Settlement of Deka Investment GmbH v. Santander Consumer USA Holdings Inc., et al.
Civil Action No. 3:15-cv-02129-K
The parties reached a $47 million settlement of this action, pending in the United States District Court for the Northern District of Texas, Dallas Division. Lead Plaintiffs Deka Investment GmbH and City of Dearborn Heights Act 345 Police & Fire Retirement System alleged that materially false and misleading statements were made to investors regarding Santander Consumer USA Holdings Inc.’s (“SCUSA”) ability to pay dividends and its comprehensive compliance and risk management practices in SCUSA public filings in connection with, and subsequent to, SCUSA’s January 23, 2014 IPO. The operative complaint named SCUSA, certain of its officers and directors and the underwriters for violations of §§11, 12(a)(2) and 15 of the Securities Act of 1933 for misrepresentations contained in documents publicly filed by SCUSA in connection with its January 23, 2014 IPO. The complaint also named SCUSA and certain of its former officers for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 for misrepresentations both made in connection with SCUSA’s January 23, 2014 IPO as well as after it, through June 12, 2014.
The “1933 Act Class” means all persons and entities who purchased or otherwise acquired SCUSA common stock in or traceable to SCUSA’s January 23, 2014 IPO and were damaged thereby. Excluded from the 1933 Act Class are Defendants and certain individuals and entities affiliated with the Defendants. The “1934 Act Class” means all persons and entities who, between January 23, 2014 and June 12, 2014, inclusive, purchased or otherwise acquired SCUSA common stock, and were damaged thereby. Excluded from the 1934 Act Class are Defendants and certain individuals and entities affiliated with the Defendants.
The full definitions of the Classes can be found in the Notice of Pendency and Proposed Settlement of Class Action located at the SCUSA Securities Settlement webpage: http://www.scusasecuritiessettlement.com/media/2957045/s2a_notice_082420_final.pdf.
The settlement was approved by the Court on January 12, 2021.
If you have any questions about the settlement or the litigation, please contact Rick Nelson at 1-800-449-4900.