southern district of new york axiom investment advisors ... - 87 - ferrante decl... · southern...

Case 1:15-cv-09323-LGS Document 87 Filed 09/08/16 of 55

UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK

AXIOM INVESTMENT ADVISORS, LLC,

by and through its Trustee, Gildor Management LLC

V.

BARCLA YS BANK PLC and BARCLA YS

CAPITAL, INC.

Case No. 15-CV-09323 (LGS)

AMENDED DECLARATION OF ANGELA FERRANTE REGARDING NOTICE PROGRAM

I, ANGELA FERRANTE, declare:

1. I am the Senior Vice President of Operations for Garden City Group, LLC

("GCG"), which was retained to provide notice and claims administration services in connection

with the above-captioned action. The following statements are based on my personal knowledge

and information provided by other experienced GCG employees working under my supervision.

I submit this Declaration at the request of Plaintiff's Counsel.

GCG EXPERIENCE AND QUALIFICATIONS

2. GCG IS a wholly-owned subsidiary of Crawford & Company

(www.crawfordandcompany.com), the leading risk adjusting firm in the world (NYSE symbols

CRD.A/CRD.B) with headquarters in Atlanta, Georgia. GCG is a recognized leader in legal

administration services for class action settlements, bankruptcy cases, and legal noticing

programs. GCG has full operations facilities in New York and Seattle and a 60,000 square foot

state-of-the-art Mail, Processing, and Call Center in Ohio. GCG's staff of approximately 600

employees includes attorneys, paralegals, finance and banking experts, software engineers, in-

house legal advertising specialists, graphic artists with extensive website design experience, and

U.S. based Call Center professionals, hired, trained and managed by GCG.


3. As a full-service settlement administrator, GCG has extensive experience and

expertise in every aspect of class action administration, from notice and publication and nominee

outreach, to website design, claimant communications, distribution, and tax reporting. During its

30-year history, GCG has administered some of the largest class actions of all time, including

those involving consumers, securities, antitrust, product defect, ERISA, employment, and human

rights. GCG has administered over 3,200 cases, mailed over 400 million notices, handled over

33 million calls, designed and launched over 1,000 case websites, distributed over $63 billion in

compensation, and issued approximately 30 million checks. Some of the more significant class

action settlements that GCG is currently administering, or has administered in recent years, are

listed below:

CASE SETTLEMENT VALUE

Gulf Coast Claims Facility $20.0 billion

Deepwater Horizon Economic Settlement $10.3 billion

BNY Mellon Countrywide RMBS $8.5 billion

WorldCom Securities Litigation $6.1 5 billion

JPMorgan Chase RMBS $4.50 billion

Indian Trust Settlement $3.40 billion

Tyco International Ltd. Securities Class $3.20 billion Action Settlement

Visa Check/MasterMoney Antitrust $3.05 billion

Morgan Stanley RMBS $2.6 billion

Bank of America Corp. Securities, Securities $2.43 billion & Derivative Litigation

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In re Foreign Exchange Benchmark Rates $2 billion Antitrust Litigation

Stryker Modular Hip Settlement $1.4 3 billion

Claims Resolution Tribunal (Swiss Bank) $1.25 billion

Royal Ahold Securities Litigation $1.10 billion

Norte! Networks Securities I $1.10 billion

Norte! Network Securities II $1.10 billion

In re Credit Default Swaps Antitrust $1 .25 billion Litigation

Exxon Dealer Litigation $ 1.08 billion

Bristol Myers Securities $750 million

Citigroup Inc. Bond Litigation $730 million

Wachovia Preferred Securities and $627 million Bond/Notes

Citigroup Inc. Securities Litigation $590 million

IPO Securities Litigation $586 million

Lehman Brothers Equity/Debt Securities $5 16 million Litigation

A comprehensive list of the cases GCG has administered can be found at

www.gardencitygroup.com.

4. GCG has particular expertise in handling large securities settlements. GCG has

handled many of the largest and most complex securities class action settlements on record.

According to the most recent Securities Class Action Services (SCAS) report, GCG has

administered 4 2 of the largest securities class actions of all time.

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5. GCG routinely provides, and will provide in this administration, the following

administration services: (i) the notification of settlement information to potential class members

through various means, including postal mail and publication; (ii) full and secure management of

class member data either received from the parties or collected during claims processing in a

dedicated database established exclusively for this administration; (iii) execute address searches

utilizing the United States Postal Service database, the National Change of Address ("NCOA")

database; 1 (iv) the coordination and printing of settlement notices and claim forms ; (v) the

mailing and forwarding of notices and enclosures to potential class members, including banks,

brokers, and other nominees; (vi) the handling of all communications with potential class

members and claimants via telephone or mail; (vii) working with nominees to identify potential

class members; (viii) creating and maintaining a dedicated website for the settlement; (ix)

receiving, reviewing, and processing claim forms, opt-out requests, or other settlement forms; (x)

drafting and mailing of deficiency letters and handling of responses thereto; (xi) maintenance of

dedicated post-office boxes; (xii) the administration of bank or escrow accounts for settlement

funds, including tax reporting when requested; and (xiii) the management of the entire

distribution process, including, but not limited to, issuing checks and/or other award benefits to

authorized claimants and calculation of benefits. In addition, GCG will handle all reporting to

counsel as requested including, upon-request, statistical reports and updates for the Court

regarding the administration and status of the settlement administration.

6. Bringing together best-in-class systems and industry experts, GCG' s services

incorporate innovation, quality, and speed of execution to meet the specific needs of each

1 The NCOA database is the official United States Postal Service technology product, which makes change of address information available to mailers to help reduce undeliverable mail pieces before mail enters the mail stream. This product is an effective tool to update address changes when a person has completed a change of address form with the post office.

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project. As a result of GCG's experience in administering securities class action settlements,

GCG anticipates the questions that claimants will ask and how to most efficiently answer them.

GCG has the technology infrastructure to implement the case-specific plan of allocation and

process claims quickly and efficiently.

PROPOSED SETTLEMENT NOTICE PROGRAM AND CLAIMS PROCESS

7. The proposed notice program for this settlement will include a mailing campaign

to potential Class Members identified by Barclays Bank PLC and Barclays Capital Inc.

("Barclays"). The proposed notice program will also include summary notice publication and

posting the Notice and Proof of Claim form on the dedicated case website that GCG will create

and maintain. Using the data provided by Barclays, GCG will establish and maintain an online

portal through which class members can log-on and view their previously identified relevant

transactions in pre-populated electronic claim forms.

Mailing Claim Packets

8. The first step in the notice program is preparing the documents that will be

mailed. Accordingly, GCG worked with Plaintiff's Counsel to design a proposed Notice and a

proposed Proof of Claim form (collectively, the "Claim Packet"), which will inform potential

Class Members of their rights under the settlement and provide instructions as to how to file a

claim in the settlement either by mail or electronically. The Notice designed for this case is

comparable to the Notices approved by the district courts in In re Bank of New York Mellon

Corp. Forex Transactions Litigation, No. 12-MD-2335 (LAK) (JLC) (attached hereto as Exhibit

1), In re Credit Default Swaps Antitrust Litigation, No. 13-MD-2476 (DLC) (attached hereto as

Exhibit 2), and In re Air Cargo Shipping Services Antitrust Litigation, No. 06-MD-1775 (JG)

(VVP) (E.D.N.Y.) (attached hereto as Exhibit 3).

9. The Claim Packet will be mailed by fiTst class mail to the potential Class

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Members identified by Barclays. GCG will also disseminate Claim Packets to any other persons

requesting them or other points of contact for potential Class Members.

Publication of the Summary Notice

10. To buttress the mailing campaign, GCG also will publish a summary notice.

GCG will publish the summary notice in Investor 's Business Daily, The Wall Street Journal

global edition, Financial Times, and FX Week as well as transmit it as a press release via

PRNewswire.

11. The summary notice is comparable to the notices approved by the district Courts

in In re Bank of New York Mellon Corp. Forex Transactions Litigation, No. 12-MD-2335 (LAK)

(JLC) (attached hereto as Exhibit 4), In re Credit Default Swaps Antitrust Litigation, No. 13-

MD-2476 (DLC) (attached hereto as Exhibit 5), and In re Air Cargo Shipping Services Antitrust

Litigation, No. 06-MD-1775 (JG) (VVP) (attached hereto as Exhibit 6).

Website and Toll-Free Hotline

12. GCG will create and maintain a website dedicated to this Settlement. The website

address will be included in the Notice and Sununary Notice to potential Class Members. The

website will list the claims submission deadline and copies of the Notice and claim form, along

with other relevant documents, will be posted on the website, so that potential claimants may

review and download them. The online portal described above will be accessible through the

Settlement website.

13. GCG will also establish and maintain a toll-free telephone number and interactive

voice response system ("IVR") to accommodate inquiries from potential Class Members and to

respond to frequently asked questions. The telephone hotline dedicated to the Settlement will be

accessible 24 hours a day, 7 days a week.

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Claim Procedures

14. The second aspect of GCG's administration for this matter will be the

development of an effective and efficient claims procedure for Class Members.

15. Following the dissemination of the Notice, GCG will, among other processes and

procedures, create and test a database unique to this administration to store data provided by

Barclays and data obtained from filed claims as well as any scanned images submitted in support

of those claims; train staff in the specifics of the administration and the Plan of Distribution to

ensure that Proof of Claim forms are properly analyzed and processed, including electronic

claims; develop and test the settlement-specific computer program and user screens for the entry

of Class Member identifying information, as well as transactional information; and develop and

test a proprietary "calculation module" to calculate loss amounts in accordance with the Court

approved Plan of Distribution.

16. As Proof of Claim forms are often submitted incomplete, not signed, not properly

documented, and/or filed by claimants who are not Class Members, much of GCG' s efforts will

involve extensive claimant communications so that all claimants have sufficient opportunity to

cure any deficiencies and file a complete claim form. The deficiency process, which involves

letters and emails to claimants, and inbound and outbound telephone calls or emails to claimants,

is intended to assist claimants in properly completing their otherwise deficient submissions in

order to participate in the Settlement.

17. GCG's Quality Assurance personnel will work throughout the entire

administration process to ensure that claims are processed properly; that deficiency and

ineligibility conditions are identified and classified; that deficiency letters are mailed to the

appropriate claimants; and that GCG's computer programs are operating properly. Furthermore,

GCG' s fraud prevention team, which includes highly qualified personnel with expenence

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investigating fraud in both the public and private sectors, will use a variety of fraud protection

controls throughout the administration process to identify potential fraudulent claim forms.

CONCLUSION

18. Based on GCG' s decades of experience as an administrator, I believe that the

foregoing notice and claims processing program will be highly effective in providing potential

Class Members notice and the opportunity to submit claims and participate in the Settlement. I

am confident that the notice and claims processing program outlined above will ensure an

efficient and accurate administration.

I declare under penalty of perjury under the laws of the United States that the foregoing is

true and correct.

Executed on September 8, 2016 in Lake Success, New York.

~-Angela Ferrante

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EXHIBIT 1


Questions? Call (877) 940-1504 (Toll Free), or visit www.BNYMellonForexSettlement.com.

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UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK

IN RE BANK OF NEW YORK MELLON CORP. FOREX TRANSACTIONS LITIGATION

No. 12-MD-2335 (LAK) (JLC)

THIS DOCUMENT RELATES TO: Southeastern Pennsylvania Transportation Authority v. The Bank of New York Mellon Corporation, et al. International Union of Operating Engineers, Stationary Engineers Local 39 Pension Trust Fund v. The Bank of New York Mellon Corporation, et al. Ohio Police & Fire Pension Fund, et al. v. The Bank of New York Mellon Corporation, et al. Carver, et al. v. The Bank of New York Mellon, et al. Fletcher v. The Bank of New York Mellon, et al.

No. 12-CV-3066 (LAK) (JLC) No. 12-CV-3067 (LAK) (JLC) No. 12-CV-3470 (LAK) (JLC) No. 12-CV-9248 (LAK) (JLC) No. 14-CV-5496 (LAK) (JLC)

NOTICE OF (I) PENDENCY OF CLASS ACTION, (II) PROPOSED SETTLEMENT, (III) SETTLEMENT HEARING, (IV)

PLAN OF ALLOCATION FOR DISTRIBUTION, AND (V) LEAD SETTLEMENT COUNSEL’S MOTION FOR ATTORNEYS’ FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

A U.S. Federal Court authorized this Notice. This is not a solicitation from a lawyer.

This notice (“Notice”) is being sent to advise you of the pendency of the above-captioned class action lawsuits (collectively, the “Litigation”) as a class action and the proposed settlement of the Litigation for $335,000,000 (“Settlement”).1 In addition, the Settlement Class will receive a distribution of $155,000,000 pursuant to a settlement that Defendants reached with the New York Attorney General.2 The Settlement resolves claims arising from the alleged practice of BNYM (as defined below) of routinely assigning disadvantageous foreign exchange (“FX”) rates to those of its custodial clients’ FX trades that were executed on an “indirect” or “standing instructions” (“SI”) basis in violation of, among other things, BNYM’s alleged contractual and fiduciary obligations. This Litigation sought to recover losses on behalf of BNYM’s custodial clients based on this alleged practice. If approved, the Settlement will resolve all claims in the Litigation. The Settlement is entered into by and among (i) Southeastern Pennsylvania Transportation Authority (“SEPTA”), International Union of Operating Engineers, Stationary Engineers Local 39 Pension Trust Fund (“IUOE Local 39”), Ohio Police & Fire Pension Fund (“OP&F”), School Employees Retirement System of Ohio (“SERS”), Carl Carver, Deborah Jean Kenny, Edward C. Day, Joseph F. Deguglielmo, Lisa Parker, Frances Greenwell-Harrell, and Landol D. Fletcher (“Carver/Fletcher Plaintiffs”), on behalf of themselves and each member of the Settlement Class (as defined below) (collectively “Plaintiffs”), and (ii) The Bank of New York Mellon Corporation, The Bank of New York Mellon, The Bank of New York Company, Inc., The Bank of New York, Mellon Bank N.A., The Bank of New York Mellon Trust Company, N.A. (formerly known as the Bank of New York Trust Company, N.A.), and BNY Mellon, N.A. (collectively “BNYM”), and unnamed individuals designated as Does 1–20 in the second amended class action complaint filed on June 9, 2014 in Carver v. The Bank of New York Mellon, et al., No. 1:12-cv-09248-LAK (S.D.N.Y.) and the amended class action complaint filed on September 29, 2014 in Fletcher v. The Bank of New York Mellon, et al., No. 14-CV-5496 (LAK) (S.D.N.Y.) (together with BNYM, “Defendants”). Plaintiffs, on behalf of themselves and each Settlement Class Member, and Defendants are referred to herein as the “Settling Parties.” SEPTA, IUOE Local 39, OP&F, SERS, Joseph F. Deguglielmo (as a participant in and representative of the Kodak Retirement Income Plan), and Landol Fletcher (in his capacity as a participant in and representative for the Central States, Southeast and Southwest Areas Pension Plan) are collectively referred to herein as “Lead Plaintiffs.” 1 All capitalized terms used in this Notice that are not otherwise defined herein shall have the meanings provided in the Stipulation and Agreement of Settlement dated March 19, 2015 (the “Stipulation”), which is available on the website, www.BNYMellonForexSettlement.com. 2 BNYM has also entered into a settlement with the United States Department of Labor (“DOL") relating to the Standing Instruction FX Program. Pursuant to that settlement, BNYM will, among other things, pay $14,000,000 for the benefit of ERISA plans (“DOL Settlement Amount”). BNYM’s settlement with the DOL is separate from the Settlement of the Litigation discussed in this Notice. The $14,000,000 DOL Settlement Amount will be distributed by the Claims Administrator to those Settlement Class Members who are ERISA plans consistent with the Plan of Allocation approved by the Court.


http://www.bnymellonforexsettlement.com/



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The Honorable Lewis A. Kaplan of the United States District Court for the Southern District of New York (“Court”) is presiding over the Litigation. Judge Kaplan has provisionally certified the proposed Settlement Class (as defined below) for purposes of settlement only, has directed that this Notice be mailed to members of the Settlement Class, and has scheduled a final settlement hearing (“Settlement Hearing”) at which the Court will consider Plaintiffs’ motions for final approval of the Settlement and approval of the proposed plan for allocating the settlement proceeds to the Settlement Class (“Plan of Allocation”), and Lead Settlement Counsel’s motion for an award of attorneys’ fees, reimbursement of Litigation Expenses of Plaintiffs and Plaintiffs’ counsel, and any Service Awards for Plaintiffs. The Settlement Hearing will be held on September 24, 2015, at 10:00 a.m. at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007, Courtroom 21B. The Settlement will become “Final” after the opportunity to appeal Judge Kaplan’s final order has expired, or, if there are any appeals, the Settlement is upheld. As more fully described in Question 6 below, the Settlement provides for $335,000,000 to be paid by or on behalf of Defendants (“Settlement Amount”). The “Settlement Fund” will include the Settlement Amount plus interest accrued and $155,000,000 pursuant to a settlement that Defendants reached with the New York Attorney General (“NYAG Settlement Amount”).3 The NYAG Settlement Amount is expected to be deposited into the escrow account housing the Settlement Fund after the Settlement becomes Final and will be distributed consistent with the Plan of Allocation enclosed herewith as Exhibit 1. Any questions regarding the Settlement should be directed to Lead Settlement Counsel: Daniel P. Chiplock, Esq., Lieff Cabraser Heimann & Bernstein, LLP, 250 Hudson Street, 8th Floor, New York, New York 10013-1413, (212) 355-9500, www.lieffcabraser.com; Sharan Nirmul, Esq., Kessler Topaz Meltzer & Check, LLP, 280 King of Prussia Road, Radnor, Pennsylvania 19087, (610) 667-7706, www.ktmc.com; and J. Brian McTigue, Esq., McTigue Law LLP, 4530 Wisconsin Avenue, NW, Suite 300, Washington, DC 20016, (202) 364-6900, www.mctiguelaw.com. Please do not contact the Court. The Court will not be able to answer your questions.

