Carver v. Bank of New York Mellon ADR FX ERISA Settlement

If you represent an ERISA Entity that held, directly or indirectly, American Depositary Receipts for which the Bank of New York Mellon acted as the depositary (“BNYM ADRs”), and for which BNYM, in its capacity as a depositary, provided foreign currency exchange transaction services, from January 1, 1997 to December 20, 2018, inclusive, your ERISA Entity could get a payment from a class action settlement.

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Frequently Asked Questions

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Important Deadlines

Important Settlement Deadlines That Will Affect Your Rights

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Court Documents

You now have until June 15, 2019 to submit a Claim.

Important Court Ordered Notice


TO:  Fiduciaries or other authorized representatives of all ERISA Entities that at any time during the period January 1, 1997 through December 20, 2018, held, directly or indirectly, American Depositary Receipts for which The Bank of New York Mellon acted as the depositary and provided foreign currency exchange transactional services (“BNYM ADRs”).  A list of BNYM ADRs is available for download here.

An “ERISA Entity” means an ERISA plan and any trust, pooled account, collective investment vehicle, or group insurance arrangement that files a Form 5500 annual return/report as a Direct Filing Entity (“DFE”) in accordance with the DFE Filing Requirements, such as a group trust, master trust investment account (MTIA), common/collective trust (CCT), pooled separate account (PSA), 103-12 investment entity (102-12 IE), group insurance arrangement (GSA), or collective investment vehicle that held plan assets as defined by the U.S. Department of Labor “Instructions for Form 5500, Annual Return/Report of Employee Benefit Plan.”




This notice (“Notice”) is being directed to you pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York (“Court”).  The purpose of this Notice is to advise you of the pendency of the above-captioned class action (“Action”) and the proposed settlement (“Settlement”) of the Action for $12,500,000 in cash (the “Settlement Fund”) on the terms and subject to the conditions contained in the Stipulation and Agreement of Settlement filed in the Action and dated December 14, 2018 (“Stipulation”) and available here.  The Honorable J. Paul Oetken is presiding over the Action.  Judge Oetken has provisionally certified the proposed Settlement Class for purposes of settlement only, has directed that this Notice be made available on the Settlement Website to potential Settlement Entities, and has scheduled a final settlement hearing for May 23, 2019 at 3:00 p.m. (“Final Approval Hearing”).  The Final Approval Hearing will be held in Courtroom 706 of the Thurgood Marshall United States Courthouse, 40 Foley Square, New York, NY 10007.

The Settlement resolves claims by Hedy Anselman, David Baumann, Carl Carver, Dante A. Dano, Jr., Edward C. Day, Landol D. Fletcher, Timothy R. Garrett, Dana Kellen, Deborah Jean Kenny, Lisa Parker, Edwin Scheibel, and Daryl Watkins (“Named Plaintiffs”), in their respective capacities as participants, beneficiaries, and/or trustees of certain employee benefit plans, that have been asserted on behalf of the Settlement Class against The Bank of New York Mellon and BNY Mellon, National Association (“BNYM” or “Defendants”).  Named Plaintiffs allege that, during the Settlement Class Period, BNYM breached alleged fiduciary duties and engaged in prohibited transactions under the Employee Retirement Income Security Act of 1974, 29 U.S.C. §§ 1001 et seq. (“ERISA”), in connection with its conversion of foreign currency received in its capacity as a depository for BNYM ADRs.  Defendants deny the allegations, including that they owe any duties under ERISA to the Settlement Class, breached any such duties, or caused any harm to ERISA Entities.  A more detailed description of the claims asserted by Named Plaintiffs in the Action, as well as the history of the Action, is set forth in Section 2 of the Notice, available here.

As more fully described in the Notice, the Settlement provides for $12.5 million (“Settlement Amount”) to be paid by or on behalf of Defendants for the benefit of Settlement Entities, which amount has been deposited into an interest-bearing escrow account.  The Net Settlement Fund (i.e., the Settlement Amount plus any interest earned thereon less (i) any Taxes and Tax Expenses; (ii) Notice and Administration Costs; and (iii) any attorneys’ fees and Litigation Expenses (including Service Awards) awarded by the Court) will be distributed to eligible Settlement Entities (i.e., Authorized Recipients) according to a Court-approved plan of allocation. The proposed Plan of Allocation is set forth in Exhibit 1 to the Notice, available here.

To review the full Notice, please click here.