Santander $162.5 Million Securities Settlement

If you held Santander Consumer USA Holdings Inc. (SCUSA) common stock as of January 31, 2022, you may be eligible to claim compensation from a class action settlement.

Santander Holdings USA, Inc. has agreed to pay $162,500,000 to settle a class action lawsuit for alleged breaches of fiduciary duty and issuing misleading statements during the acquisition of SCUSA.

Who are the class members?

• All former holders of SCUSA common stock as of the January 31, 2022 closing of the acquisition.
• Individuals who received $41.50 per share in cash in exchange for their shares of SCUSA common stock.
• Legal representatives, heirs, successors-in-interest, transferees, and assignees of the aforementioned holders.

How much can class members get?

The amount each class member can receive will be calculated on a pro rata basis from the Net Settlement Fund. The Net Settlement Fund is the Settlement Amount minus any taxes, notice and administration costs, attorneys' fees, and other expenses.

For example, if the Net Settlement Fund is $150,000,000 and there are 10,000,000 eligible shares, the Per-Share Recovery would be $15.00. If a class member held 1,000 shares, they would receive $15,000.

Payments from the Net Settlement Fund to Eligible Class Members will be made in the same manner in which they received the Acquisition Consideration upon the Closing of the Acquisition. If your shares were held in a brokerage account, your broker will deposit your settlement payment into that account.

Do class members need to file a claim?

Eligible class members do not need to take any action to receive their compensation. Payments will be made in the same manner as the Acquisition Consideration was paid. If your shares were held in a brokerage account, your broker will deposit your settlement payment into that account.

$162.5 Million settlement fund

The settlement fund of $162,500,000 will cover the payments to class members, attorneys' fees, litigation expenses, and other costs.

• Attorneys' fees and litigation expenses not to exceed $32,500,000.
• Incentive awards to plaintiffs not to exceed $1,650,000, paid from the attorneys' fees.

Important dates

• Fairness Hearing: December 17, 2024
• Deadline to File a Claim: Not applicable, as no claim form is needed.

When is the SCUSA Stockholders Litigation payout date?

The next steps include the Court's approval of the Settlement at the Fairness Hearing on December 17, 2024. If approved, the Settlement will be finalized, and payments will be distributed to eligible class members.

Why is there a class action settlement?

The class action lawsuit was initiated due to allegations against SHUSA and Banco Santander for breaches of fiduciary duty and issuing misleading statements during the acquisition of SCUSA. The parties agreed to settle to avoid the burden and expense of continued litigation.