YOU ARE RECEIVING THIS NOTICE BECAUSE AVAILABLE INFORMATION INDICATES THAT YOU ARE A MEMBER OF THE SETTLEMENT CLASS DEFINED BELOW−IF THIS IS INCORRECT, PLEASE CONTACT LEAD

SETTLEMENT COUNSEL.

PLEASE READ THIS NOTICE CAREFULLY AND COMPLETELY. IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS TO WHOM THIS NOTICE IS ADDRESSED, THE SETTLEMENT WILL AFFECT YOUR RIGHTS. YOU ARE NOT BEING SUED IN THIS MATTER. YOU DO NOT HAVE TO APPEAR IN COURT, AND YOU DO NOT HAVE TO

HIRE AN ATTORNEY. IF YOU ARE IN FAVOR OF THE SETTLEMENT, YOU NEED NOT DO ANYTHING TO APPROVE THE SETTLEMENT. YOU DO NOT HAVE TO DO ANYTHING TO RECEIVE A PAYMENT, BUT YOU MAY

EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS PURSUANT TO THE PROCEDURES DESCRIBED BELOW.

3 The settlement with the New York Attorney General does not require approval of the Court, but the NYAG Settlement Amount will be paid to the Settlement Class only in the event that there is final approval of the Settlement.




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YOUR LEGAL RIGHTS AND OPTIONS UNDER THE SETTLEMENT

YOU DO NOT NEED TO TAKE FURTHER ACTION TO PARTICIPATE IN THE SETTLEMENT AND RECEIVE A PAYMENT

If the Settlement is approved you do not need to take any further action to receive your payment. Your portion of the Net Settlement Fund (which includes the NYAG Settlement Amount) will be calculated as part of the administration of the Settlement. An explanation of the manner in which the payments to any Settlement Class Member has been determined is set forth in the answer to Question 7 below. BNYM has agreed to undertake reasonable efforts to provide the information necessary to determine Settlement Class Members’ shares of the Net Settlement Fund; however, if you believe that information relevant to the size of your estimated recovery is incorrect, please contact the Claims Administrator. See the answer to Question 7 below for more details.

YOU CAN EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION (WHICH MUST BE RECEIVED NO LATER THAN AUGUST 17, 2015)

If you do not wish to be a member of the Settlement Class, you must exclude yourself (as described below in Question 10) and you will not receive any payment from the Settlement Fund. You cannot bring or be part of any other lawsuit or arbitration against Defendants or any of the other Released Defendant Parties based on any Released Claim unless you exclude yourself from the Settlement Class.

YOU CAN OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION (WHICH MUST BE FILED NO LATER THAN AUGUST 26, 2015)

If you do not exclude yourself from the Settlement Class and wish to object to any part of the Settlement, you can write to the Court and counsel and explain why you do not like the Settlement.

YOU CAN GO TO THE SETTLEMENT HEARING (SEPTEMBER 24, 2015 AT 10 A.M.)

If you have submitted a written objection to the Court and counsel, as explained below, you may (but do not have to) attend the hearing and speak to the Court about your objection.

IF YOU DO NOTHING If you do nothing you will be bound by the terms of the Settlement, will be deemed to have released all Released Claims against Defendants and the other Released Defendant Parties, and will receive your payment.




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WHAT THIS NOTICE CONTAINS SUMMARY OF THE SETTLEMENT BASIC INFORMATION 1. Why did I receive this Notice? .................................................................................................................................... 5 2. What is the Litigation about? What has happened so far? ....................................................................................... 6 3. Why is this case a class action? ................................................................................................................................ 7 4. Why is there a Settlement? ........................................................................................................................................ 7 5. How do I know whether I am part of the Settlement Class? ...................................................................................... 7 6. What does the Settlement provide? ........................................................................................................................... 8 7. What will be my share of the Settlement Fund? ........................................................................................................ 8 8. How can I get my portion of the recovery? ................................................................................................................ 9 9. When will I receive my payment? .............................................................................................................................. 9 10. Can I exclude myself from the Settlement Class? ..................................................................................................... 9 THE LAWYERS REPRESENTING YOU 11. Do I have a lawyer in this case? .............................................................................................................................. 10 12. How will the lawyers be paid? .................................................................................................................................. 10 OBJECTIONS 13. How do I tell the Court if I do not like the Settlement? ............................................................................................. 10 THE COURT’S SETTLEMENT HEARING 14. When and where will the Court decide whether to approve the Settlement? .......................................................... 11 15. Do I have to come to the hearing? ........................................................................................................................... 12 16. May I speak at the hearing? ..................................................................................................................................... 12 IF YOU DO NOTHING 17. What happens if I do nothing at all? ......................................................................................................................... 12 GETTING MORE INFORMATION 18. How do I get more information? ............................................................................................................................... 12

SUMMARY OF THE SETTLEMENT

As described in more detail below, and in the complaints filed in the various actions, this Litigation alleges that Plaintiffs (or the plans they represent) and/or their investment managers entered into agreements authorizing Defendants to transact FX with their custodial accounts under certain “standing instructions.” According to the allegations in Plaintiffs’ complaints, Defendants usually priced “standing instruction” FX trades near the high and low edges of the daily range of interbank rates in the manner most beneficial to BNYM – notwithstanding Defendants’ alleged contractual obligations and representations, as well as in violation of Defendants’ alleged fiduciary and statutory responsibilities. Copies of the operative complaints in the Litigation, as well as other relevant documents filed therein, are available at www.BNYMellonForexSettlement.com. A Settlement Fund Escrow Account will be established into which the Settlement Amount will be deposited and held prior to being distributed to members of the Settlement Class pursuant to the Plan of Allocation. The NYAG Settlement Amount and DOL Settlement Amount will also be distributed consistent with the Plan of Allocation. After the Settlement becomes Final, the NYAG Settlement Amount is expected to be deposited into the Settlement Fund Escrow Account for distribution. In addition, the DOL Settlement Amount will be combined with the Settlement Amount and distributed to those members of the Settlement Class who are ERISA plans. Your estimated recovery, before deduction of costs, expenses and fees as described below, would amount to approximately 35% of the amount of your Recognized Claim should you not exclude yourself from the Settlement Class. A Settlement Class Member’s Recognized Claim, as explained in the enclosed Plan of Allocation, is the sales margin that BNYM recorded from FX transactions that the Bank executed with that Settlement Class Member through the Standing Instruction FX Program. Your actual recovery will be based upon the Net Settlement





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Fund, which will consist of the Settlement Fund, less certain amounts described in the Stipulation, including expenses associated with Notice to the Settlement Class, Court-approved attorneys’ fees, Litigation Expenses of Plaintiffs and Plaintiffs’ counsel, and any Service Awards to Plaintiffs (from the Settlement Amount) for the effort and time spent by them in connection with the prosecution of the Litigation, and Taxes and other costs related to the administration of the Settlement Fund and implementation of the Plan of Allocation, and will be allocated in accordance with the Plan of Allocation to be approved by the Court. (See Questions 6 and 7 below and Exhibit 1 herewith for details on the Plan of Allocation). The Settlement Class is defined as follows:

All domestic custody customers of BNYM that used BNYM’s Standing Instruction FX Program between January 12, 1999 and January 17, 2012.

Please Note: There are exceptions to being included in the Settlement Class. A description of those Persons excluded by definition from the Settlement Class is provided below in Question 5. As with any litigation, the Settling Parties would face an uncertain outcome of continuing this Litigation. Absent the Settlement, orders and appeals on class certification, summary judgment and a trial could result in a judgment or verdict greater or less than the recovery under the Settlement, no recovery at all, or liability to BNYM under counterclaims brought by BNYM against certain Plaintiffs and putative class members in this Litigation. This Litigation has been hotly contested from the outset. Throughout this Litigation, the Plaintiffs and BNYM have disagreed on both liability and damages, and they do not agree on the amount that would be recoverable even if the Plaintiffs were to prevail at trial. BNYM, among other things: (1) has denied, and continues to deny, the material allegations of the Complaint; (2) has denied, and continues to deny, any wrongdoing or liability whatsoever; (3) has contested and would continue to contest the propriety of class certification; (4) believes that it acted at all times reasonably and prudently, in full compliance with its contractual obligations, and in accordance with applicable law with respect to its Standing Instruction FX Program; (5) would assert certain other defenses and counterclaims if this Settlement is not consummated; and (6) is entering into the Settlement solely to avoid the cost, disruption, and uncertainty of continued litigation. The Settling Parties have taken into account the uncertainty and risks inherent in this Litigation, particularly its complex nature, and have concluded that it is desirable that this Litigation be fully and finally settled on the terms and conditions set forth in the Stipulation. Over the course of this case, the parties briefed motions to dismiss the complaints in the Litigation, Defendants’ counterclaims, and numerous discovery-related motions. During discovery in this case, the Settling Parties produced and/or reviewed nearly 25 million pages of documents: in total, more than 19 million pages were produced by Defendants, more than one million pages by Plaintiffs, and more than 2.8 million pages by third parties. The Settling Parties, through their attorneys, took, defended, or otherwise participated in a total of 128 depositions, 7 of which took place over multiple days and occurred in numerous states across the country including, but not limited to: Alaska, California, Delaware, Georgia, Massachusetts, New Jersey, New York, Ohio, Pennsylvania, Texas, and Wisconsin. Depositions also took place in both Scotland and England, UK. These depositions resulted in nearly 100,000 pages of recorded testimony and exhibits. The parties filed motions to dismiss, filed ten discovery motions, and exchanged nine expert reports. Lead Settlement Counsel in this Litigation, on behalf of Plaintiffs’ Counsel, will apply to the Court for an order awarding attorneys’ fees in an amount not to exceed 25% of the Settlement Amount (not including the NYAG Settlement Amount or the DOL Settlement Amount) and reimbursement of Litigation Expenses of Plaintiffs and Plaintiffs’ counsel in an amount not to exceed $5 million, plus interest earned on these amounts. Lead Plaintiffs will share in the allocation of the money paid to members of the Settlement Class on the same basis and to the same extent as all other members of the Settlement Class, except that, in addition thereto, SEPTA, IUOE Local 39, OP&F, and SERS may apply to the Court for Service Awards of up to $25,000 each. The other Plaintiffs may apply for Service Awards of up to $3,000 each. Any Service Award granted to Plaintiffs by the Court will be payable from the Settlement Amount, and will compensate Plaintiffs for their effort and time spent in connection with the prosecution of the Litigation, as supported by adequate written documentation of such effort and time.4

BASIC INFORMATION 1. Why did I receive this Notice? You received this Notice because records indicate that you are a domestic custody customer of BNYM that used BNYM’s Standing Instruction FX Program between January 12, 1999 and January 17, 2012. The Court has directed that this Notice be sent to you because, as a member of the Settlement Class, you have a right to know about the proposed

4 The portion of the Settlement Fund comprised of the NYAG Settlement Amount and the DOL Settlement Amount will not serve as the basis for any award of attorneys’ fees, costs or other deductions apart from whatever administration costs may be incurred after the NYAG Settlement Amount and DOL Settlement Amount are added to the Settlement Fund.




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Settlement with Defendants before the Court decides whether to approve the Settlement. If the Court approves the Settlement, and any related objections and appeals are favorably resolved, the Settlement Amount, net of the costs, fees and expenses described herein, as well as the NYAG Settlement Amount and DOL Settlement Amount will be allocated among Settlement Class Members according to a Court-approved Plan of Allocation and the Released Defendant Parties and Released Plaintiff Parties will be released from all Released Claims and Released Defendant Claims, respectively, as set forth in the Stipulation. This Notice explains the Litigation, the Settlement, your legal rights, what benefits are available, who is eligible for them, and how you will receive your portion of the benefits. The purpose of this Notice is to inform you of the Settlement Hearing to be held by the Court to consider the fairness, reasonableness and adequacy of the Settlement and to consider the application of Lead Settlement Counsel (on behalf of all Plaintiffs’ Counsel) for an award of attorneys’ fees and reimbursement of Litigation Expenses of Plaintiffs and Plaintiffs’ counsel from the Settlement Amount, which may include the application for Service Awards to Plaintiffs. The Settlement Hearing will be on September 24, 2015 at 10:00 a.m., before the Honorable Lewis A. Kaplan in the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007, Courtroom 21B, to determine:

• whether the Settlement should be approved as fair, reasonable and adequate; • whether the complaints should be dismissed with prejudice pursuant to the terms of the Settlement; • whether the Notice and the means of dissemination thereof pursuant to the Settlement: (i) were appropriate and

reasonable and constituted due, adequate, and sufficient notice to all persons entitled to notice; and (ii) met all applicable requirements of the Federal Rules of Civil Procedure, and any other applicable law;

• whether the application for attorneys’ fees and reimbursement of expenses filed by Lead Settlement Counsel (on behalf of Plaintiffs and Plaintiffs’ Counsel) should be approved; and

• whether the application for any Service Awards for Plaintiffs should be approved. The issuance of this Notice is not an expression of the Court’s opinion on the merits of any claim in this Litigation, and the Court still has to decide whether to approve the Settlement. If the Court approves the Settlement, payment to Settlement Class Members will be made after all related appeals, if any, are favorably resolved. It is always uncertain whether such appeals can be favorably resolved, and resolving them can take time, perhaps more than a year. Please be patient. 2. What is the Litigation about? What has happened so far? In this Litigation, Plaintiffs allege, among other things, that Defendants breached contracts they entered into with members of the Settlement Class in which BNYM promised to provide standing instruction foreign exchange (“SI FX”) transactions in a manner that was “free of charge,” according to “best execution standards,” or on terms no less advantageous to clients than the terms offered to other parties in comparable transactions conducted on an arm’s length basis. The Litigation alleges that Defendants breached their SI FX contracts by pricing SI FX transactions near the high and low edges of the daily interbank range in the manner most beneficial to BNYM. Plaintiffs allege that, by employing this pricing mechanism, BNYM earned higher spreads on SI FX trades than it would have earned on comparable transactions, including trades negotiated directly with BNYM or with a third party. Further, Plaintiffs allege that Defendants’ failed to disclose this pricing mechanism, and that this nondisclosure constituted a breach of an alleged fiduciary duty, a violation of various state unfair and deceptive trade practice statutes, and, with respect to ERISA funds, violations of ERISA, 29 U.S.C. § 1104, for engaging in self-interested prohibited transactions with plan assets in violation of ERISA, 29 U.S.C. § 1106(b), and causing the plans to engage in party in interest prohibited transactions in violation of ERISA, 29 U.S.C. § 1106(a). Defendants have denied Plaintiffs’ allegations of wrongdoing. If the Litigation were to continue, Defendants would raise numerous defenses to liability, including without limitation:

• Defendants acted in accordance with the SI FX agreements and did not breach them. • Defendants either did not owe fiduciary duties or did not breach fiduciary duties owed to certain Settlement Class

Members based on state law and the plain language of the Master Trust Agreements that governed Defendants’ custodial obligations.

• Defendants made no actionable misrepresentations or omissions, and did not violate any state unfair and deceptive trade practices statutes.

• All of the FX transactions executed with ERISA customers satisfy statutory or regulatory exemptions for FX transactions.

• Plaintiffs and the Settlement Class were not damaged by Defendants’ conduct and received the benefit of the bargain for the services that were provided.




