On November 5, 2004, the United States District Court Judge Denise Cote granted final
approval of the $2.575 billion settlement with the Citigroup Defendants. The case continues
against the remaining defendants. The Court-approved Notice of the Settlement was mailed to
Class Members beginning on August 2, 2004. A Proof of Claim and Release form accompanied each
Notice. The Court established March 4, 2005 as the date by which Class Members must submit
their Proof of Claim forms and set September 1, 2004 as the deadline for Class Members to
request to be excluded from the Class. The Court-approved Notice of the Settlement was mailed to Class Members beginning on
August 2, 2004. A Proof of Claim and Release form accompanied each Notice. The Court has
established March 4, 2005 as the date by which Class Members must submit their Proof of Claim forms.
Copies of the Notice and Proof of Claim form are posted on this website, and can be accessed by
clicking here. Class members are encouraged to gather their documentation, fill our their Proof of Claim form,
and submit it to the Administrator. Click
here or simply scroll down to see the answers to
several frequently asked questions regarding the Citigroup settlement.
REGARDING THE CITIGROUP SETTLEMENT
The Garden City Group, Inc.
P.O. Box 9000, # 6184
Merrick, New York 11566-9000
www.gardencitygroup.com
1-866-808-3556 (toll free)
1-631-940-6549 (fax)
Click here to view the press release of Lead Plaintiff the New York State Common Retirement Fund.
| 1. | Q: | How do I know if I am eligible to share in the proceeds from the Citigroup settlement that was announced on May 10, 2004? | ||
| A: | You are eligible to recover if you purchased or otherwise acquired WorldCom stock or publicly-traded bonds during the Class Period , and suffered an injury thereby. Excluded from the Class are: (i) defendants; (ii) members of the family of each individual defendant; (iii) any entity in which any defendant has a controlling interest; (iv) officers and directors of WorldCom and its subsidiaries and affiliates; and (iv) the legal representatives, heirs, successors or assigns of any such excluded party. A full description of the Class is included in the Notice of Pendency of Class Action. Click here. | |||
 |
||||
| 2. | Q: | What is the Class period? | ||
| A: | The Class period is April 29, 1999 through June 25, 2002. | |||
|
||||
| 3. | Q: | If I am a member of the Class, what do I have to do now? | ||
| A: | You must fill out the Proof of Claim and Release Form and submit it by March 4, 2005. Copies of the Notice and Proof of Claim Form may be obtained by writing to the Administrator at the address listed above, or by emailing the administrator at worldcominfo@gardencitygroup.com, or by clicking here. | |||
|
||||
| 4. | Q: | When can I expect to receive a distribution? | ||
| A: | Any distribution of proceeds cannot take place until final judicial approval of the settlement and plan of allocation. At this time, we anticipate that distributions may be made sometime in 2005, although there are various contingencies that could delay the time when it is possible to make a distribution of the settlement proceeds. | |||
|
||||
| 5. | Q: | What if I changed my address in the last five years? | ||
| A: | In order to ensure that you receive the Notice and Proof
of Claim when they become available, you should forward your name, new address, former
address and phone number to the Notice administrator via email at
worldcominfo@gardencitygroup.com or by writing to:
WorldCom, Inc. Securities Litigation Administrator |
|||
|
||||
| 6. | Q: | I previously requested to be excluded (“opt out of”) the Class, but now I wish to rejoin the Class. May I Still do so? | ||
| A: | No. If you previously opted-out of the Class, you had until September 1, 2004 to rejoin the Class. | |||
|
||||
| 7. | Q: | I now wish to opt out of the Class. Is it too late? | ||
| A: | Yes. The deadline for opting out of the Class was until September 1, 2004. By way of background, pursuant to the Notice of Class Action, members of the Class had the right to opt out of the Class only by written request postmarked on or before February 20, 2004. However, by Order of the United States Court of Appeals for the Second Circuit, the deadline for Class Members to request exclusion from the Class was extended to a date to be fixed by further order of the Court. That deadline was subsequently set as September 1, 2004. | |||