SCUSA Securities Settlement
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WELCOME TO THE SCUSA SECURITIES SETTLEMENT WEBSITE

This website has been established to provide general information related to the proposed settlement of the lawsuit referred to as Deka Investment GmbH v. Santander Consumer USA Holdings Inc., Civil Action No.3:15-cv-02129-K (the “Action”), which is pending before the Honorable Ed Kinkeade in the United States District Court for the Northern District of Texas (Dallas Division) (the “Court”). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") filed on July 31, 2020, which can be found and downloaded by clicking on the Case Documents tab above.

The law firm of Robbins Geller Rudman & Dowd LLP represents you and other Class Members. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.

WHAT IS THIS LAWSUIT ABOUT?

This is a securities class action brought against Santander Consumer USA Holdings Inc.("SCUSA" or the "Company") and certain of its officers and directors and the underwriters for SCUSA's January 23, 2014 initial public offering ("IPO") (collectively, "Defendants") on behalf of 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 (the “1933 Act Class”); and 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 (the “1934 Act Class”).  The 1933 Act Class and the 1934 Act Class are collectively referred to as the “Classes.”

Lead Plaintiffs Deka Investment GmbH and City of Dearborn Heights Act 345 Police & Fire Retirement System allege, among other things, Defendants made material misrepresentations and omissions regarding the Company's business and operations. Specifically, Lead Plaintiffs allege Defendants made false and misleading statements to investors regarding SCUSA's ability to pay dividends and its comprehensive compliance and risk management practices, which were made in connection with and subsequent to SCUSA's IPO.  

If you purchased or otherwise acquired SCUSA common stock during the Class Period, you are a Class Member. Excluded from the Classes are:  (i) Defendants; (ii) the present or former executive officers of SCUSA and their immediate family members (as defined in 17 C.F.R. §229.404 (Instructions (1)(a)(iii) and (i)(b)(ii)); and (iii) Santander Holdings USA, Inc. (“SHUSA”) and the other selling stockholders identified in the Offering Documents and their immediate family members (as defined in 17 C.F.R. §229.404 (Instructions (1)(a)(iii) and (i)(b)(ii)).  For the avoidance of doubt, this exclusion does not extend to any investment company, pooled investment fund, or separately managed account (including, but not limited to, mutual fund families, exchange-traded funds, fund of funds, private equity funds, real estate funds, hedge funds, and employee benefit plans) in which any Underwriter Defendant or any of its affiliates has or may have a direct or indirect interest, or as to which any Underwriter Defendant or any of its affiliates may serve as a fiduciary or act as an investment advisor, general partner, managing member, or in any other similar capacity (other than where the Underwriter Defendant or any of  its affiliates is a majority owner or holds a majority beneficial interest and only to the extent of such Underwriter Defendant’s or its affiliates’ ownership or interest); provided, however, that membership in the Classes by such entity is limited to transactions in SCUSA common stock made on behalf of, or for the benefit of, Persons other than Persons that are specifically excluded from the Classes by definition.  Also excluded from the Classes are those Persons who timely and validly exclude themselves therefrom by submitting a request for exclusion.

WHAT DOES THE SETTLEMENT PROVIDE?

The proposed Settlement will create a cash settlement fund of $47,000,000 (the “Settlement Fund”), plus any interest that may accrue thereon less certain deductions.

The Settlement Fund, subject to deduction for, among other things, costs of class notice and administration and certain taxes and tax-related expenses, as well as attorneys’ fees and expenses, and the amount to Lead Plaintiffs in connection with their representation of the Classes, as approved by the Court, will be available for distribution to Class Members. Your recovery from this fund will depend on a number of variables, including the number of SCUSA shares you purchased or acquired, the timing of your purchases, acquisitions, and any sales, and how many other Class Members make claims. 

ADDITIONAL INFORMATION

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice and the Stipulation.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

SUBMIT A PROOF OF CLAIM

The only way to be eligible to receive a payment from the Settlement.  Proof of Claim forms must be postmarked or submitted online on or before January 4, 2021.

EXCLUDE YOURSELF

Get no payment.  This is the only option that potentially allows you to ever be part of any other lawsuit against the Defendants or any other Released Parties about the legal claims being resolved by this Settlement.  Should you elect to exclude yourself from the Classes you should understand that Defendants and the other Released Parties will have the right to assert any and all defenses they may have to any claims that you may seek to assert, including, without limitation, the defense that such claims are untimely under applicable statutes of limitations and statutes of repose. Exclusions must be postmarked on or before December 22, 2020.

OBJECT 

Write to the Court about why you do not like the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and expenses.  You will still be a member of the Classes.  Objections must be received by the Court and counsel on or before December 22, 2020.  If you submit a written objection, you may (but do not have to) attend the hearing.

GO TO THE HEARING ON JANUARY 12, 2021

Ask to speak in Court about the fairness of the Settlement.  Requests to speak must be received by the Court and counsel on or before December 22, 2020.

 DO NOTHING 

Receive no payment. You will, however, still be a member of the Classes, which means that you give up your right to ever be part of any other lawsuit against the Defendants or any other Released Parties about the legal claims being resolved by this Settlement and you will be bound by any judgments or orders entered by the Court in the Action.

 

IMPORTANT DATES AND DEADLINES

Submit Proof of Claim

January 4, 2021

Request Exclusion

December 22, 2020

Submit Written Objection

December 22, 2020

Submit Notice of Intention to Appear   

December 22, 2020

Settlement Hearing 

January 12, 2021, at 10:00 a.m. CST