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Counsel for the Settling Parties aggressively litigated their respective cases for nearly four years. The Settlement is the product of hard-fought, arm’s length negotiations between Lead Settlement Counsel and BNYM’s Counsel, facilitated by a nationally-recognized mediator with substantial experience mediating complex litigations of this type. Counsel for the Settling Parties agreed to this Settlement only after its terms were thoroughly and extensively negotiated. 3. Why is this case a class action? In a class action, one or more individuals or entities, referred to as “Plaintiffs,” sue on behalf of individuals and entities who have similar claims. All of the Persons on whose behalf Plaintiffs in this Litigation are suing are members of a “class” referred to in this Notice as Settlement Class Members or members of the Settlement Class. Because Plaintiffs believe that the wrongful conduct alleged in this case affected a large number of BNYM’s custody customers that used BNYM’s SI FX Program between January 12, 1999 and January 17, 2012 in a highly similar way, Plaintiffs filed their cases as putative class actions. The Settlement Class has been provisionally certified by the Court for purposes of effectuating the Settlement. United States District Court Judge Lewis A. Kaplan is presiding over this case. 4. Why is there a Settlement? The Court has not expressed any opinions or reached any decisions on the ultimate merits of Plaintiffs’ claims against Defendants. Instead, Plaintiffs and Defendants have agreed to a Settlement to resolve the Litigation. In reaching the Settlement, the Settling Parties have avoided the cost and time of further litigation, including the costs and expenses involved in completing discovery, completing class and expert discovery, class certification briefing, the summary judgment briefing, trial, post-trial briefing and potential appeals. As with any litigation, Plaintiffs would face an uncertain outcome if this case proceeded further. Pursuing the Litigation against Defendants could result in a verdict offering relief greater than this Settlement, a verdict for less money than Plaintiffs have obtained in this Settlement, no recovery at all, and/or a verdict for Defendants on their counterclaims. Based on these risks and an evaluation of other unique risks presented by this case, Plaintiffs and Plaintiffs’ Counsel believe the Settlement is in the best interests of all members of the Settlement Class. Additional information concerning the Settlement and these factors is available on the website, www.BNYMellonForexSettlement.com. As stated above, this Settlement is the product of extensive arm’s-length negotiations between Lead Settlement Counsel and BNYM’s Counsel, all of whom are very experienced with respect to complex litigation of this type. Lead Settlement Counsel believe the proposed Settlement is fair, reasonable and adequate and in the best interest of the Settlement Class. 5. How do I know whether I am part of the Settlement Class? The Court has provisionally certified the following Settlement Class:

All domestic custody customers of BNYM that used BNYM’s Standing Instruction FX Program between January 12, 1999 and January 17, 2012.

The “Settlement Class” does not include any custodial clients of BNYM with or on behalf of which BNYM has previously reached, or reaches before the Settlement becomes final, a negotiated resolution in connection with disputes or potential disputes relating to the Standing Instruction FX Program (whether or not a qui tam action was filed on behalf of such custodial clients).5 The “Settlement Class” also does not include (a) plaintiffs in Los Angeles County Employees Retirement Association, ex rel. FX Analytics v. The Bank of New York Mellon Corp., No. 12-cv-08990-LAK (S.D.N.Y.) and In re Bank of New York Mellon Corp. False Claims Act Foreign Exchange Litigation, No. 12-cv-03064-LAK (S.D.N.Y.); or (b) any of the New York City funds named as plaintiffs in People ex rel. Schneiderman v. The Bank of New York Mellon Corp., No. 09/114735 (N.Y. Sup. Ct.), except that the Teachers’ Retirement System of the City of New York Variable Annuity Funds and the New York City Deferred Compensation Plan shall both be included in the “Settlement Class.” The “Settlement Class” also does not include any Defendants, their predecessors and affiliates, or any entity in which any Defendant has a controlling interest, and their officers, directors, legal representatives, heirs, successors, subsidiaries and/or assigns of any such individual or entity. The “Settlement Class” also shall not include any Person who submits a request for exclusion meeting the requirements of Paragraph 34 of the Stipulation (see Question 10 below). For the

5 These custodial clients on whose behalf qui tam cases were filed and resolved are Educational Retirement System of Fairfax County; Fairfax County Employees Retirement System; Fairfax County Uniformed Retirement System; Fairfax County Police Officers Retirement System; Massachusetts Pension Reserves Investment Management Board; State Board of Administration of Florida; and Virginia Retirement System.




8

avoidance of doubt, it is agreed that this definition of the “Settlement Class” is intended to supersede the class definitions in the complaints in the Litigation. If you are a member of the above Settlement Class and do not request exclusion (see Question 10 below), your share of the Net Settlement Fund will be determined by the Court-approved Plan of Allocation, described in Questions 6 and 7 below and Exhibit 1 herewith. 6. What does the Settlement provide? The Settlement provides for $335,000,000 to be paid by or on behalf of Defendants to settle the Litigation. The $335,000,000 and an additional $155,000,000 to be paid pursuant to a settlement between Defendants and the NYAG, plus interest that accrues on these amounts, will be distributed to the Settlement Class after costs, expenses and fees are deducted as described below. The DOL Settlement Amount will also be distributed to those members of the Settlement Class who are ERISA plans. Your estimated recovery, before deduction of costs, expenses and fees as described below, would amount to approximately 35% of the amount of your Recognized Claim, i.e. the sales margin that BNYM recorded on the Standing Instruction FX Program for your respective custodial accounts as determined by Plaintiffs’ expert. Your actual recovery will depend upon the net amount in the Settlement Amount (after disbursements and reserves for certain amounts as described in the Settlement, including expenses associated with Notice to the Settlement Class, Court-approved attorneys’ fees and Litigation Expenses of Plaintiffs and Plaintiffs’ counsel, including any Service Awards, taxes and other costs related to the administration of the Settlement Fund and implementation of the Plan of Allocation), which will be allocated and paid to Settlement Class Members according to a Plan of Allocation to be approved by the Court. The Settlement will provide for cash payments to Settlement Class Members who do not exclude themselves from the Settlement Class pursuant to Question 10 below. The tax treatment of any distribution from the Net Settlement Fund is the responsibility of each recipient. You should consult your tax advisor to determine the tax consequences, if any, of any distribution to you. In exchange for the Settlement payment, all Settlement Class Members are deemed to fully release the Released Claims, and are forever enjoined from bringing any of the Released Claims against any of the Defendants or other Released Defendant Parties. The Released Defendant Parties are defined in the Stipulation; generally, they are Defendants and certain affiliated or otherwise related persons and entities. The Released Claims, also defined in the Stipulation, generally include, subject to certain limitations set forth in the Stipulation, all claims asserted in this Litigation, as well as any claims that could have been asserted in any forum by or on behalf of the members of the Settlement Class which arise out of or are based on the allegations, transactions, facts, matters or occurrences, or alleged representations or omissions out of which the claims in this Litigation arose. This means that Settlement Class Members will not have the right to sue the Released Defendant Parties for any such claims if the Settlement is approved. The parties reached agreement on the proposed Settlement Amount through an extensive mediation facilitated by the Honorable Layn R. Phillips (Ret.), a retired United States District Judge. The description of the Settlement in this Notice is only a summary. The complete terms, including the definitions of the Released Defendant Parties and Released Claims, are set forth in the Stipulation (including its exhibits), which may be obtained at the Settlement website, www.BNYMellonForexSettlement.com or by contacting Lead Settlement Counsel listed below. 7. What will be my share of the Settlement Fund? THE COVER LETTER ENCLOSING THIS NOTICE LISTS YOUR BNYM ACCOUNT NUMBER(S) AND EXPLAINS HOW TO VIEW YOUR ESTIMATED RECOVERY. IF YOU BELIEVE THAT INFORMATION TO BE INCORRECT, PLEASE CONTACT THE CLAIMS ADMINISTRATOR. IF THE CLAIMS ADMINISTRATOR CANNOT INDEPENDENTLY VERIFY THAT AN ERROR HAS BEEN MADE, YOU WILL BE ASKED TO PROVIDE DOCUMENTATION RELATING TO YOUR BNYM ACCOUNT(S). At the Settlement Hearing, Lead Settlement Counsel will request the Court approve the Plan of Allocation enclosed herewith as Exhibit 1. The Plan of Allocation describes the manner by which the Net Settlement Fund, including the NYAG Settlement Amount, will be distributed to Settlement Class Members.6 In general terms, the Net Settlement Fund will be allocated to Settlement Class Members such that the amount received will depend on the Settlement Class Member’s calculated loss, relative to the losses of other Settlement Class Members, related to sales margin that BNYM

6 The DOL Settlement Amount will also be distributed to ERISA Plans through the Claims Administrator pursuant to the Plan of Allocation.




9

generated from Settlement Class Members’ FX transactions conducted through the Standing Instruction FX Program. Because the Net Settlement Fund will be less than the total losses alleged to have been suffered in the Litigation, a Settlement Class Member’s proportionate recovery will be less than its alleged loss. You are not responsible for calculating the amount you may be entitled to receive under the Settlement. This calculation will be done as part of the implementation of the Settlement, and will be based on reasonably available information obtained from BNYM, which has agreed to undertake reasonable efforts to provide such information. However, if you believe that information relevant to the size of your estimated recovery is incorrect, please contact the Claims Administrator. You will be asked to provide documentation relating to your BNYM account(s) if the Claims Administrator cannot verify that an error has been made using available records. The tax treatment of any distribution varies based upon the recipient’s tax status and treatment of its investments. The tax treatment of any distribution from the Net Settlement Fund is the responsibility of each recipient. You should consult your tax advisor to determine the tax consequences, if any, of any distribution to you. 8. How can I get my portion of the recovery? If you do not exclude yourself from the Settlement Class pursuant to Question 10 below, you do not need to take any further action to receive your portion of the recovery as set forth in Questions 6 and 7 above and the Plan of Allocation enclosed herewith as Exhibit 1. 9. When will I receive my payment? Payment is conditioned on several matters, including the Court’s approval of the Settlement and that approval becoming Final and no longer subject to any appeals. Upon satisfaction of various conditions, the Net Settlement Fund, which includes the NYAG Settlement Amount as well as the DOL Settlement Amount, will be distributed to Settlement Class Members pursuant to the terms of the Plan of Allocation (described in Questions 6 and 7 above and the Plan of Allocation enclosed herewith as Exhibit 1) as soon as practicable after the Settlement has become Final, including the exhaustion of any appeals. Any appeal could take more than a year. Interest accrued on the Settlement Fund will be included in the amount allocated and paid to Settlement Class Members. The Settlement may be terminated on several grounds, including if the Court does not approve or otherwise materially modifies the terms of the Settlement. If the Settlement is terminated, the Litigation will proceed as if the Settlement had not been reached. 10. Can I exclude myself from the Settlement Class? Yes. You may request to be excluded (also referred to as “opting-out”) from the Settlement Class. If you request exclusion, (a) you will not participate in any distribution of the Net Settlement Fund, and will not receive any part of the Settlement Amount, the NYAG Settlement Amount or the DOL Settlement Amount; (b) you will not be bound by the terms of the Settlement, including the releases, and you will retain any right to file your own lawsuit concerning the Released Claims; and (c) you will not be able to object to the Settlement. In the event you wish to exclude yourself from the Settlement Class, you must submit a written Request for Exclusion, which must be received no later than August 17, 2015, at the address below. In order to be valid, each Request for Exclusion must set forth your name, address, telephone number, a statement that you wish to be excluded from the Settlement Class in the Litigation, and the following information:

(i) name of the entity you represent that entered into a contractual custody agreement with BNYM;

(ii) the date of the contract referenced in (i) above;

(iii) the BNYM entity that was the contractual counterparty to the contract referenced in (i) above;

(iv) a list of all current and former accounts, including both the name and account number of such accounts, that held foreign (non-U.S.) assets and were related to the contract referenced in (i) above; and

(v) a list of all legal actions and claims (if any) that you have brought against any of the Defendants relating to the

Standing Instruction FX Program. If you cannot provide any of the information required under (ii)–(iv), you may still submit a request for exclusion if you provide a written statement certifying that have undertaken best efforts to provide the missing information. Requests for Exclusion must be provided to the Claims Administrator at:




10

In re Bank of New York Mellon Corp. Forex Transactions Litigation Garden City Group, LLC

Claims Administrator P.O. Box 10170

Dublin, OH 43017-3170 To be effective, your Request for Exclusion must be received no later than August 17, 2015. Unless otherwise ordered by the Court, any Settlement Class Member who does not submit a timely and valid Request for Exclusion as provided herein shall be bound by the Settlement. Do not request exclusion if you wish to participate in the Settlement. You cannot exclude yourself on the website, by telephone or by email. If you do not follow these procedures—including meeting the date for exclusion set out above—you will not be excluded from the Settlement Class, and you will be bound by all of the orders and judgments entered by the Court regarding the Settlement, including the release of claims.

THE LAWYERS REPRESENTING YOU 11. Do I have a lawyer in this case? Lieff Cabraser Heimann & Bernstein, LLP, Kessler Topaz Meltzer & Check, LLP, and McTigue Law LLP are Lead Settlement Counsel for Plaintiffs and the Settlement Class in the Litigation. You will not be charged directly by these firms or the other firms representing Plaintiffs in this case (collectively “Plaintiffs’ Counsel”). If you want to be represented by your own lawyer, you may hire one at your own expense. 12. How will the lawyers be paid? Lead Settlement Counsel, on behalf of Plaintiffs’ Counsel, will apply to the Court for an award of attorneys’ fees and reimbursement of Litigation Expenses for their work and Plaintiffs’ Counsel’s work. The application for attorneys’ fees will not exceed 25% of the Settlement Amount plus reimbursement of expenses not to exceed $5 million incurred in connection with the prosecution and resolution of this Litigation. Any award of fees and expenses will be paid from the Settlement Amount prior to allocation and payment to Settlement Class Members. The written application for attorneys’ fees and Litigation Expenses of Plaintiffs and Plaintiffs’ counsel, together with any application for Service Awards to Plaintiffs, will be filed by August 17, 2015, and the Court will consider these applications at the Settlement Hearing. A copy of the applications will be available at www.BNYMellonForexSettlement.com or by a requesting a copy from Lead Settlement Counsel. Lead Settlement Counsel and Plaintiffs’ Counsel will not seek any award of attorneys’ fees based on the NYAG Settlement Amount or the DOL Settlement Amount. To date, neither Lead Settlement Counsel nor any additional Plaintiffs’ Counsel have received any payment for their services in prosecuting this Litigation on behalf of the Settlement Class, nor have counsel been reimbursed for their out-of-pocket expenses incurred in connection with litigating this Litigation. The fee requested by Lead Settlement Counsel (on behalf of Plaintiffs’ Counsel) would compensate appointed counsel for their efforts in achieving the Settlement for the benefit of the Settlement Class and for their risk in undertaking this representation on a contingency basis. The Court will determine the actual amount of the award. Objecting to the Attorneys’ Fees By following the procedures described in the answer to Question 13, you can tell the Court that you do not agree with the fees and expenses the attorneys intend to seek and ask the Court to deny their motion or limit the award.

OBJECTIONS 13. How do I tell the Court if I do not like the Settlement? Any Settlement Class Member may appear at the Settlement Hearing and explain why it thinks the Settlement of the Litigation as embodied in the Stipulation should not be approved as fair, reasonable and adequate and why a judgment should not be entered thereon, why the attorneys’ fees and expenses of Plaintiffs and Plaintiffs’ Counsel should not be awarded, in whole or in part, or why Plaintiffs should not be awarded any Service Awards, in whole or in part. However, no Settlement Class Member shall be heard or entitled to contest these matters unless such Settlement Class Member has filed with the Court written objections.




11

To object, you must send a letter or other written statement saying that you object to the Settlement, the attorneys’ fee award, expenses, and/or the Service Awards in In re Bank of New York Mellon Corp. Forex Transactions Litigation, No. 12-MD-2335 (LAK) (JLC). Be sure to include your name, address, telephone number, signature, and a full explanation of all reasons why you object to the Settlement. You must also include the following information:

(i) the name of the entity you represent that entered into a contractual custody agreement with BNYM;

(ii) the date of the contract referenced in (i) above;

(iii) the BNYM entity that was the contractual counterparty to the contract referenced in (i) above; and

(iv) a list of all current and former accounts, including both the name and account number of such accounts, that held foreign (non-U.S.) assets and were related to the contract referenced in (i) above.

