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Distribution - Frequently Asked Questions

Distribution in the first 5 Settlements was made on June 29, 2016.

1. Can I still submit a Claim to receive Payment?
Claims are no longer being accepted in relation to the first 5 Settlements with Morgan Stanley, GE, Wachovia (now d/b/a Wells Fargo), JPMorgan Chase, and Bank of America in the Municipal Derivatives Litigation.

The deadline to file a claim in the second 6 Settlements with UBS AG, Société Générale S.A., Natixis Funding Corp., Piper Jaffray & Co., National Westminster Bank Plc, George K. Baum & Co. is July 28, 2016. If you filed a claim in the first 5 Settlements, your claim is automatically included in the second 6 Settlements.

2. What does this Settlement provide?
Defendants Morgan Stanley, Wachovia, JP Morgan, Bank of America, and GE paid a total of $126,325,000.00 into a Settlement Fund to settle all claims. Attorneys' fees and expenses, the cost of administering the proposed Settlement, and the Class Representative enhancement awards and expenses were deducted from the $126,325,000.00 Settlement Fund. The remaining amount was distributed proportionally among Class Members based on the size of their claims according to the Plan of Distribution.

3. Did the Court approve the Distribution?
The Court held a Hearing to review the details of the Distribution and approved the Distribution on March 18, 2016.

4. When will I be paid?
Distribution took place and checks were mailed on June 29, 2016.

5. How were payments calculated?
According to the Court-approved Plan of Distribution, Offered Claim payments were paid first from the fund. The amount of an Offered Claim equals the amount offered by the State AGs, but which was declined by the claimant, for a transaction or transactions under the State AG Settlements with GE, Wachovia, JP Morgan, Bank of America, or UBS.

The pro rata claim of each Authorized Claimant was determined second, using a three step process laid out in the Court-approved Plan of Distribution.

First, each Authorized Claimant’s notional stake was calculated by totaling the notional stakes for each of its qualifying Municipal Transactions. The notional stake equals the notional amount of the transaction at issuance multiplied by the term of the transaction in years.

Second, each Authorized Claimant’s notional share was calculated. The notional share was calculated by dividing each Authorized Claimant’s notional stake by the sum of the notional stakes for all Authorized Claimants.
Third, the pro rata claim was calculated by multiplying the aggregate amount in the Net Allocation Funds by the Authorized Claimant’s notional share.

After performing this calculation, and pursuant to the Court-approved Plan of Distribution, no claim was paid if the total payment to that Authorized Claimant was to be $10 or less, or if the Authorized Claimant’s total notional stake was zero. All payments made were rounded to the nearest dollar. More details can be found in the Plan of Distribution.

6. Can my check be reissued?
If you have not received your check by July 15, 2016, or require a reissue for reasons other than a change of name on the check, please submit a written request to have the check reissued to:

Municipal Derivatives Settlement
c/o Rust Consulting, Inc.
PO Box 2500
Faribault, MN 55021-9500

Please allow 4-6 weeks for processing.

7. Can I have the name on the check changed?
Please submit a written request to have the check reissued, along with any supporting documentation necessary to make the name change, and your original check marked “VOID”, to:

Municipal Derivatives Settlement
c/o Rust Consulting, Inc.
PO Box 2500
Faribault, MN 55021-9500

Please allow 4-6 weeks for processing.

8. Will I have to pay taxes on my payment?
Whether any payment you receive is taxable will depend on your individual tax circumstances. We cannot give you tax or other legal advice on this matter. If you have tax questions, you should contact a tax preparer or advisor.

9. Where can I get more information?
If you want more detailed information, you may contact the Settlement Administrator at 1-877-310-0512.

Disclaimer

THIS SITE IS NOT OPERATED BY MORGAN STANLEY, WELLS FARGO, JPMORGAN OR ANY OF ITS AFFILIATES. THIS SETTLEMENT IS SUPERVISED BY CLASS COUNSEL.  THIS IS THE AUTHORIZED WEBSITE FOR THIS SETTLEMENT.  PLEASE DO NOT RELY UPON OTHER SITES THAT SET OUT DIFFERENT AND UNAUTHORIZED INFORMATION.

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