LJM Partners State Litigation

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LJM Partners State Litigation
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The information contained on this web page is only a summary of information presented in more detail in the Notice of 

(I) Proposed Class Action Settlement; (II) Settlement Fairness Hearing; and (III) Motion for Attorneys’ Fees and Litigation Expenses (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional details.

 

The Notice describes important rights you may have and what steps you must take if you wish to participate in the Settlement or wish to be excluded from the Settlement Class.


The Settlement, if approved by the Court, provides a substantial prospective benefit to the Settlement Class, namely the assignment of twenty percent (20%) of Defendant Anthony Caine’s potential recovery in a current lawsuit brought by Defendant LJM Partners, Ltd. against certain entities alleging the manipulation of the VIX. The VIX case is called: LJM Partners, Ltd. v. John Does, Case No. 19-cv-368 (N.D. Ill.), and is currently pending in federal court (“VIX Manipulation Lawsuit”).1 Mr. Caine suffered losses of over one hundred million dollars ($100,000,000.00), which he seeks to recover in the VIX Manipulation Lawsuit, but note that there is no guarantee that LJM Partners, Ltd. will be successful in the VIX Manipulation Lawsuit.

 

    The Settlement resolves claims by Plaintiffs Donna Lundgren-Wiedinmyer, David and Marla Melcher, Mark Haldeman, Nina Merzbach, Ryan Ramey, Stephen Cieciuch, Tony Fiest, and Barney C. Guttman in a class action against LJM Partners, Ltd. (“LJM”), Anthony Caine (“Caine”), Kathryn McBride, Anish Parvataneni, Arjuna Ariathurai, Lauren C. Savino, Pacific Futures and Capital, LLC, J. Scott Sykora, James E. Dickinson, Bryan Thurston, and Chun Liu (“LJM Defendants”), wherein Plaintiffs alleged breaches of fiduciary duty, contract, and implied covenant of good faith and fair dealing against the LJM Defendants. There is no guarantee that any additional money will be recovered. The LJM Defendants deny any wrongdoing in this lawsuit. The Court did not decide in favor of either the Plaintiffs or the LJM Defendants.

This Notice describes important rights you may have if you are a member of the Settlement Class and what steps you must take if you wish to participate in the Settlement, wish to object, or wish to be excluded from the Settlement Class.   

If you are a Settlement Class Member, your legal rights will be affected by this Settlement whether you act or do not act. Please read this Notice carefully.

 

The Settlement Class consists of: 

All persons and entities who, as of February 6, 2018, held a Limited Partnership Interest in: (i) the LJM Preservation and Growth Fund, L.P.; (ii) the Asset Class I Series of LJM Fund, L.P.; or (iii) the PFC-LJM Fund, L.P.

Excluded from the Settlement Class are: All of the LJM Defendants, their respective successors, assigns, parents, and subsidiaries, the past and current executive officers and directors of the corporate defendants, and the legal representatives, spouses, heirs, successors, or assigns of the individual defendants, as well as any entity in which any of the foregoing excluded persons have or had a majority ownership interest.

Please read the Notice  to fully understand your rights and options. Copies of the Notice  can be found in the menu on the left of this page.

 

If there is any recovery in the future by virtue of the Assignment from the VIX Manipulation Lawsuit, Class Counsel will send a Claim Form to all Settlement Class Members that have not excluded themselves at their last known address.

 


PLEASE NOTE: This Action is separate and independent from another state class action entitled Sokolow v. LJM Funds Management, Ltd., Case No. 18-CH-11880, also pending in the Circuit Court of Cook County, Illinois.   If you purchased or otherwise acquired Class A, Class C or Class I shares of the LJM Preservation and Growth Fund, during the period from February 28, 2015 through February 7, 2018, inclusive, please visit www.LJMFundStateLitigation.com for additional information.




YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:

EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY MARCH 25, 2020.

If you exclude yourself from the Settlement Class, you will not be eligible to receive any potential payment from the Settlement as a result of the Assignment.

This is the only option that allows you to bring, continue, or be a part of any other lawsuit against any of the LJM Defendants concerning the Released Claims.

OBJECT BY MAY 11, 2020.

If you do not like the proposed Settlement, the motion for attorneys’ fees and expenses, or the request for an incentive award for the Plaintiffs, you may write to the Court and explain why you do not like it/them. If you object, you will remain a member of the Settlement Class.

GO TO A HEARING ON JUNE 3, 2020.

The Settlement Hearing will be held on June 3, 2020, at 11:00 a.m., before the Honorable Raymond Mitchell at Courtroom 2601, Circuit Court of Cook County, 50 W. Washington Street, Chicago, IL 60602.

DO NOTHING.

Remain eligible to receive any potential payment from the Settlement as a result of the Assignment BUT give up your rights to bring your own individual action.


Please read the Notice  carefully.  If you have questions, you may call the LJM Partners State Litigation Help Line at 877-212-3362 or visit www.LJMPartnersStateLitigation.com


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