If you cannot provide any of the information required under (ii)–(iv), you may still object if you provide a written statement certifying that have undertaken best efforts to provide the missing information. Your written objection must be filed with the Court, and served upon the counsel listed below by no later than August 26, 2015: File with the Clerk of the Court: Clerk of the Court United States District Court for the Southern District of New York 500 Pearl Street New York, NY 10007 And, by the same date, serve copies of all such papers by mail and fax to each of the following:

Lead Settlement Counsel Defendants’ Counsel

Daniel P. Chiplock, Esq. Lieff Cabraser Heimann

& Bernstein, LLP 250 Hudson Street

8th Floor New York, NY 10013-1413

Sharan Nirmul, Esq.

Kessler Topaz Meltzer & Check, LLP

280 King of Prussia Road Radnor, PA 19087

J. Brian McTigue, Esq.

McTigue Law LLP 4530 Wisconsin Avenue, NW

Suite 300 Washington, DC 20016

Reid M. Figel, Esq. Kellogg, Huber, Hansen, Todd,

Evans & Figel, P.L.L.C. 1615 M. Street, N.W.

Suite 400 Washington, D.C. 20036

UNLESS OTHERWISE ORDERED BY THE COURT, ANY SETTLEMENT CLASS MEMBER WHO DOES NOT OBJECT IN THE MANNER DESCRIBED HEREIN WILL BE DEEMED TO HAVE WAIVED ANY OBJECTION AND SHALL BE FOREVER FORECLOSED FROM MAKING ANY OBJECTION TO THE PROPOSED SETTLEMENT AND THE APPLICATION FOR ATTORNEYS’ FEES, LITIGATION EXPENSES, AND ANY SERVICE AWARDS.

THE COURT’S SETTLEMENT HEARING 14. When and where will the Court decide whether to approve the Settlement?




12

The Court will hold a Settlement Hearing at 10:00 a.m. on September 24, 2015, before the Honorable Lewis A. Kaplan in the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007, Courtroom 21B. IF YOU DO NOT WISH TO OBJECT TO THE PROPOSED SETTLEMENT OR THE APPLICATION FOR ATTORNEYS’ FEES, LITIGATION EXPENSES OF PLAINTIFFS AND PLAINTIFFS’ COUNSEL, AND ANY SERVICE AWARDS, YOU NEED NOT ATTEND THE SETTLEMENT HEARING. At the hearing, the Court will consider whether the Settlement is fair, reasonable and adequate. If there are objections, the Court will consider them. After the Settlement Hearing, the Court will decide whether to approve the Settlement. The Court will also consider any motions for attorneys’ fees, expenses of Plaintiffs and Plaintiffs’ counsel, and Service Awards for Plaintiffs, as well as the proposed Plan of Allocation. We do not know how long these decisions will take. 15. Do I have to come to the hearing? Lead Settlement Counsel will answer any questions that the Court may have about the Settlement at the Settlement Hearing. You are not required to attend the Settlement Hearing but are welcome to come at your own expense. If you send an objection, you do not have to come to Court to discuss it. As long as you filed your written objection on time, it will be before the Court when the Court considers whether to approve the Settlement as fair, reasonable and adequate. You may also have your own lawyer attend the Settlement Hearing at your expense, but such attendance is not mandatory. 16. May I speak at the hearing? If you are a Settlement Class Member and you have filed a timely objection, if you wish to speak, present evidence or present testimony at the Settlement Hearing, you must state in your objection your intention to do so, and must identify any witnesses you intend to call or evidence you intend to present. The Settlement Hearing may be rescheduled by the Court without further notice to the Settlement Class. If you wish to attend the Settlement Hearing, you should confirm the date and time with Lead Settlement Counsel.

IF YOU DO NOTHING 17. What happens if I do nothing at all? If you do nothing and the Settlement is approved, you will be bound by the terms of the Settlement, will be deemed to have released all Released Claims against all of the Released Defendant Parties, and will receive your pro rata payment as described in Questions 6 and 7 above and the Plan of Allocation enclosed herewith as Exhibit 1.

GETTING MORE INFORMATION

18. How do I get more information? This Notice summarizes the proposed Settlement. Full details of the Settlement are set forth in the Stipulation. You may obtain a copy of the Stipulation by making a written request to Lead Settlement Counsel listed above. Copies of the Stipulation, as well as other Settlement-related documents, may also be viewed at www.BNYMellonForexSettlement.com. You may also contact Lead Settlement Counsel at the contact information listed above, or the Claims Administrator toll-free at (877) 940-1504 or [email protected]. DATED: May 7, 2015 By Order of the Court




Exhibit 1:

PLAN OF ALLOCATION

The Net Settlement Fund will be allocated among Settlement Class Members pursuant to the method described below. The Net Settlement Fund means the Settlement Fund less: (i) any Taxes and Tax Expenses; (ii) Notice and Administration Costs; and (iii) any attorneys’ fees, Service Awards, and Litigation Expenses awarded by the Court. The portion of the Settlement Fund comprised of the NYAG Settlement Amount will not serve as the basis for any award of attorneys’ fees, costs or other deductions apart from whatever administration costs may be incurred after the NYAG Settlement Amount is added to the Settlement Fund. In addition, the DOL Settlement Amount will be added to the Settlement Fund and be distributed to those Settlement Class Members who are ERISA plans pursuant to the method described below. The DOL Settlement Amount will not serve as the basis for any award of attorneys’ fees, costs or other deductions apart from whatever administration costs may be incurred after the DOL Settlement Amount is added to the Settlement Fund.

A. Calculation of Allocation

BNYM has provided Lead Settlement Counsel, in connection with the Litigation, with transaction data reflecting the sales margins it earned from Settlement Class Members whose foreign exchange transactions were executed using standing instructions for the period from January 12, 1999 through January 17, 2012. Lead Plaintiffs retained a foreign exchange trading expert, Bill Brown of 8Rivers Capital, to compile the sales margin data from BNYM’s records for each standing instruction foreign exchange transaction BNYM executed with Settlement Class Members. BNYM determined its sales margin on standing instruction foreign exchange transactions by calculating the difference between a proxy for the interbank foreign exchange rate at the time BNYM determined the price to assign to a standing instruction transaction with a Settlement Class Member (the “Reference Rate”) and the foreign exchange rate that BNYM gave Settlement Class Members (the “Deal Rate”). For purposes of the Plan of Allocation, this sales margin is deemed to be each Settlement Class Member’s “Recognized Claim,” and each Settlement Class Member’s recovery in this Litigation will be based on its Recognized Claim. Under the Plan of Allocation, ERISA plans will be allocated the equivalent of $70 million, on a gross basis, from the Settlement Fund. Recoveries for ERISA plans will be on a pro rata basis relative to other Settlement Class Members who are ERISA plans and recoveries for Settlement Class Members who are not ERISA plans will be on a pro rata basis relative to other non–ERISA plan Settlement Class Members. In addition, the DOL Settlement Amount will be distributed on a pro rata basis to ERISA plans relative to other Settlement Class Members who are ERISA plans.

Recognized Claims for Settlement Class Members will vary depending on the volume of foreign exchange transactions that a Settlement Class Member executed using BNYM’s Standing Instruction FX Program, the currency pairs involved in its standing instruction transactions, the applicable Deal Rates and Reference Rates used on any given trading day, and volatility in the foreign exchange markets when the Settlement Class Member’s foreign exchange transactions were executed, among other variables. It is important to understand that the Recognized Claims under the Plan of Allocation do not equate to provable damages but rather provide a fair and reasonable methodology to evaluate each Settlement Class Member’s relative stake in the Settlement.

BNYM maintained its transaction data used to determine sales margin by Customer Identification (“CID”) numbers. The CID numbers correspond to individual custodial accounts maintained by BNYM for the benefit of the Settlement Class Members. Any one Settlement Class Member may have several custodial accounts through which standing instruction foreign exchange transactions were executed, and thus be associated with several CID numbers for which there will be a Recognized Claim. The Plan of Allocation calculates a Settlement Class Member’s Recognized Claim for each CID number associated with that Settlement Class Member, based on information provided by BNYM.

Settlement Class Members’ Recognized Claims may be accessed at the following website www.BNYMellonForexSettlement.com or may be accessed by contacting the Claims Administrator at the following number (877) 940-1504. Through this Notice, each Settlement Class Member will have received a unique claim number, found on the cover letter enclosing the Notice, that will allow the Settlement Class Member to review the Recognized Claims for each CID associated with the Settlement Class Member’s accounts maintained by BNYM. Settlement Class Members that believe this information is incomplete or incorrect, and Persons who believe that they should have been but were not included in the Settlement Class, may contact the Claims Administrator. If the Claims Administrator cannot independently determine that an error has been made, it will ask for documentation before adjusting the Recognized Claim of any Settlement Class Member or acknowledging any Person as belonging to the Settlement Class.

B. Distribution of Allocation

Prior to the Effective Date, the Settlement Fund shall remain in an interest-bearing escrow account, except as otherwise provided in the Stipulation and Agreement of Settlement. After the Order and Final Judgment becomes Final, the NYAG Settlement Amount is added to the Settlement Fund, and the DOL Settlement Amount is added to the Settlement Fund, the Claims Administrator shall distribute the Net Settlement Fund, which shall be done as promptly as possible pursuant to the Distribution Order. The Distribution Order shall not authorize payments to Settlement Class Members prior to the Effective Date.



EXHIBIT 2


FOR MORE INFORMATION, CALL 1-888-744-0531 OR VISIT WWW.CDSANTITRUSTSETTLEMENT.COM

1

UNITED STATES DISTRICT COURT FOR THE

SOUTHERN DISTRICT OF NEW YORK

If You Entered into a CDS Transaction Between January 1, 2008 and

September 25, 2015, You May Be Affected by Class Action Settlements.

“CDS” means any and all types of credit default swap(s) and CDS-based products, including, without limitation, single-

name CDS, CDS on corporate, sovereign and municipal reference entities, tranche CDS, basket CDS, index CDS, and CDS

futures. A “CDS Transaction” means (i) any purchase, sale, trade, assignment, novation, unwind, termination, or other

exercise of rights or options with respect to any CDS, whether executed over-the-counter or via inter-dealer brokers, a

centralized clearinghouse, a central limit order book, an exchange, a swap execution facility, or any other platform or trading

facility; or (ii) any decision to withhold a bid or offer on, or to decline to purchase, sell, trade, assign, novate, unwind,

terminate or otherwise exercise any rights or options with respect to any CDS.

A federal court authorized this Notice. This is not a solicitation from a lawyer.

• This notice is to alert you to settlements reached with defendants Bank of America Corporation and Bank of

America, N.A.; Barclays Bank PLC; BNP Paribas; Citigroup Inc., Citibank, N.A., and Citigroup Global Markets

Inc.; Credit Suisse AG; Deutsche Bank AG; Goldman, Sachs & Co.; HSBC Bank PLC and HSBC Bank USA,

N.A.; JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A.; Morgan Stanley & Co. LLC; Royal Bank of

Scotland PLC and Royal Bank of Scotland N.V.; UBS AG and UBS Securities LLC (collectively, “Dealer

Defendants”); International Swaps and Derivatives Association (“ISDA”); Markit Group Holdings Ltd. and Markit

Group Ltd. (“Markit”) (collectively, “Defendants”) in a class action.

• The lawsuit alleges that Defendants engaged in anticompetitive acts that affected the price of CDS in violation

of Section 1 of the Sherman Act, 15 U.S.C. § 1. The lawsuit also alleges that Defendants were unjustly enriched

under common law by their anticompetitive acts. The lawsuit was brought by, and on behalf of, purchasers or sellers

of CDS. The Defendants deny they did anything wrong.

• Settlements have been reached with all Defendants. Defendants have collectively agreed to pay $1,864,650,000

(“Settlement Fund”). Before any money is paid, the Court will have a hearing to decide whether to approve the

in its entirety.

• The two sides disagree on how much money could have been won if the plaintiffs had won a trial.

• Your legal rights will be affected whether you act or don’t act. Please read the entire Notice carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT:

SUBMIT A CLAIM FORM The only way to receive your share of the Settlement Fund.

EXCLUDE YOURSELFGet no payment. This is the only option that allows you to ever be part of

any other lawsuit against Defendants about the legal claims in this case.

COMMENT OR OBJECT Write to the Court about why you do or do not like the settlements.

GO TO A HEARING Ask to speak in Court about the fairness of the settlements.

DO NOTHING Get no payment. Give up rights.

• The Court in charge of this case must decide whether to approve the settlements. Payments will be made if the Court

approves the settlements and, if there are any appeals, after appeals are resolved.


WHAT THIS NOTICE CONTAINS

BASIC INFORMATION .....................................................................................................................................PAGE 3

1. Why did I get this Notice?

2. What is this litigation about?

3. Why is this a class action?

4. Why are there settlements?

WHO CAN PARTICIPATE IN THE SETTLEMENTS .............................................................................................PAGE 4

5. How do I know if I am part of the settlements?

6. Are there exceptions to being included in the Settlement Class?

7. What if I’m still not sure if I am included in the Settlement Class?

THE SETTLEMENT BENEFITS .........................................................................................................................PAGE 5

8. What do the settlements provide?

9. Can the Settlement Amount be reduced or the Settlement terminated?

10. Will I get a payment?

11. How can I get a payment?

12. When will I receive a payment?

13. What am I giving up to get a payment or stay in the Settlement Class?

EXCLUDING YOURSELF FROM THE SETTLEMENTS .........................................................................................PAGE 7

14 What if I do not want to be in the Settlement Class?

15. How do I get out of the settlements?

16. If I don’t exclude myself, can I sue Defendants for the same thing later?

17. If I exclude myself can I get money from the settlements?

18. If I exclude myself, can I comment on the settlements?

COMMENTING OR OBJECTING TO THE SETTLEMENTS ...................................................................................PAGE 8

19. How can I tell the Court what I think about the settlements?

20. What’s the difference between objecting and excluding?

THE LAWYERS REPRESENTING YOU ..............................................................................................................PAGE 9

21. Do I have a lawyer in this case?

22. How will the lawyers be paid?

THE COURT’S FAIRNESS HEARING ................................................................................................................PAGE 9

23. When and where will the Court decide whether to approve the settlements?

24. Do I need to come to the hearing?

25. May I speak at the hearing?

IF YOU DO NOTHING ....................................................................................................................................PAGE 10

26. What happens if I do nothing?

GETTING MORE INFORMATION ......................................................................................................................PAGE 10

27. How do I get more information?


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3

BASIC INFORMATION

1. WHY DID I GET THIS NOTICE?

You or your company may have entered into a CDS Transaction between January 1, 2008 and September 25, 2015.

You have the right to know about this litigation and about your legal rights and options before the Court decides whether

to approve the proposed settlements. If the Court approves the settlements and after any objections or appeals are resolved,

an administrator appointed by the Court will make the payments that the settlements allow. You will be informed of the

progress of the settlements.

for them, and how to get them.

The Court supervising the case is the United States District Court for the Southern District of New York. The case is called

In re: Credit Default Swaps Antitrust Litigation, Master Docket No.: 13 MD 2476 (DLC). The people who sued are called

Class Plaintiffs, and the companies they sued are called Defendants.

2. WHAT IS THIS LITIGATION ABOUT?

The lawsuit alleges that Defendants engaged in anticompetitive acts that affected the price of CDS in violation of Section

1 of the Sherman Act, 15 U.S.C. § 1. The lawsuit also alleges that Defendants were unjustly enriched under common law

by their anticompetitive acts. The lawsuit was brought by, and on behalf of, purchasers and sellers of CDS. The lawsuit is

proceeding in the United States District Court for the Southern District of New York before Judge Denise Cote.

The entities that prosecuted this lawsuit, referred to as “Class Plaintiffs,” are the Los Angeles County Employees Retirement

Association; Salix Capital US Inc.; Value Recovery Fund LLC; Delta Institutional, LP; Delta Onshore, LP; Delta Offshore,

Ltd.; Delta Pleiades, LP; and Essex Regional Retirement System.

Among other things, Class Plaintiffs allege that, beginning in 2008, Defendants conspired to prevent exchange trading of

CDS at secret meetings and through telephone and email communications. Class Plaintiffs allege that the Dealer Defendants

agreed with each other not to deal with any central clearing platform that might allow CDS trading and instead to clear

almost all transactions through the one clearinghouse they could control, ICE Clear Credit LLC (“ICE”). Class Plaintiffs

further allege that the Dealer Defendants conspired to limit changes to the over-the-counter CDS market and imposed rules

restricting participation in ICE that were designed to prevent a transition to exchange trading. Class Plaintiffs allege that

the Dealer Defendants pressured Markit and ISDA not to grant any licenses that allowed CDS to trade via central limit

order book or on an exchange platform, thus ensuring that some Dealer Defendant be on at least one side of every CDS

transaction. According to Class Plaintiffs, Defendants’ conduct harmed Settlement Class Members by keeping the CDS

deny they did anything wrong.

