interest. Also excluded from the Class are any persons and entities who or which exclude themselves by submitting a request for exclusion that is accepted by the Court.Back To Top
Subject to Court approval, Plaintiffs, on behalf of themselves and the Class, have agreed to settle the Action in exchange for a settlement payment of $110 million in cash (“Settlement Amount”) to be deposited into an escrow account. The Net Settlement Fund (i.e., the Settlement Amount plus any and all interest earned thereon (“Settlement Fund”) less (i) any Taxes and Tax Expenses; (ii) any Notice and Administration Costs; (iii) any Litigation Expenses awarded by the Court; and (iv) any attorneys’ fees awarded by the Court) will be distributed in accordance with a plan of allocation approved by the Court, which will determine how the Net Settlement Fund shall be allocated among members of the Class. The proposed plan of allocation (“Plan of Allocation”) is attached to the Notice as Appendix A.Back To Top
Your share of the Settlement Amount depends on several things, including the total amount of claims represented by the valid Proofs of Claim that Class Members sent in compared to the amount of your Recognized Loss Amount, all as calculated under the Plan of Allocation explained in the Notice.
The total amount of the Net Settlement Fund available for the Initial Distribution was approximately $78 million. The total Recognized Loss Amounts under the Plan of Allocation for all Authorized Claimants eligible to participate in the distribution of the Net Settlement Fund was approximately $248 million. The pro rata share for the Initial Distribution is approximately 31%; each Authorized Claimant will receive this percentage of his, her, or its Recognized Loss Amount.Back To Top
To be eligible for a payment, you must have submitted a timely and valid Proof of Claim.
Proofs of Claim must have been postmarked or received online on or before August 28, 2019.Back To Top
Payments were issued to Authorized Claimants on February 24, 2021. If you have questions about your payment, please contact the Claims Administrator at 1-877-568-3518 (Toll-Free) or info@FiatChryslerSecuritiesLitigation.com.Back To Top
Unless you exclude yourself, you will stay in the Settlement Class, which means that upon the “Effective Date” you will release all “Released Claims” against the “Released Defendant Parties.” For additional information and a definition of these terms, please review Paragraph 20 of the Notice.Back To Top
Each Class Member will be bound by all determinations and judgments in this lawsuit, whether favorable or unfavorable, unless such person or entity mails or delivers a written request for exclusion addressed to:
Fiat Chrysler Automobiles Securities Litigation Settlement
P.O. Box 5270
Portland, OR 97208-5270
The request for exclusion must be received no later than August 15, 2019. You will not be able to exclude yourself from the Class after that date.
Each request for exclusion must (i) state the name, address, and telephone number of the person or entity requesting exclusion, and in the case of entities, the name and telephone number of the appropriate contact person; (ii) state that such person or entity “requests exclusion from the Class in Pirnik et al. v. Fiat Chrysler Automobiles N.V., et al., Case No. 15-cv-07199-JMF”; (iii) state the number of shares of FCA common stock that the person or entity requesting exclusion purchased/acquired between October 13, 2014 and August 21, 2017, both dates inclusive, as well as the dates, number of shares, and prices of each such purchase/acquisition, and whether the purchase/acquisition was made on a U.S. Exchange or otherwise in the United States; (iv) state the number of shares of FCA common stock that the person or entity requesting exclusion sold between October 13, 2014 and August 21, 2017, both dates inclusive, as well as the dates, number of shares, and prices of each such sale; and (v) be signed by the person or entity requesting exclusion or an authorized representative. A request for exclusion shall not be effective unless it provides all the required information and is received within the time stated above, or is otherwise accepted by the Court.Back To Top
No. Unless you properly exclude yourself, you give up any rights to sue the Defendants and the other Released Defendant Parties for any and all Released Claims. If you have a pending lawsuit against any of the Released Defendant Parties, speak to your lawyer in that case immediately. You must exclude yourself from this Action to continue your own lawsuit. Remember, the exclusion deadline is August 15, 2019.Back To Top
No, only Settlement Class Members are eligible to recover money from the Settlement.Back To Top
Pomerantz LLP and The Rosen Law Firm, P.A. are Lead Counsel in the Action and represent all Settlement Class Members. You will not be separately charged for these lawyers. The Court will determine the amount of attorneys’ fees and expenses, which will be paid from the Settlement Fund. If you want to be represented by your own lawyer, you may hire one at your own expense.Back To Top
Class Counsel have not received any payment for their services in pursuing claims against the Defendants on behalf of the Class, nor have Class Counsel been reimbursed for their out-of-pocket expenses. Before final approval of the Settlement, Class Counsel will apply to the Court for an award of attorneys’ fees in an amount not to exceed 30% of the Settlement Fund, plus interest. Class Counsel will share part of any attorneys’ fees awarded by the Court with Bronstein Gerwirtz & Grossman LLP and Bragar Eagel & Squire P.C in accordance with their level of contribution to the initiation, prosecution, and resolution of the Actions.
