Important Update – One Group Distribution Process
As a courtesy, this update is to inform interested parties that the distribution process is anticipated to close soon and you should act immediately if you have a payment(s) you wish to have re-issued and/or negotiate.
- March 2, 2012: Last date a re-issuance request will be accepted for processing.
To ensure your check re-issuance request can be processed please submit all necessary documentation immediately. A check will not be re-issued for requests not received on or before March 2, 2012 or where information provided is incomplete. - April 10, 2012: Last date a check will be honored for payment.
If you are currently in possession of a check that doesn’t require changes you may negotiate this payment immediately. The distribution account will continue to honor checks for payment, regardless of the void date on your check, through April 10, 2012. Any check presented for payment after April 10, 2012 will not be honored. Additional fees may be charged by your bank for checks deposited and returned after April, 10 2012.*
* Any fee you may incur from your bank is solely the responsibility of the check recipient.
This reminder is FINAL and all payments not negotiated on or before April 10, 2012 will be marked void at the distribution bank.
If you need further assistance regarding this matter please call us toll-free at 1-888-850-3599, Monday through Friday from 9:00 A.M. to 6:00 P.M. Eastern Time.
Frequently Asked Questions
1. What is this settlement about?
In late 2003, a number of putative securities class action complaints were filed against Bank One and related entities in various United States District Courts, alleging market-timing and late trading in the Bank One Mutual Funds in violation of the federal securities laws.
On May 19, 2010, the U.S. District Court of Maryland issued a preliminary order for notice and hearing, granting preliminary approval of a settlement between Bank One and the plaintiffs which is embodied in a Stipulation dated June 1, 2009 and amended February 5, 2010, and pursuant to which Bank One defendants do not admit any wrongdoing. Pursuant to the Stipulation, Bank One has agreed to pay a total of $5.1M into a Settlement Fund.
2. What is market timing/late trading?
Market-timing is an investment technique involving short-term, "in and out" trading of mutual fund shares, designed to exploit inefficiencies in the way mutual fund companies price their shares. Late trading is an investment practice whereby investors are permitted to place orders to buy, sell or exchange mutual fund shares using the day's net asset value ("NAV") after the 4:00 p.m. eastern-time cut-off, capitalizing on post-4:00 p.m. information.
3. What is a class action?
In a class action, one or more individuals and/or entities called class representatives (in this case the court-appointed lead plaintiff, Linda B. Parker (the "Lead Plaintiff") on her own behalf and on behalf of the Investor Class and Lenore Zarate, a participant in the Bank One Corporation Savings and Investment Plan, on behalf of herself and a class of all others similarly situated ("ERISA Plaintiffs") (collectively, "Class Plaintiffs")) sue on behalf of individuals and entities who have similar claims. All of these individuals and entities who have similar claims are referred to collectively as a class, or individually as a class member. One court resolves the issues for all class members, except for those who exclude themselves from the Settlements. The United States District Court for the District of Maryland, the Honorable J. Frederick Motz, is in charge of the Class Action as well as the ERISA Action and the Derivative Action.
4. How do I know if I am an Investor Class or ERISA Class Member?
The Investor Class includes: all persons, entities, or legal beneficiaries or participants in any entities who, during the Class Period, purchased or otherwise acquired and/or held shares in any of the IDC Funds and who are Fair Fund Recipients or Distribution Class Members. Excluded from the Investor Class are the Defendants, members of their immediate families, and the legal representatives, heirs, successors or assigns of any such excluded party.
The ERISA Class includes: all participants in or beneficiaries of the Bank One Corporation Savings and Investment Plan during the Class Period whose accounts included investments in the IDC Funds and who are Fair Fund Recipients or Distribution Class Members. Excluded from the ERISA Class are the Defendants, members of their immediate families, and the legal representatives, heirs, successors or assigns of any such excluded party.
5. Will I receive a payment?
To qualify for a payment, you must be an eligible Distribution Class Member and must have sustained damages in accordance with the Plan of Allocation. You need not submit any documentation in order to receive a payment.
6. I received a notice but did not receive a check. Why?
Your account was evaluated and did not meet the criteria described in the plan of allocation to receive a cash payment from this distribution.
7. Where can I find the approved Plan of Allocation?
You can find the approved plan of allocation by navigating to the DOCUMENTS page of this website and opening the “One Group Long Form Notice” document or by clicking on the below link which will open the document. The Plan of Allocation begins on page 13 of the Notice.
8. I received a payment but believe it should have been more, or, why didn’t I receive a payment?
A Class Member’s actual recovery will depend on, among other things: (1) the number of Distribution Fund shares the Class Member purchased and/or held during the Class Period; (2) the particular Distribution Fund(s) in which the Class Member held shares; (3) whether market timing occurred in the Distribution Funds during the period that Class Members held their shares; (4) the timing of the Class Member’s purchases and sales of Distribution Fund shares; (5) application of a de minimis cut off; (6) the amount of the Gross Settlement Funds that is paid directly to the successors to the One Group Mutual Funds; and (7) the amount awarded by the Court for attorneys’ fees, costs and expenses. For detailed information on how payments are determined please read the Plan of Allocation in the One Group Long Form Notice, or call the One Group customer care toll free information line at 1-888-850-3599. The customer care line is staffed Monday through Friday, between the hours of 9:00 A.M. and 6:00 P.M. Eastern Time
9. Will the settlement payments have any tax consequences?
It is possible that those benefits could be taxable based on your own personal circumstance. We cannot give you tax advice. You should consult your own tax or financial advisor.
10. Can I get my check replaced, or re-issued?
Yes. You may have your check replaced or reissued within the first 60 days from the date on the face of the original check. Checks that are not reissued or replaced before December 7, 2011 cannot be processed. Please make sure to have your request for a replacement or reissued check, and all the necessary paperwork, delivered to the Fund Administrator (CONTACT US) on or before November 30, 2011. All checks will become void and non-negotiable on Janaury 7, 2012. If you need to replace or e-issue your payment please call us immediately for further information, toll free at 1-888-850-3599. The customer care line is staffed Monday through Friday, between the hours of 9:00 A.M. and 6:00 P.M. Eastern Time.