3. WHY IS THIS A CLASS ACTION?

A class action is a lawsuit in which a few representative plaintiffs bring a lawsuit on behalf of themselves and other similarly

situated persons (i.e., the class) who have similar claims against the defendants. The Class Plaintiffs, the Court, and counsel

appointed to represent the class all have a responsibility to make sure that the interests of all class members are adequately

represented.

Importantly, class members are NOT individually responsible for the attorneys’ fees or litigation expenses. In a class action,

attorneys’ fees and litigation expenses are paid from the settlement fund (or the court judgment amount) and must be

approved by the Court. If there is no recovery, the attorneys do not get paid.

When a class enters into settlements, such as these settlements with Defendants here, the Court will require that the members



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of the class be given notice of the settlements and an opportunity to be heard. The Court then holds a hearing to determine,

among other things, if the settlements are fair, reasonable, and adequate to the members of the class.

4. WHY ARE THERE SETTLEMENTS?

The Court did not decide in favor of Class Plaintiffs or Defendants. Class Plaintiffs and their Co-Lead Counsel thoroughly

investigated the facts and law regarding the claims at issue in this litigation, as well as Defendants’ potential defenses. As

a result, Class Plaintiffs think they could have won substantial damages at trial. Class Plaintiffs developed a preliminary

model, based upon a number of assumptions that Defendants vigorously disputed, which estimated that the damages the

Settlement Class could potentially seek at trial were approximately $8 to $12 billion. The settlements represent a recovery

of 15% to 23% of the damages that might have been sought based on Class Plaintiffs’ preliminary model. Defendants think

Class Plaintiffs’ claims lack merit and believe the claims would have been rejected either prior to trial, at trial or on appeal.

Defendants believe the trial court or an appellate court would have prevented Class Plaintiffs from litigating the case as a

class action. Defendants also dispute the premises and output of Class Plaintiffs’ preliminary damages model, and do not

believe Class Plaintiffs could have ever proven any damages to the putative class, in which case the class would receive

nothing. None of those issues were decided. Instead, after engaging in lengthy, detailed negotiations with the help of a

nationally-recognized mediator, all parties agreed to settle the case. That way, they will avoid the cost and risk of adverse

outcomes before or after trial or on appeal, and the people affected will get compensation. Class Plaintiffs and their Co-Lead

Counsel think the settlements are best for all Settlement Class Members.

WHO CAN PARTICIPATE IN THE SETTLEMENTS

5. HOW DO I KNOW IF I AM PART OF THE SETTLEMENTS?

“Persons”) who, during the period of January 1, 2008 through September 25, 2015, purchased CDS from or sold CDS to the

“A purchase or sale of CDS shall be deemed to be a “Covered Transaction” in each of the following circumstances: (i) if the

purchase or sale was by or on behalf of a Person either domiciled or located (e.g., had a principal place of business) in the

United States or its territories at the time of such purchase or sale; (ii) if the Person was domiciled and located outside the

United States and its territories at the time of any such purchase or sale, where such purchase or sale was in United States

commerce; or (iii) where such purchase or sale otherwise falls within the scope of the U.S. antitrust laws.”

Examples of a “Covered Transaction” include: (i) you are domiciled or located in the United States or its territories and

the United States or its territories; or (iii) you are domiciled and located outside the United States or its territories and you

United States or its territories.

The above examples are not intended to be exclusive of what constitutes a “Covered Transaction.” To the extent you believe

you made a CDS Transaction that is a “Covered Transaction,” you will be given the opportunity to identify that transaction

and submit supporting evidence to the claims administrator.

6. ARE THERE EXCEPTIONS TO BEING INCLUDED IN THE SETTLEMENT CLASS?

Yes. You are not included in the Settlement Class if you are:



5

• a Person whose exclusion is mandated by law.

However, “Investment Vehicles” are not excluded from the Settlement Class. For purposes of the settlements, an Investment

Vehicle means any investment company or pooled investment fund, including, but not limited to: (i) mutual fund families,

exchange-traded funds, fund of funds and hedge funds, in which a Defendant has or may have a direct or indirect interest,

7. WHAT IF I’M STILL NOT SURE IF I AM INCLUDED IN THE SETTLEMENT CLASS?

If you are still not sure whether you are included in the Settlement Class, you can ask for free help. You can call 1-888-744-

described in Question 10 to see if you qualify.

THE SETTLEMENT BENEFITS

8. WHAT DO THE SETTLEMENTS PROVIDE?

Defendants will collectively pay the Settlement Class $1,864,650,000 (the “Settlement Fund”). The Settlement Fund, less

any costs associated with notifying the Settlement Class, claims administration, and Court-awarded attorneys’ fees, expenses,

and incentive awards to Class Plaintiffs for representing the Settlement Class, will be divided among all Settlement Class

Members who send in a valid proof of claim form.

In addition to the cash component, the settlement with ISDA provides for corporate governance reforms on the licensing

of ISDA intellectual property, as follows: ISDA will disband the Credit Steering Committee Licensing Sub-Committee and

replace it with an independent licensing sub-committee, called the “Licensing Sub-Committee,” which will have 8 to 10

vote. The ISDA Board will delegate full authority to the Licensing Sub-Committee to decide whether to grant requested

licenses. If the Licensing Sub-Committee decides not to grant a proposed license, it will provide to the proposed licensee

an opportunity to rebut the determination or modify its application. Any decision not to grant a license will be subject to

an outside dispute resolution mechanism. All meetings of the Licensing Sub-Committee should be open to the public via

broadcast through ISDA’s website, unless a proposed licensee objects. Decisions of the Licensing Sub-Committee regarding

requests for licenses will be published on ISDA’s website, unless a proposed licensee objects.

In the event any Defendant terminates its settlement agreement (“Settlement Agreement”) and the litigation of the action

continues against that Defendant, Settling Defendants have agreed to provide certain reasonable cooperation including

making available up to four current or former employees from each Settling Defendant as witnesses in the ongoing litigation.

9. CAN THE SETTLEMENT AMOUNT BE REDUCED OR THE SETTLEMENT TERMINATED?

Settlement. The right to seek reduction in the Settlement Amount or to terminate the Settlement is set forth at Paragraphs

11(a) through 11(c) of the Settlement Agreement with each Defendant. Should one or more members of the Settlement

Class timely exercise their rights to be excluded from the Settlement Class, a Settling Defendant, if it believes that the

total Requests for Exclusion from the Settlement Class represent a material portion of the Covered Transactions and their

exclusion would materially reduce the value of Settlement, shall have the option to present the issue to the settlement

mediator, Judge Daniel Weinstein (Ret.). In the event Judge Weinstein determines some reduction in the Settlement Amount

is appropriate, he may not reduce the Settlement Amount by greater than a one-to-one ratio. That is, the amount a Settlement

Class member who chooses to remain as part of the Settlement Class will receive will be at least the same as if no one had

requested exclusion from the Settlement Class. A Settling Defendant may also seek to terminate the Settlement by making

an application for termination to Judge Weinstein. Upon such application Judge Weinstein shall determine if the reduction



6

Defendant making such application. Should a Settlement be terminated, the Parties shall revert to their respective status in

the Action as of the date they executed the Settlement Agreement.

10. WILL I GET A PAYMENT?

claim form to receive your share of money from the Settlements. The amount of your payment will be determined by the

transactions throughout the Class Period. Plaintiffs allege that but for Defendants’ anticompetitive conduct, some CDS

transactions would have migrated from over-the-counter trading to exchanges with a central limit order book, which would

disputed by Defendants.

CDS transaction at any given date during the Class Period. The model uses the database of CDS transactions maintained by

the Depository Trust & Clearing Corporation (“DTCC”), produced in this litigation, which all market participants accept as

2008 through September 25, 2015 which may be eligible to receive distributions from the Net Settlement Fund (the amount

remaining after attorneys’ fees, litigation costs and claims administration costs have been deducted) under the Settlement

to generate the amount of each Settlement Class Member’s potential claim. Each Settlement Class Member will be sent a

claim form that will direct the Settlement Class Member to a secured website maintained by the claims administrator to

review information about that member’s Covered Transactions, as recorded in the DTCC database. The secured website will

(RED Code); (ii) the date of the transaction; (iii) the notional amount of the transaction; (iv) the tenor of the transaction

paid) for that CDS transaction.

The Net Settlement Fund will be distributed to all Settlement Class Members who submit claims on a pro rata basis.

to Settlement Class Members who make proper and timely claims. No monies revert to Defendants. The Court must decide

whether to approve the proposed Plan of Distribution and will consider that at the Fairness Hearing.

11. HOW CAN I GET A PAYMENT?

To qualify for payment, you must send in a proof of claim form. A proof of claim form is attached to this Notice. You may

also get a proof of claim form electronically through the settlement website, www.CDSAntitrustSettlement.com. Read the

forms must be submitted by mail, postmarked by May 27, 2016, or electronically, through www.CDSAntitrustSettlement.

com, on or before 11:59 p.m. Eastern Daylight Time, May 27, 2016.

12. WHEN WILL I RECEIVE A PAYMENT?

The Court will hold a hearing on April 15, 2016, to decide whether to approve the settlements. If the Court approves the

settlements, there may be appeals after that. It is always uncertain whether those appeals can be resolved. Resolving them

can take time, perhaps more than a year. Everyone who submits a proof of claim form will be informed of the progress of

the settlements. Please be patient.



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13. WHAT AM I GIVING UP TO GET A PAYMENT OR STAY IN THE SETTLEMENT CLASS?

Unless you exclude yourself, you are staying in the Settlement Class, and that means you can’t sue, continue to sue, or be

part of any other lawsuit against Defendants or the Released Parties about the legal issues in this case. It also means that all

of the Court’s orders will apply to you and legally bind you. As described in the Settlement Agreements, upon the Effective

Date of settlement, each of the Releasing Parties: (i) shall be deemed to have, and by operation of the Final Judgment and

permitted by law all Released Claims against the Released Parties, regardless of whether such Releasing Party executes

and delivers a proof of claim; (ii) shall forever be enjoined from prosecuting in any forum any Released Claim against any

of the Released Parties; and (iii) agrees and covenants not to sue any of the Released Parties with respect to any Released

Claims or to assist any third party in commencing or maintaining any suit against any Released Party related in any way to

accessed on the website, www.CDSAntitrustSettlement.com.

A full description of the claims you are giving up against Defendants and the Released Parties is set forth in the Settlement

Agreements at Paragraphs 4(a) – (f), which may be obtained on the settlement website, www.CDSAntitrustSettlement.com,

or by contacting the Claims Administrator at 1-888-744-0531. Unless you exclude yourself, you are “releasing” the claims

described in the Settlement Agreements, whether or not you later submit a claim.

EXCLUDING YOURSELF FROM THE SETTLEMENTS

If you don’t want a payment from these settlements, but you want to keep the right to sue or continue to sue Defendants,

on your own, about the legal issues in this case, then you must take steps to get out of the Settlement Class. This is called

excluding yourself—or is sometimes referred to as “opting out” of the Settlement Class.

14. WHAT IF I DO NOT WANT TO BE IN THE SETTLEMENT CLASS?

If you decide to exclude yourself from, or “opt out” of, the Settlement Class, you will be free to sue Defendants or any of

the other Released Parties on your own for the claims being resolved by the settlements. However, you will not receive

any money from the settlements, and Co-Lead Counsel will no longer represent you with respect to any claims against

Defendants. If you want to receive money from the settlements, do not exclude yourself.

15. HOW DO I GET OUT OF THE SETTLEMENTS?

the claim) or his, her, or its authorized representative; it must state, at a minimum, the name, address, and phone number

of that Person; identify any and all CDS Transactions (including their respective notional amounts) in which the Person,

during the period of January 1, 2008 through September 25, 2015, purchased CDS from or sold CDS to any of the Dealer

from the proposed Settlement Class in the In re Credit Default Swaps Antitrust Litigation.”

You cannot exclude yourself by telephone or email. You must do so in writing and by mail. To be valid, your Request for

Exclusion must be postmarked by February 29, 2016, and mailed to:

Credit Default Swaps Antitrust Litigation

P.O. Box 10254

Dublin, OH 43017-5754



8

If you ask to be excluded, you will not get any settlement payment, and you cannot comment on or object to the settlements.

You will not be legally bound by the settlements or anything that happens in this lawsuit.

16. IF I EXCLUDE MYSELF, CAN I GET MONEY FROM THE SETTLEMENTS?

17. IF I EXCLUDE MYSELF, CAN I COMMENT ON THE SETTLEMENTS?

No. If you exclude yourself, you are no longer a member of the Settlement Class and may not comment on or object to any

aspect of the settlements.

COMMENTING ON OR OBJECTING TO THE SETTLEMENTS

18. HOW CAN I TELL THE COURT WHAT I THINK ABOUT THE SETTLEMENTS?

If you’re a Settlement Class Member, you can tell the Court what you think about the settlements. You can comment on or

object to any part of the settlements, the Plan of Distribution, the request for attorneys’ fees and expenses, or the request for

incentive awards to the Class Plaintiffs for representing the Settlement Class. You can give reasons why you think the Court

should approve them or not. The Court will consider your views.

If you want to make a comment or objection, you must do so in writing. Your comment or objection must: (i) identify this

case, In re: Credit Default Swaps Antitrust Litigation, Master Docket No.: 13 MD 2476 (DLC); (ii) state whether you intend

to appear at the Fairness Hearing (though your appearance is not necessary for the Court to consider your views on the

your comment or objection including any reasons why you want to appear and be heard at the Fairness Hearing, as well as

all documents or writings that you want the Court to consider.

You cannot make a comment or objection by telephone or email. You must do so in writing and by mail. To be considered by

to the following addresses:

Court

Clerk of Court

United States District Court for the Southern District of New York

Daniel Patrick Moynihan United States Courthouse

500 Pearl Street

New York, New York 10007-1312

Co-Lead Counsel for Plaintiffs and the Settlement Class

Daniel L. Brockett

Quinn Emanuel Urquhart & Sullivan, LLP

51 Madison Avenue, 22nd Floor


If you do not timely submit a comment or objection, your views will not be considered by the Court or any court on appeal.

19. WHAT’S THE DIFFERENCE BETWEEN OBJECTING AND EXCLUDING?

Objecting is simply telling the Court that you do not like something about the settlements. 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



9

exclude yourself, you have no basis to object because the settlements no longer affect you.

THE LAWYERS REPRESENTING YOU

20. DO I HAVE A LAWYER IN THIS CASE?

Daniel L. Brockett

Quinn Emanuel Urquhart & Sullivan, LLP

51 Madison Avenue, 22nd Floor


(212) 849-7000

Bruce L. Simon

Pearson, Simon & Warshaw, LLP

44 Montgomery Street, Suite 2450

San Francisco, California 94104

(415) 433-9000

These lawyers are called Co-Lead Counsel. Co-Lead Counsel will apply to the Court for payment of attorneys’ fees and

expenses from the Settlement Fund. You will not otherwise be charged for Co-Lead Counsel’s services. If you want to be

represented by your own lawyer, you may hire one at your own expense.

21. HOW WILL THE LAWYERS BE PAID?

To date, Co-Lead Counsel have not been paid any attorneys’ fees or reimbursed for any out-of-pocket costs in connection

with the litigation. Any attorneys’ fees and reimbursement of costs will be awarded only as approved by the Court in

amounts determined to be fair and reasonable. The Settlement Agreements provide that Co-Lead Counsel may apply to

the Court for an award of attorneys’ fees and reimbursement of costs out of the Settlement Fund. By January 29, 2016,

Co-Lead Counsel will move for an award of attorneys’ fees in an amount that will be consistent with the negotiated fee

agreement with Lead Plaintiff Los Angeles County Employees Retirement Association (“LACERA”), not to exceed fourteen

percent of the Settlement Fund’s total value, as well as reimbursement of litigation costs. Plaintiffs will also seek incentive

awards for the Class representatives, because of their unique efforts and expense taken on behalf of the Class. The motion

by Co-Lead Counsel for attorneys’ fees and costs and incentive awards will be available for viewing on the Settlement

www.CDSAntitrustSettlement.com.

The Court will consider Co-Lead Counsel’s requests for attorneys’ fees, expenses, and incentive awards at or after the

Fairness Hearing.

THE COURT’S FAIRNESS HEARING

22. WHEN AND WHERE WILL THE COURT DECIDE WHETHER TO APPROVE THE SETTLEMENTS?

The Court will hold a Fairness Hearing at 2:00 p.m. on April 15, 2016, at the United States District Court for the Southern

District of New York, Daniel Patrick Moynihan United States Courthouse, Courtroom 15B, 500 Pearl Street, New York,

NY 10007. The hearing may be moved to a different date or time without additional notice, so you should check www.