Class Counsel also intends to apply for reimbursement of Litigation Expenses in an amount not to exceed $2,800,000, plus interest, which amount may include an application for reimbursement of the reasonable costs and expenses incurred by Plaintiffs directly related to their representation of the Class in accordance with 15 U.S.C. §78u-4(a)(4), in an aggregate amount not to exceed $45,000. The Court will determine the amount of any award of attorneys’ fees or reimbursement of Litigation Expenses. Such sums as may be approved by the Court will be paid from the Settlement Fund. Class Members are not personally liable for any such fees or expenses.Back To Top
If you are a Settlement Class Member, you can object to the proposed Settlement or any of its terms, the proposed Plan of Allocation of the Net Settlement Fund, and/or Lead Counsel’s Fee and Expense Application. You may write to the Court about why you think the Court should not approve any or all of the Settlement terms or related relief. If you would like the Court to consider your views, you must file a proper objection within the deadline, and according to the following procedures.
To object, you must send a letter to the Court saying that you object to the Settlement in Pirnik v. Fiat Chrysler Automobiles N.V., et al., No. 15-cv-07199-JMF, and stating the reasons that you object to the Settlement, or any part thereof. Any objection must:
Your objection must be filed with the Court no later than August 15, 2019 AND mailed or delivered to the following counsel so that it is received no later than August 15, 2019:
|Court||Lead Counsel||Defendants’ Counsel Representatives|
Clerk of the Court
United States District Court
Southern District of New York
Thurgood Marshall U.S. Courthouse
40 Foley Square
New York, NY 10007
Jeremy A. Lieberman, Esq.
600 Third Avenue, 20th Floor
New York, NY 10016
Laurence M. Rosen, Esq.
The Rosen Law Firm, P.A.
275 Madison Ave., 34th Floor
New York, NY 10016
William B. Monahan, Esq.
Sullivan & Cromwell LLP
125 Broad St.
New York, NY 10004-2498
You are not required to hire an attorney to represent you in making written objections or in appearing at the Settlement Fairness Hearing. However, if you decide to hire an attorney, it will be at your own expense, and that attorney must file a notice of appearance with the Court and serve it on Class Counsel and Defendants’ Counsel at the addresses set forth above so that the Notice is received on or before August 15, 2019.Back To Top
Objecting is telling the Court that you do not like something about the proposed Settlement, Plan of Allocation, or Lead Counsel’s Fee and Expense Application. You can still recover money from the Settlement. You can object only if you stay in the Settlement Class. Excluding yourself is telling the Court that you do not want to be part of the Settlement Class. If you exclude yourself from the Settlement Class, you have no basis to object because the Settlement and the Action no longer affect you.Back To Top
The Court will hold the Settlement Fairness Hearing on September 5, 2019 at 3:00 p.m., in Courtroom 1105 of the United States District Court for the Southern District of New York, Thurgood Marshall U.S. Courthouse, 40 Foley Square, Courtroom 1105, New York, NY 10007.
At this hearing, the Court will consider whether: (i) the Settlement is fair, reasonable, adequate, and should be approved; (ii) the Plan of Allocation is fair and reasonable, and should be approved; and (iii) the application of Lead Counsel for an award of attorneys’ fees and payment of litigation expenses is reasonable and should be approved. The Court will take into consideration any written objections filed in accordance with the instructions in FAQ 16 above. We do not know how long it will take the Court to make these decisions.
You should be aware that the Court may change the date and time of the Settlement Fairness Hearing without another notice being sent to Settlement Class Members. If you want to attend the hearing, you should check with Lead Counsel or this Settlement website to be sure that the hearing date and/or time has not changed.Back To Top
No. Lead Counsel will answer any questions the Court may have. However, you are welcome to attend at your own expense. If you submit a valid and timely objection, the Court will consider it and you do not have to come to Court to discuss it. You may have your own lawyer attend (at your own expense), but it is not required. If you do hire your own lawyer, he or she must file and serve a Notice of Appearance in the manner described in the answer to FAQ 20 no later than August 15, 2019.Back To Top
If you have filed a written objection and wish to appear at the Settlement Fairness Hearing, you must file a notice of intention to appear by August 15, 2019, which allows you to speak in Court, at the discretion of the Court, about the fairness of the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and Litigation Expenses. If you submit a written objection, you may (but you do not have to) attend the hearing.Back To Top
If you are a member of the Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the 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 Court in the Action.Back To Top
The Net Settlement Fund (i.e., the Settlement Amount plus any and all interest earned thereon (“Settlement Fund”) less (i) any Taxes and Tax Expenses; (ii) any Notice and Administration Costs; (iii) any Litigation Expenses awarded by the Court; and (iv) any attorneys’ fees awarded by the Court) will be distributed in accordance with a plan of allocation approved by the Court, which will determine how the Net Settlement Fund shall be allocated among members of the Class.
Settlement Class Members who do not timely submit valid Claim Forms will not share in the Net Settlement Fund, but will otherwise be bound by the terms of the Settlement and what happens in the Action. The Court may approve the Plan of Allocation or modify it without additional notice to the Settlement Class.
The Plan of Allocation is on pages 13-16 of the Notice, found here.Back To Top
The CUSIP for the Class Period is N31738102. The ticker symbol from October 13, 2014 through May 23, 2017 was FCAU.Back To Top