CDSAntitrustSettlement.com before making travel plans. At the Fairness Hearing, the Court will consider whether the

settlements are fair, reasonable and adequate, and whether the Plan of Distribution is fair and adequate. The Court will also

consider how much to pay Co-Lead Counsel and whether to approve litigation expenses and incentive awards to the Class

Plaintiffs. If there are comments or objections, the Court will consider them at this time. After the hearing, the Court will

decide whether to approve the settlements. We do not know how long this decision will take.

23. DO I NEED TO COME TO THE HEARING?

No. Class Counsel will be prepared to answer any questions the Court may have at the hearing. However, you are welcome

to attend the hearing at your own expense. If you send a comment or objection, you do not have to come to Court to explain



10

it. As long as you mailed your written comment or objection on time as set out in this Notice, the Court will consider it. You

also may pay another lawyer to attend, but it’s not required.

24. MAY I SPEAK AT THE HEARING?

You may ask the Court for permission to speak at the Fairness Hearing. If you want to appear at the Fairness Hearing and

notice of intention to appear with the Clerk of Court. It must be postmarked by February 29, 2016, and mailed to each of the

addresses listed in Question 18. The written notice of intention to appear must: (i) include your name, address, telephone

number, and signature; (ii) state that you intend to appear at the Fairness Hearing for In re: Credit Default Swaps Antitrust

Litigation, Master Docket No.: 13 MD 2476 (DLC); (iii) provide proof that you are a member of the Settlement Class; and

at the Fairness Hearing, as well as all documents or writings that you want the Court to consider.

IF YOU DO NOTHING

25. WHAT HAPPENS IF I DO NOTHING?

If you do nothing, you will not get any money from these settlements. Unless you exclude yourself, you will not be able to

start a lawsuit, continue with a lawsuit, or be part of any other lawsuit against Defendants or the Released Parties about the

legal issues in this case.

GETTING MORE INFORMATION

26. HOW DO I GET MORE INFORMATION?

This Notice summarizes the settlements. More details are available in the Settlement Agreements. You can get complete

copies of the Settlement Agreements at www.CDSAntitrustSettlement.com. The website has answers to common questions

about these settlements, a claim form, and other information to help you determine whether you are a Settlement Class

Member and whether you are eligible for a payment. You also may call 1-888-744-0531 or write to the Claim Administrator

DATED: January 11, 2016 BY ORDER OF THE COURT


EXHIBIT 3


1

If You Directly Purchased Airfreight Shipping Services Between January 1, 2000 and September 11, 2006, You Could be Affected by Proposed Class Action Settlements.

A Federal Court authorized this notice. This is not a solicitation from a lawyer.

• There are additional partial Proposed Settlements totaling approximately $362.5 million in a class action lawsuit about Airfreight Shipping Services. This is in addition to the approximately $485.8 million in settlements with other Defendants described in earlier notices. The lawsuit is called In re Air Cargo Shipping Services Antitrust Litigation and is pending in the United States District Court for the Eastern District of New York. The Proposed Settlements are partial because there are other Defendants remaining in the case, and the litigation is continuing as to those Defendants.

• Under these Proposed Settlements, Singapore Airlines Limited and Singapore Airlines Cargo Pte, Ltd. (“Singapore Air”) has paid approximately $92 million (less the portion attributable to class members who settled with Singapore Air before the class settlement was reached); Cathay Pacific Airways Ltd. (“Cathay Pacific”) has paid $65 million; Korean Air Lines Co., Ltd., (“Korean Air”) has paid $50 million, and will pay an additional $65 million in two installments; and China Airlines, Ltd. (“China Air”) has paid $30 million, and will pay an additional $60 million in two installments. Also, Singapore Air has agreed to pay up to $250,000, and China Air has agreed to pay an additional $200,000, toward the cost of notice and settlement administration. All the Settling Defendants have also agreed to certain cooperation in the case against the remaining Defendants. The Settling Defendants have asserted a number of defenses to Plaintiffs’ claims but have settled to avoid the cost and risk of a trial.

• You may be affected by these Proposed Settlements if you purchased Airfreight Shipping Services directly from one or more Defendants or Settling Defendants listed below for shipments to, from, or within the United States from January 1, 2000 to September 11, 2006.

YOUR LEGAL RIGHTS AND OPTIONS: YOU MAY: DUE DATE: STAY IN THE

SETTLEMENT CLASS

SUBMIT A CLAIM

Unless you have already submitted a claim in connection with the Second or Third Settlements (see Questions 4 and 10 below), this is the only way to get a payment.

Postmarked by [date], unless previously submitted

GO TO A HEARING

Ask to speak to the Court about the fairness of the Proposed Settlements, the plan of allocation, or the request for attorneys’ fees, expenses, and incentive awards.

Received by [date]

OBJECT

Write to the Court about why you don’t like the Proposed Settlements, the plan of allocation, or the request for attorneys’ fees, expenses, and incentive awards.

Received by [date]


2

DO NOTHING

If you have not submitted a claim form for the Second or Third Settlements, you will get no payment and give up your rights. If you have already submitted a claim form for the Second or Third Settlements, you will automatically be included as a claimant eligible to receive a payment if the Proposed Settlements are approved.

EXCLUDE YOURSELF

Get no payment. This is the only option that allows you to ever be part of any other lawsuit against the Settling Defendants about the legal claims in this case.

Postmarked by [date]

• These rights and options—and the deadlines to exercise them—are explained in this notice. • Your legal rights are affected whether you act or don’t act. Read this notice carefully.

WHAT THIS NOTICE CONTAINS

BASIC INFORMATION .................................................................................................................................... 4 1. Why did I get this notice package? ...................................................................................................... 4 2. What is this lawsuit about? .................................................................................................................. 4 3. Who are the Defendants? ..................................................................................................................... 4

4. Has the Court approved other settlements in this case? ...................................................................... 6

5. Why is this a class action? ................................................................................................................... 5 6. Why are there Proposed Settlements? ................................................................................................. 5

WHO IS AFFECTED BY THE PROPOSED SETTLEMENTS? ................................................................................. 5 7. How do I know if I am part of the Proposed Settlements? .................................................................. 6 8. I’m still not sure if I am included. ....................................................................................................... 6

THE PROPOSED SETTLEMENT BENEFITS ....................................................................................................... 6 9. What do the Proposed Settlements provide? ....................................................................................... 6 10. How do I get a payment? ................................................................................................................... 7 11. How much will my payment be? ....................................................................................................... 7 12. What am I giving up to get a payment or stay in the class? .............................................................. 8

EXCLUDING YOURSELF FROM THE PROPOSED SETTLEMENTS ....................................................................... 8 13. How do I get out of the Proposed Settlements? ................................................................................. 8 14. Can I remain as part of the settlement class for some of the Proposed Settlements and exclude

myself from others? ........................................................................................................................... 9 15. If I exclude myself, can I get money from the Proposed Settlements? ............................................. 9

THE LAWYERS REPRESENTING YOU ............................................................................................................. 9 16. Do I have a lawyer in this case? ........................................................................................................ 9 17. How will the lawyers be paid? .......................................................................................................... 9 18. Will the class representatives be paid? ............................................................................................ 10

OBJECTING TO THE PROPOSED SETTLEMENTS, THE PLAN OF ALLOCATION, OR THE REQUEST FOR ATTORNEYS’ FEES, EXPENSES, AND INCENTIVE AWARDS .......................................................................... 10

19. How do I tell the Court that I don’t like the Proposed Settlements, the Plan of Allocation, or the request for attorneys’ fees, expenses, and incentive awards? ......................................................... 10

20. What’s the difference between objecting and excluding? ............................................................... 11


3

THE COURT’S FAIRNESS HEARING .............................................................................................................. 11 21. When and where will the Court decide whether to approve the Proposed Settlements? ................ 12 22. Do I have to come to the hearing? ................................................................................................... 13 23. May I speak at the hearing? ............................................................................................................. 13

IF YOU DO NOTHING .................................................................................................................................. 12 24. What happens if I do nothing at all? ................................................................................................ 12

GETTING MORE INFORMATION ................................................................................................................... 12 25. Are there more details about the Proposed Settlements, the Plan of Allocation, or the request for

attorneys’ fees, expenses, or incentive awards? .............................................................................. 13 26. How do I get more information? ..................................................................................................... 13 27. Can I update my address? ................................................................................................................ 13


4

BASIC INFORMATION

1. Why did I get this notice package?

You or your company may have purchased Airfreight Shipping Services (paid, private air transport of freight or other cargo by an airline acting as a provider of such service) directly from one or more Defendants for shipments to, from, or within the United States from January 1, 2000 to September 11, 2006.

The Court sent you this notice because, as a possible class member, you have a right to know about Proposed Settlements of this class action lawsuit and about all of your options, before the Court decides whether to approve the Proposed Settlements. This package explains the lawsuit, the Proposed Settlements, and your legal rights.

The Court in charge of the case is the United States District Court for the Eastern District of New York, and the case is known as In re Air Cargo Shipping Services Antitrust Litigation, Master File 06-MD-1775 (JG) (VVP). The people who sued are called the Plaintiffs, and the companies they sued are called the Defendants. The Defendants that have agreed to these Proposed Settlements are called the Settling Defendants. 2. What is this lawsuit about?

The lawsuit claims that the Defendants and certain of their employees conspired to fix, raise, maintain, or stabilize prices of Airfreight Shipping Services by, among other things, coordinating surcharges (such as fuel and security surcharges) and by agreeing to eliminate or prevent discounting of surcharges. The lawsuit claims that, as a result, purchasers paid more for Airfreight Shipping Services than they otherwise would have paid. Settling Defendants have denied these claims and have asserted various defenses to the claims.

3. Who are the Defendants?

The Settling Defendants are Singapore Air, Korean Air, Cathay Pacific, and China Air. The other Defendants are:

Aerolinhas Brasileiras, S.A. AC Cargo LP Air Canada Air China Cargo Company Ltd. Air China Ltd. Air India Air Mauritius Ltd. Airways Corp. of New Zealand Ltd. Alitalia Linee Aeree Italiane S.p.A. All Nippon Airways Co., Ltd. American Airlines, Inc. AMR Corporation Asiana Airlines, Inc. Atlas Air Worldwide Holdings, Inc. British Airways PLC Cargolux Airlines International, S.A. DAS Air Ltd. (DAS Air Cargo) Deutsche Lufthansa AG El Al Airlines Ltd. Emirates

EVA Airways Corporation Japan Airlines International Co., Ltd. Kenya Airways Limited Koninklijke Luchtvaart Maatschappij N.V. Lan Airlines, S.A. Lan Cargo, S.A. Lufthansa Cargo AG Malaysia Airlines Martinair Holland N.V. Nippon Cargo Airlines Co., Ltd. Polar Air Cargo, Inc. Polar Air Cargo Worldwide, Inc. Qantas Airways Limited SAS Cargo Group A/S Saudi Arabian Airlines, Ltd. Scandinavian Airlines System Société Air France South African Airways Swiss International Air Lines, Ltd. Thai Airways International Public Company Limited


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4. Has the Court approved other settlements in this case? The Court has granted final approval to the following 17 settlements. The Lufthansa Settlement was an $85 million settlement with Deutsche Lufthansa AG, Lufthansa Cargo AG, and Swiss International Air Lines, Ltd. (“Lufthansa”). The Second Settlements include: an $87 million settlement with Société Air France (“Air France”), Koninklijke Luchtvaart Maatschappij N.V. (“KLM”), and Martinair Holland N.V. (“Martinair”) (collectively “Air France/KLM”); a $12 million settlement with Japan Airlines International Co., Ltd. (“JAL”); a $5 million settlement with American Airlines, Inc. and AMR Corporation (“AA”); a $13.9 million settlement with Scandinavian Airlines System and SAS Cargo Group A/S (“SAS”); a $10.4 million settlement with All Nippon Airways Co., Ltd. (“ANA”); a $35.1 million settlement with Cargolux Airlines International S.A. (“Cargolux”); a $3.5 million settlement with Thai Airways International Public Company Limited (“Thai”); and a $26.5 million settlement with Qantas Airways Limited (“Qantas”). The Third Settlements include: an $89.512 million settlement with British Airways Plc (“British Airways”); a $66 million settlement with Lan Airlines, S.A., Lan Cargo, S.A., and Aerolinhas Brasileiras, S.A. (“Lan/ABSA”); a $3.2 million settlement with Malaysia Airlines (“Malaysia”); a $3.29 million settlement with South African Airways Ltd. (“South African”); a $14 million settlement with Saudi Arabian Airlines, Ltd. (“Saudia”); a $7.833 million settlement with Emirates; a $15.8 million settlement with El Al Israel Airlines Ltd. (“El Al”); a $7.5 million settlement with Air Canada and AC Cargo LP (“Air Canada”), and a settlement with Air New Zealand employee Salvatore Sanfilippo (“Sanfilippo”).

You may have received notice of the Lufthansa Settlement or the Second or Third Settlements previously. If you submitted a claim form in connection with the Lufthansa Settlement (but did not submit a claim form in connection with the Second or Third Settlements), you will need to file a new claim form to be eligible to receive a payment for a portion of the Proposed Settlements. However, if you submitted an approved claim form in connection with the Second or Third Settlements, you do not need to submit a new claim form to get a payment. (See Question 10 for more information about submitting a claim form.)

If all of the Proposed Settlements are approved by the Court, the total gross settlement proceeds recovered in the litigation so far will be approximately $903 million.

Ethiopian Airlines Corp.

Viação Aérea Rio-Grandense, S.A. (Varig) Case 1:15-cv-09323-LGS Document 87 Filed 09/08/16 of 55

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5. Why is this a class action?

In a class action, one or more individuals or companies called Class Representatives (in this case Benchmark Export Services, FTS International Express, Inc., R.I.M. Logistics, Ltd., Olarte Transport Service, Inc., S.A.T. Sea & Air Transport, Inc. and Volvo Logistics AB) sue on behalf of others who have similar claims. All these individuals or companies are members of a class. One court resolves the issues for all class members, except for those who exclude themselves from the class. U.S. District Judge John Gleeson is in charge of this class action.

6. Why are there Proposed Settlements?

The Settling Defendants have denied all liability in this case and have asserted various defenses to the Plaintiffs’ claims. The Court did not decide in favor of the Plaintiffs or the Settling Defendants. Instead, both sides agreed to the Proposed Settlements. That way, they avoid the cost and risk of a trial, and the class members can get compensation. The Class Representatives and Class Counsel think the Proposed Settlements are best for all class members. The case is proceeding against other Defendants.

WHO IS AFFECTED BY THE PROPOSED SETTLEMENTS?

To see if you are affected by these Proposed Settlements, you first have to determine if you are a settlement class member.

7. How do I know if I am part of the Proposed Settlements? Judge Gleeson decided that everyone who fits this description is a settlement class member: All persons or entities (but excluding Defendants, their parents, predecessors, successors, subsidiaries, affiliates, as well as government entities) who purchased Airfreight Shipping Services for shipments to, from or within the United States directly from any of the Settling Defendants, any other Defendant, or from any of their parents, predecessors, successors, subsidiaries, or affiliates, at any time during the period January 1, 2000 up to and including September 11, 2006. 8. I’m still not sure if I am included. If you are still not sure whether you are a settlement class member, you can ask for free help. See Question 26 below. You are not required to pay anyone to assist you in filing a claim.

THE PROPOSED SETTLEMENT BENEFITS 9. What do the Proposed Settlements provide? Under the Singapore Air Settlement, Singapore Air has paid $92,492,442 million, less the portion attributable to class members who settled with Singapore Air before the class settlement was reached, and has agreed to pay up to $250,000 for costs of notice of the settlement. If any additional class member excludes itself from the Singapore Air Settlement, the portion of the $92,492,442 million attributable to the excluded class member will be transferred to a separate escrow account and held for possible payment of those claims. Any amount remaining in that separate account may be returned to the settlement class after a specified period. This process is explained in Paragraph 54 of the Singapore Air Settlement agreement, available at www.aircargo4settlement.com. In addition, Singapore Air has the option to rescind the agreement if more than a certain percentage of class members exclude themselves from the Singapore Air Settlement, as explained in Paragraph 52 of the Singapore Air Settlement agreement, available at www.aircargo4settlement.com.


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Under the Korean Air Settlement, Korean Air has paid $50 million and will pay an additional $65 million in two installments. If any class member excludes itself from the Korean Air Settlement, the portion of the $115 million attributable to the excluded class member will be transferred to a separate escrow account and held for possible payment of those claims. Any amount remaining in that separate account may be returned to the settlement class after a specified period. This process is explained in Paragraph 52 of the Korean Air Settlement agreement, available at www.aircargo4settlement.com. In addition, Korean Air has the option to rescind the agreement if more than a certain percentage of class members exclude themselves from the Korean Air Settlement, as explained in Paragraph 49 of the Korean Air Settlement agreement, available at www.aircargo4settlement.com. Under the Cathay Pacific Settlement, Cathay Pacific has paid $65 million. That amount will not be reduced because of class members who exclude themselves from the class. In addition, Cathay Pacific has the option to rescind the agreement if more than a certain percentage of class members exclude themselves from the Cathay Pacific Settlement, as explained in Paragraph 42 of the Cathay Pacific Settlement agreement, available at www.aircargo4settlement.com. Under the China Air Settlement, China Air has paid $30 million, and will pay an additional $60 million in two installments. China Air has also agreed to pay up to $200,000 for costs of notice and administration of the settlement. If any class member excludes itself from the China Air Settlement, the portion of the $90 million attributable to the excluded class member will be transferred to a separate escrow account and held for possible payment of those claims. Any amount remaining in that separate account may be returned to the settlement class after a specified period. This process is explained in Paragraph 46 of the China Air Settlement agreement, available at www.aircargo4settlement.com. Under all four Proposed Settlements, the Settling Defendants will also provide certain cooperation in Plaintiffs’ continuing litigation against the other remaining Defendants. This cooperation varies for each Settling Defendant, but includes meetings with their counsel, production of documents and electronic data, and witness interviews and testimony. Details about the cooperation are set forth in the settlement agreements, which have been filed with the Court and may be viewed at www.aircargo4settlement.com. 10. How do I get a payment? If you are a settlement class member and do not exclude yourself from the class, you are eligible to get a payment. If you submitted an approved claim form in connection with the Second or Third Settlements, you do not need to submit a claim form again. If you did not submit a claim form in connection with the Second or Third Settlements (even if you submitted a claim form in connection with the Lufthansa Settlement), you must submit a claim form by [date] to participate in these Proposed Settlements. If you received this notice by mail, you have also received a claim form. If you are reviewing this notice online or received a copy by some other means, you may request a claim form online at www.aircargo4settlement.com or by calling the Claims Administrator toll-free at 1-888-291-9655 in the U.S., U.S. territories, and Canada. Outside the U.S. and Canada, you may call 1-614-553-1296, but toll charges will apply. You may also request a claim form by writing to the Claims Administrator at the address below. Completed claim forms must be postmarked no later than [date] and returned to the Claims Administrator at the following address:


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Air Cargo Settlement 4 c/o The Garden City Group, Inc.

P.O. Box 9380 Dublin, OH 43017-4280

USA If you do not mail a timely, properly addressed claim form, your claim may be rejected and you may not be able to get any payment. You must keep all of your records of your purchases from Defendants and Settling Defendants because you will need them to complete the claim form and may later be asked to provide them to the Claims Administrator. 11. How much will my payment be? Class Counsel has proposed a Plan of Allocation describing the division of the settlement funds among class members. If the Court approves the Plan of Allocation, the settlement funds will first be used to pay attorneys’ fees, expenses, and incentive awards approved by the Court. The remaining amount (following any reduction for class members that exclude themselves) will be distributed to class members that submit or have submitted valid claim forms in proportion to their relevant purchases of Airfreight Shipping Services. For purposes of this calculation, purchase amounts in currencies other than dollars will be converted by the Claims Administrator to equivalent dollar amounts using currency exchange rates applicable on September 11, 2006, which is the last day of the class period. The Plan of Allocation treats inbound and outbound purchases differently. An inbound purchase is a purchase of Airfreight Shipping Services for shipments to the United States. An outbound purchase is a purchase of Airfreight Shipping Services for shipments from or within the United States. For purposes of calculating a settlement class member’s share of the settlement funds, inbound purchases will be valued at 1.625 times the dollar amount of such purchases. No multiplier will apply to outbound purchases. These are the same multipliers previously approved by the Court for each of the settlements approved to date. (See Question 4 above for a description of these settlements.)

If you wish to object to the Plan of Allocation, your objection must be received the Court by [date] as described in Question 19 below. 12. What am I giving up to get a payment or stay in the class? Unless you exclude yourself from a specific settlement, you are staying in the settlement class, and that means that you can’t sue, continue to sue, or be part of any other lawsuit against that Settling Defendant about the legal issues in this case. This is called a release. It also means that all of the Court’s orders will apply to you and legally bind you. However, you would not give up (a) any claim made with respect to any indirect purchase of Airfreight Shipping Services or (b) any claim for negligence, breach of contract, bailment, failure to deliver, lost goods, damaged or delayed goods, or a similar claim, or any other claim unrelated to the legal issues in this case. The Proposed Settlements also do not affect the rights of settlement class members against any Defendants other than the Settling Defendants, and the lawsuit will continue against the other Defendants, which have not settled. The settlement agreements, which are available at www.aircargo4settlement.com, describe the exact legal claims that you give up if you stay in the settlement class.


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EXCLUDING YOURSELF FROM THE PROPOSED SETTLEMENTS If you want to keep the right to sue or continue to sue one or more of the Settling Defendants, on your own, about the legal issues in this case, then you must take steps to get out of the settlement(s) with those Settling Defendant(s). This is called excluding yourself – or sometimes referenced as opting out of the class. If you opt out of a settlement, you will not get any payment from that settlement. 13. How do I get out of the Proposed Settlements? To exclude yourself from one or more of the Proposed Settlements, you must send a letter saying that you want to be excluded from the settlement class. The letter must include the following information:

• A statement indicating that you want to be excluded from the settlement class. • Whether you want to be excluded from the Singapore Air Settlement, the Korean Air

Settlement, the Cathay Pacific Settlement, and/or the China Air Settlement. Your request for exclusion may not be effective unless you specify from which Proposed Settlement(s) you are seeking exclusion.

• The case name: In re Air Cargo Shipping Services Antitrust Litigation. • Your name, address, telephone number, and your signature. • All trade names or business names and addresses you or your business has used, as well as any

subsidiaries or affiliates who are requesting to be excluded from the settlement class.

Your letter must be postmarked by [date] and sent to:


P.O. Box 9380 Dublin, OH 43017-4280

USA If you ask to be excluded from any of the Proposed Settlements, you will not get any payment from any settlement from which you exclude yourself, and you cannot object to those particular settlements. Unless you exclude yourself, you give up any right to sue the Settling Defendants for the claims that the Proposed Settlements resolve. If you have a pending lawsuit against a Settling Defendant involving the same legal issues in this case, speak to your lawyer in that case immediately. (You must exclude yourself from the corresponding settlement class in order to continue your own lawsuit against one or more of the Settling Defendants.) 14. Can I remain as part of the settlement class for some of the Proposed Settlements and exclude

myself from others? Yes. Because there are four separate Proposed Settlements (the Singapore Air Settlement, the Korean Air Settlement, the Cathay Pacific Settlement, and the China Air Settlement), you will need to decide, for each of the Proposed Settlements, whether to exclude yourself from the settlement, or whether to remain in the settlement class for any or all of them.


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15. If I exclude myself, can I get money from the Proposed Settlements?

No. If you decide to exclude yourself from a Proposed Settlement, you will not be able to get money from that Proposed Settlement. If you exclude yourself from some, but not all, of the Proposed Settlements, you will be eligible to receive payment from the Proposed Settlements for which you remain in the settlement class.

THE LAWYERS REPRESENTING YOU 16. Do I have a lawyer in this case?

The Court appointed Michael D. Hausfeld of Hausfeld LLP; Robert N. Kaplan of Kaplan Fox & Kilsheimer LLP; Hollis Salzman of Robins, Kaplan, Miller & Ciresi LLP; and Howard J. Sedran of Levin, Fishbein, Sedran, and Berman to represent the class. These lawyers are called Class Counsel. You will not be charged for these lawyers. If you want to be represented by your own lawyer, you may hire one at your own expense. 17. How will the lawyers be paid? You are not personally responsible for payment of attorneys’ fees or expenses for Class Counsel. Instead, as compensation for their time and the risk in litigating the case on a contingent basis, Class Counsel will ask the Court to approve payment from the Proposed Settlements of an interim payment of attorneys’ fees in an amount not to exceed 22 percent of the settlement funds, and for reimbursement of litigation expenses. If awarded by the Court, these amounts would be deducted proportionally from the settlement funds. If you wish to object to the request for attorneys’ fees or reimbursement of expenses, your objection must be received by the Court by [date] as described in Question 19 below. 18. Will the class representatives be paid? Class Counsel will ask the Court to allow incentive awards of $90,000 for each of the six class representatives. If the Court grants this request, the incentive awards would be deducted proportionally from the settlement funds. If you wish to object to the request for incentive awards from the class representatives, your objection must be received by the Court by [date] as described in Question 19 below.

OBJECTING TO THE PROPOSED SETTLEMENTS, THE PLAN OF ALLOCATION, OR THE REQUEST FOR

ATTORNEYS’ FEES, EXPENSES, AND INCENTIVE AWARDS You can tell the Court that you don’t agree with the Proposed Settlements or some part of them, the Plan of Allocation, or the request for attorneys’ fees, reimbursement of expenses, or incentive awards. 19. How do I tell the Court that I don’t like the Proposed Settlements, the Plan of Allocation, or the request for attorneys’ fees, expenses, and incentive awards?

You can object to any Proposed Settlement in which you are a member of the settlement class and have not opted out of the settlement class. You can object if you don’t like any part of them, or if you disagree with the Plan of Allocation or the request for attorneys’ fees, expenses, and incentive awards. You can give reasons why you think the Court should not approve any or all of them. The Court will consider your views.

To object, you must send a letter to the Court that includes the following:


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• A statement saying that you object to one or more of the Proposed Settlements, the request for

attorneys’ fees, reimbursement of expenses, or incentive awards, or the Plan of Allocation, in In re Air Cargo Shipping Services Antitrust Litigation.

• Your name, address, telephone number, and your signature. • The reason(s) you object. • Proof of your membership in the class, such as invoices showing that you satisfy the definition

in Question 7. You must file the objection with the Court at the following address, received by [date]:

Clerk of Court United States District Court for the Eastern District of New York 225 Cadman Plaza East Brooklyn, NY 11201

You must also mail copies of the objection to the following attorneys, postmarked by [date]: Michael D. Hausfeld

Hausfeld LLP 1700 K Street, NW Suite 650 Washington, DC 20006

Robert N. Kaplan Kaplan Fox & Kilsheimer LLP 850 Third Avenue, 14th Floor New York, NY 10022

Hollis L. Salzman Robins, Kaplan, Miller & Ciresi LLP 601 Lexington Avenue Suite 3400 New York, NY 10022

Howard J. Sedran Levin, Fishbein, Sedran & Berman 510 Walnut Street Philadelphia, PA 19106

Class Counsel


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Margaret M. Zwisler William R. Sherman Latham & Watkins LLP 555 Eleventh Street, NW, Suite 1000 Washington, DC 20004

Counsel for Singapore Airlines Cargo Pte Ltd. and Singapore Airlines Limited David H. Bamberger Deana Cairo Martin Dajani DLA Piper LLP (US) 500 Eighth Street, NW Washington, DC 20004 Counsel for Cathay Pacific Airways Ltd.

Barry Sher Kevin Logue Paul Hastings LLP 75 East 55th Street New York, NY 10022 Counsel for Korean Air Lines Co., Ltd. James V. Dick Squire Sanders (US) LLP 1200 19th Street, NW, Suite 300 Washington, DC 20036 Counsel for China Airlines, Ltd.

20. What’s the difference between objecting and excluding?

Objecting is simply telling the Court that you don’t like something about the Proposed Settlements, Class Counsel’s request for attorneys’ fees, reimbursement of expenses, or incentive awards, or the Plan of Allocation. You can object to one or more of the Proposed Settlements only if you stay in the settlement class for those particular Proposed Settlements. If you exclude yourself, you have no right to object because the Proposed Settlements no longer affect you.

THE COURT’S FAIRNESS HEARING

The Court will hold a hearing to decide whether to approve the Proposed Settlements, the Plan of Allocation, and the request for attorneys’ fees, expenses, and incentive awards. You may attend and you may ask the Court’s permission to speak (see Question 23 for instructions), but you don’t have to participate in the hearing in order to attend.

21. When and where will the Court decide whether to approve the Proposed Settlements?

The Court will hold a Fairness Hearing at [time] on [date], in Courtroom 6C South at the United States Courthouse, 225 Cadman Plaza East, Brooklyn, NY 11201. At this hearing the Court will consider whether the Proposed Settlements are fair, reasonable, and adequate, whether to approve the Plan of Allocation, and whether to award attorneys’ fees, reimbursement of expenses, and incentive awards. If there are objections, the Court will consider them. Judge Gleeson will listen to class members who have asked to speak at the hearing (see Question 23). After the hearing, the Court will decide whether to approve the Proposed Settlements, the Plan of Allocation, and the request for attorneys’ fees, reimbursement of expenses, and incentive awards.

The Court may change the time and date of the Fairness Hearing. Notice of any change will be posted at the courthouse or on the Court’s website and on www.aircargo4settlement.com.


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22. Do I have to come to the hearing?

No. Class Counsel will answer questions Judge Gleeson may have. But, you are welcome to come at your own expense. If you send an objection, you don’t have to come to Court to talk about it. As long as the Court received your written objection on time, the Court will consider it. You may also pay your own lawyer to attend, but it’s not necessary. 23. May I speak at the hearing? You may ask the Court for permission to speak at the Fairness Hearing. If you wish to do so, you are encouraged to send a letter stating the following:

• “Notice of Intention to Appear in In re Air Cargo Shipping Services Antitrust Litigation” • The position you will take and your reasons. • Your name, address, telephone number, and your signature. • Proof of your membership in the class, such as invoices showing that you satisfy the definition

in Question 7. Your Notice of Intention to Appear must be filed with the Court at the following address, received by [date]:

Clerk of Court United States District Court

for the Eastern District of New York 225 Cadman Plaza East Brooklyn, NY 11201

You must also mail copies of the Notice of Intention to Appear to the attorneys listed in Question 19 above.

IF YOU DO NOTHING 24. What happens if I do nothing at all? If you do nothing, you will remain in the settlement class for each of the Proposed Settlements but you will not receive a payment, unless you have submitted an approved claim form in connection with the Second or Third Settlements or the Proposed Settlement. (See Question 10 above.)

GETTING MORE INFORMATION 25. Are there more details about the Proposed Settlements, the Plan of Allocation, or the request for attorneys’ fees, expenses, and incentive awards? This notice summarizes the Proposed Settlements. More details are in the settlement agreements. You can get a copy of the settlement agreements by visiting www.aircargo4settlement.com. Class Counsel will file a motion for final approval of the Proposed Settlements and the Plan of Allocation, and a request for attorneys’ fees, reimbursement of expenses, and incentive awards, which will contain additional information. These papers are currently due to be filed by [date] and will be available at www.aircargo4settlement.com.


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26. How do I get more information? If you have questions or want more information, you can visit the official settlement website at www.aircargo4settlement.com. If the answer to your question cannot be located on the website, you may contact the Claims Administrator by email at [email protected]. You may also call the Claims Administrator toll-free at 1-888-291-9655 in the U.S., U.S. territories, and Canada. Outside the U.S. and Canada, you may call 1-614-553-1296, but toll charges will apply. You may also write to:


P.O. Box 9380 Dublin, OH 43017-4280

USA

You may also write to any of Class Counsel at the following addresses:

Michael D. Hausfeld Hausfeld LLP 1700 K Street, NW Suite 650 Washington, DC 20006

Robert N. Kaplan Kaplan Fox & Kilsheimer LLP 850 Third Avenue, 14th Floor New York, NY 10022

Hollis L. Salzman Robins, Kaplan, Miller & Ciresi LLP 601 Lexington Avenue Suite 3400 New York, NY 10022

Howard J. Sedran Levin, Fishbein, Sedran & Berman 510 Walnut Street Philadelphia, PA 19106

27. Can I update my address? Yes. If your address changes, please enter your current information online at www.aircargo4settlement.com, or send it to the Claims Administrator at:


P.O. Box 9380 Dublin, OH 43017-4280

USA

DATED: __________, 2014 BY ORDER OF THE COURT UNITED STATES DISTRICT COURT EASTERN DISTRICT OF NEW YORK


EXHIBIT 4


UNITED STATES DISTRICT COURTSOUTHERN DISTRICT OF NEW YORK

IN RE BANK OF NEW YORK MELLON CORP. FOREX TRANSACTIONS LITIGATION

No. 12-MD-2335 (LAK) (JLC)

THIS DOCUMENT RELATES TO:

Southeastern Pennsylvania Transportation Authority v. The Bank of New York Mellon Corporation, et al.

International Union of Operating Engineers, Stationary Engineers Local 39 Pension Trust Fund v. The Bank of New York Mellon Corporation, et al.

Ohio Police & Fire Pension Fund, et al. v. The Bank of New York Mellon Corporation, et al.

Carver, et al. v. The Bank of New York Mellon, et al.

Fletcher v. The Bank of New York Mellon, et al.

No. 12-CV-3066 (LAK) (JLC)

No. 12-CV-3067 (LAK) (JLC)

No. 12-CV-3470 (LAK) (JLC)

No. 12-CV-9248 (LAK) (JLC)

No. 14-CV-5496 (LAK) (JLC)

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION, (II) PROPOSED SETTLEMENT, (III) SETTLEMENT HEARING, (IV) PLAN OF ALLOCATION

FOR DISTRIBUTION, AND (V) LEAD SETTLEMENT COUNSEL’S MOTION FOR ATTORNEYS’ FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO: ALL DOMESTIC CUSTODY CUSTOMERS OF BNYM1 THAT USED BNYM’S STANDING INSTRUCTION FX PROGRAM BETWEEN JANUARY 12, 1999 AND JANUARY 17, 2012 (THE “SETTLEMENT CLASS”). CERTAIN PERSONS ARE EXCLUDED FROM THE DEFINITION OF THE SETTLEMENT CLASS, AS SET FORTH IN DETAIL IN THE STIPULATION AND AGREEMENT OF SETTLEMENT.

PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS WILL BE AFFECTED BY CLASS ACTION LAWSUITS PENDING IN THIS COURT. IF YOU BELIEVE YOU ARE A MEMBER OF THE SETTLEMENT CLASS DESCRIBED ABOVE, BUT YOU HAVE NOT RECEIVED A NOTICE IN THE MAIL, PLEASE CONTACT THE CLAIMS ADMINISTRATOR.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and Order of the United States District Court for the Southern District of New York, that the above-captioned lawsuits (“Litigation”) have been provisionally certified as a class action for the purposes of settlement only and that a settlement has been proposed for $335,000,000 (“Settlement”). In addition, the Settlement Class will benefit from a separate $155,000,000 pursuant to a settlement that Defendants reached with the New York Attorney General (the “NYAG Settlement Amount”) and a separate $14,000,000 pursuant to a settlement that Defendants reached with the United States Department of Labor which is for the benefit of those members of the Settlement Class who are ERISA Plans (“DOL Settlement Amount”). A hearing will be held in Courtroom 21B before the Honorable Lewis A. Kaplan, at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007 at 10:00 a.m. on September 24, 2015, to, among other things: determine whether the proposed Settlement should be approved by the Court as fair, reasonable, and adequate; determine whether the proposed Plan of Allocation for distribution of the Settlement proceeds should be approved as fair and reasonable; consider the application for an award of attorneys’ fees to Plaintiffs’ Counsel and reimbursement of expenses to Plaintiffs’ Counsel and Plaintiffs; and consider any application for service awards to Plaintiffs for the effort and time spent by them in connection with the prosecution of the Litigation.IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED BY THE PENDING LITIGATION AND THE SETTLEMENT. If you are a member of the Settlement Class, you should have received a copy of the full printed Notice of (I) Pendency of Class Action, (II) Proposed Settlement, (III) Settlement Hearing, (IV) Plan of Allocation for Distribution, and (V) Lead Settlement Counsel’s Motion for Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”) in the mail. IF YOU BELIEVE YOU ARE A MEMBER OF THE SETTLEMENT CLASS AND YOU DID NOT RECEIVE A COPY OF THE NOTICE IN THE MAIL, YOU SHOULD CONTACT THE CLAIMS ADMINISTRATOR: In re Bank of New York Mellon Corp. Forex Transactions Litigation, c/o Garden City Group, LLC, Claims Administrator, P.O. Box 10170, Dublin, OH 43017-3170, (877) 940-1504, in order to confirm that you are a Settlement Class Member and/or that the Claims Administrator has your correct mailing address. If the Claims Administrator cannot verify that you are a Settlement Class Member, you will be asked to provide documentation relating to your BNYM custody account(s). If you have been identified as a Settlement Class Member and are eligible for a recovery from the Settlement, you do not have to do anything to receive a payment from the Settlement Amount. Your recovery will be based on the sales margin that BNYM recorded on standing instruction trades for your respective custodial accounts as determined by Plaintiffs’ expert. In addition to the $335,000,000 obtained from Defendants as a result of the Settlement, the Settlement Class will also receive a distribution from the separate $155,000,000 NYAG Settlement Amount. The NYAG Settlement Amount is expected to be combined with the Settlement Amount following final approval of the Settlement, including exhaustion of all appeals, and will be distributed consistent with the Plan of Allocation approved by the Court. In addition, the DOL Settlement Amount will be combined with the Settlement Amount and distributed to those members of the Settlement Class who are ERISA Plans consistent with the Plan of Allocation approved by the Court.If you are a Settlement Class Member, you may exclude yourself from the Settlement Class. To exclude yourself from the Settlement Class, you must submit a written request for exclusion such that it is received no later than August 17, 2015, in accordance with the instructions set forth in the Notice. If you are a Settlement Class Member and do not exclude yourself from the Settlement Class, you will be bound by the Settlement, including the releases provided for by the Settlement. Do not request exclusion if you wish to participate in the Settlement. If you request exclusion from the Settlement Class: (a) you will not be eligible to receive any distribution from the Settlement Amount, the NYAG Settlement Amount or the DOL Settlement Amount; (b) you will not be bound by the terms of the Settlement, including the releases, and you will retain any right you may have to file your own lawsuit concerning the Released Claims; and (c) you will not be able to object to the Settlement.Any objections to the proposed Settlement, the proposed Plan of Allocation, the request for attorneys’ fees and reimbursement of expenses to Plaintiffs’ Counsel, or the request for service awards to Plaintiffs must be filed with the Court and delivered to Lead Settlement Counsel for the Settlement Class and counsel for Defendants such that they are received no later than August 26, 2015, in accordance with the instructions set forth in the Notice.You can obtain additional information regarding the Litigation and the Settlement by visiting the website www.BNYMellonForexSettlement.com, or by contacting the Claims Administrator at the address and phone number provided above. Questions regarding the Litigation and the Settlement can also be directed to Lead Settlement Counsel:

Daniel P. Chiplock, Esq.Lieff Cabraser Heimann

& Bernstein, LLP250 Hudson Street, 8th FloorNew York, NY 10013-1413

(212) 355-9500www.lieffcabraser.com

Sharan Nirmul, Esq.Kessler Topaz Meltzer

& Check, LLP280 King of Prussia Road

Radnor, PA 19087(610) 667-7706www.ktmc.com

J. Brian McTigue, Esq.McTigue Law LLP

4530 Wisconsin Ave, NWSuite 300

Washington, DC 20016(202) 364-6900

www.mctiguelaw.com

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.

By Order of the Court1 BNYM refers collectively to The Bank of New York Mellon Corporation; The Bank of New York Mellon; The Bank of New York Company, Inc.; The Bank of New York, Mellon Bank N.A.; The Bank of New York Mellon Trust Company, N.A. (formerly known as the Bank of New York Trust Company, N.A.); and BNY Mellon, N.A.


EXHIBIT 5


If You Entered into a CDS Transaction Between January 1, 2008 and September 25, 2015, You May Be Affected by Class Action Settlements.

“CDS” means any and all types of credit default swap(s) and CDS-based products, including, without limitation, single-name CDS, CDS on corporate, sovereign and municipal reference entities,

tranche CDS, basket CDS, index CDS, and CDS futures. A “CDS Transaction” means (i) any purchase, sale, trade, assignment, novation, unwind, termination, or other exercise of rights or options with respect to any CDS, whether executed over-the counter or via inter-dealer brokers, a centralized clearinghouse,

a central limit order book, an exchange, a swap execution facility, or any other platform or trading facility; or (ii) any decision to withhold a bid or offer on, or to decline to purchase, sell, trade, assign, novate,

unwind, terminate or otherwise exercise any rights or options with respect to any CDS.

This notice is to alert you to settlements reached with defendants Bank of America Corporation and Bank of America, N.A.; Barclays Bank PLC; BNP Paribas; Citigroup Inc., Citibank, N.A., and Citigroup Global Markets Inc.; Credit Suisse AG; Deutsche Bank AG; Goldman, Sachs & Co.; HSBC Bank PLC and HSBC Bank USA, N.A.; JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A.; Morgan Stanley & Co. LLC; Royal Bank of Scotland PLC and Royal Bank of Scotland N.V.; UBS AG and UBS Securities LLC (collectively, “Dealer Defendants”); International Swaps and Derivatives Association; Markit Group Holdings Ltd. and Markit Group Ltd. (along with the Dealer Defendants, collectively “Defendants”) in a class action. The lawsuit alleges that Defendants engaged in anticompetitive acts that affected the price of CDS in violation of Section 1 of the Sherman Act, 15 U.S.C. § 1, principally by conspiring to prevent the creation of exchange trading platforms for CDS which, if established, would have reduced the spreads paid on each CDS transaction. The lawsuit further alleges that Defendants were unjustly enriched under common law by their anticompetitive acts. The lawsuit was brought by, and on behalf of, purchasers and sellers of CDS. The Defendants deny they did anything wrong.

Settlements have been reached with all Defendants. Defendants have collectively agreed to pay $1,864,650,000 (“Settlement Fund”). The United States District Court for the Southern District of New York (“Court”) authorized this notice. Before any money is paid, the Court will have a hearing to decide whether to approve the settlements. Approval of these settlements by the Court will resolve this lawsuit in its entirety.

WHO IS A SETTLEMENT CLASS MEMBER?

Subject to certain exceptions, the Settlement Class includes all persons or entities (together, “Persons”) who, during the period of January 1, 2008 through September 25, 2015, purchased CDS from or sold CDS to the Dealer Defendants, their respective affiliates, or any purported co-conspirator, in any Covered Transaction. A purchase or sale of CDS shall be deemed to be a “Covered Transaction” in each of the following circumstances: (i) if the purchase or sale was by or on behalf of a Person either domiciled or located (e.g., had a principal place of business) in the United States or its territories at the time of such purchase or sale; (ii) if the Person was domiciled and located outside the United States and its territories at the time of any such purchase or sale, where such purchase or sale was in United States commerce; or (iii) where such purchase or sale otherwise falls within the scope of the U.S. antitrust laws.

If you are not sure if you are included in the Settlement Class, you can get more information, including a detailed notice, at www.CDSAntitrustSettlement.com or by calling toll free 1-888-744-0531.

WILL I GET A PAYMENT?If you are a Settlement Class Member and do not opt out of the Settlement Class, you will be eligible to file a proof of claim form. The amount of your payment will be determined by a Plan of Distribution. Details about the Plan of Distribution are available at www.CDSAntitrustSettlement.com. A date for distribution of the Settlement Fund has not been set. Proof of claim forms must be postmarked by May 27, 2016 or electronically, through www.CDSAntitrustSettlement.com, on or before 11:59 p.m. Eastern Daylight Time, May 27, 2016.

WHAT ARE MY RIGHTS AS A CLASS MEMBER?If you are a Settlement Class Member and do not opt out, you will release certain legal rights against the Defendants and the Released Parties, as explained in the detailed notice and settlement agreements, which are available at www.CDSAntitrustSettlement.com. If you do not want to take part in the proposed settlements, you must opt out by February 29, 2016.

You may, but do not have to, comment on or object to the proposed settlements, the Plan of Distribution, or class counsel’s application to the Court for an award of attorneys’ fees, expenses, and incentive awards to the plaintiffs for representing the Settlement Class. To do so, you must submit your comments or objections by February 29, 2016.

Information on how to opt out or submit comments or objections is contained in the detailed notice and at www.CDSAntitrustSettlement.com.

WHEN IS THE FAIRNESS HEARING?The Court will hold a hearing on April 15, 2016, at 2:00 p.m., at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, New York 10007 to consider whether to approve the proposed settlements, the Plan of Distribution, and class counsel’s application for an award of attorneys’ fees, expenses, and incentive awards to the plaintiffs. You or your lawyer may ask to appear and speak at the hearing at your own expense, but you do not have to. If you wish to appear, you must file a notice of intention to appear by February 29, 2016.

For more information, call 1-888-744-0531 or visit www.CDSAntitrustSettlement.com.


EXHIBIT 6


Legal Notice

If you directly purchased Air Cargo Shipping Services to, from, or within

the United States from January 1, 2000 to September 11, 2006, your rights could be affected by Proposed Settlements

What are the Settlements about? Plaintiffs claim that numerous air cargo carriers and certain of their employees conspired to fix the prices of air cargo shipping services in violation of U.S. antitrust laws. The settling defendants deny liability but have settled to avoid the cost and risk of further litigation and/or a trial. Korean Air Lines Co., Ltd., Singapore Airlines Limited, Singapore Airlines Cargo Pte, Ltd., Cathay Pacific Airways Ltd., and China Airlines, Ltd. have settled these claims and have agreed to pay approximately $362.5 million to direct purchasers of air cargo shipping services to, from, or within the United States. The Korean Air Lines settlement provides $115 million, the Singapore Airlines settlement provides $92.492 million, the Cathay Pacific Airways settlement provides $65 million, and the China Airlines settlement provides $90 million. These are in addition to prior settlements with other air cargo carriers in the case of approximately $485.8 million. The case is continuing against non-settling defendants. Who is a Class Member? You are a class member if you purchased air cargo shipping services, directly from one or more defendants, for shipments to, from, or within the United States during the period from January 1, 2000 to September 11, 2006. All you need to know is in the full Notice, including information on who is or is not a class member. Will I get a payment? If you are a class member and do not opt out of these settlements, you are eligible to submit a claim and receive a payment. The amount of your payment will be determined by the Plan of Allocation, which is described in the full Notice. You may request a claim form online at www.aircargo4settlement.com, or by calling toll-free at 1-888-291-9655. Outside the U.S. and Canada, call 1-614-553-1296 (toll charges apply). You may also request a claim form by writing to Air Cargo Settlement 4, c/o The Garden City Group, Inc., P.O. Box 9380, Dublin, OH 43017-4280, USA.

Completed claim forms must be postmarked no later than Month xx, 2014. What are my rights? If you do not want to take part in one or more of the settlements, you have the right to opt out. To opt out of one or more of the settlements, you must do so by Month xx, 2014. Class members have the right to object to the settlements, the Plan of Allocation, and the request for up to 22 percent of the settlement funds in attorneys’ fees, and incentive awards of $90,000 for each of the six class representatives. If you object, you must do so by Month xx, 2014. If you do not opt out of a particular settlement, you will be bound by the terms of that settlement and give up your rights to sue regarding the settled claims. You may speak to your own attorney at your own expense for help. For more information, visit www.aircargo4settlement.com or call toll-free 1-888-291-9655. Outside the U.S. and Canada, call 1-614-553-1296 (toll charges apply). A Final Approval Hearing to consider approval of the settlements, the Plan of Allocation, the request for attorney fees, reimbursement of expenses and incentive awards will be held at the United States District Court for the Eastern District of New York on Month xx, 2014. You may ask to appear at the hearing, but you don’t have to attend. For more information, visit www.aircargo4settlement.com or call toll-free 1-888-291-9655. Outside the U.S. and Canada, call 1-614-553-1296 (toll charges apply). This is a Summary, where can I get more information? You can get complete Settlement information, including a copy of the full Notice, by registering at www.aircargo4settlement.com, calling the number below, or writing to Air Cargo Settlement 4, c/o The Garden City Group, Inc., P.O. Box 9380, Dublin, OH 43017-4280, USA.

1-888-291-9655 www.aircargo4settlement.com


CERTIFICATE OF SERVICE

I HEREBY CERTIFY that on September 8, 2016, I caused the foregoing to be

electronically filed with the Clerk of the Court using the CM/ECF system which will send

notification of such filing to the email addresses denoted on the Electronic Mail Notice List, and

I caused the foregoing document or paper to be mailed via the United States Postal Service to the

non-CM/ECF participants indicated on the Manual Notice List. s/ Christopher M. Burke Christopher M. Burke (CB-3648) SCOTT+SCOTT, ATTORNEYS AT LAW, LLP 707 Broadway, Suite 1000 San Diego, CA 92101 Telephone: 619-233-4565 Facsimile: 619-233-0508 email: [email protected]


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