Your rights may be affected by the above-captioned class action (the “Action”) pending in the United States District Court for the Southern District of New York (the “Court”) if you purchased or acquired GYEN in New York or California at a time when the GYEN was unpegged from the Japanese yen between December 29, 2020 and October 10, 2025, inclusive, and lost money thereby. Plaintiffs Kenneth Donovan and Hussien Kassfy, on behalf of themselves and the Settlement Class, have reached a proposed cash settlement of $6,750,000.00 in cash that, if approved by the Court, will resolve all claims of Settlement Class members in the Action (the “Settlement”).
The Settlement, which is subject to Court approval, resolves the claims asserted in this Action, which is a federal class action brought by Plaintiffs, on behalf of themselves and all others who purchased or acquired GYEN in New York or California at a time when the GYEN was unpegged from the Japanese yen, and lost money thereby. The Action alleges, among other things, that Defendant GMO-Z.com Trust Company, Inc. (“GMO Trust” or Defendant”) violated New York and California law by failing to provide accurate disclosure concerning the stability of GYEN during the Settlement Class Period. A more detailed description of the Action is set forth in the FAQs. The proposed Settlement, if approved by the Court, will settle claims of the Settlement Class.
The Parties do not agree on the average amount of damages that would be recoverable if Plaintiffs were to prevail in the Action. Among other things, Defendant does not agree with the assertion that it violated any laws, or that any damages were suffered by any members of the Settlement Class as a result of their conduct. Your recovery from the Settlement will vary depending on several factors, including the amount of GYEN you purchased, the prices at which it was purchased or sold, the date of each transaction, and the total losses established through valid Claim Forms submitted. Actual distributions to Settlement Class Members will be made based on the Plan of Allocation as set forth herein or such other plan of allocation as may be ordered by the Court.
Plaintiffs’ principal reason for entering into the Settlement is the substantial and certain recovery for the Settlement Class without the risk or delays inherent in further litigation. Moreover, the substantial recovery provided under this Settlement must be considered against the significant risk that a smaller recovery—or indeed no recovery at all—might be achieved after contested motions, a trial of the Action, and the likely appeals that would follow a trial. This process could be expected to last several years. For the Defendant, who has denied and continues to deny all allegations of liability, fault, or wrongdoing whatsoever, and maintains that it has meritorious defenses to Plaintiffs’ allegations, the principal reason for entering into the Settlement is to eliminate the uncertainty, risks, costs, and burdens inherent in any litigation, especially in complex cases such as this Litigation.
Please read this website and the Notice carefully. They explain important rights you may have, including the possible receipt of cash from the Settlement. If you are a member of the Settlement Class, your legal rights will be affected whether or not you act.
Your Legal Rights and Options in The Settlement | |
Attempt to qualify for a payment. | To qualify for a payment from the Settlement Fund, you must be an eligible Class Member. If you were sent a LoginID and PIN with the Notice, you have been preidentified as a potential Settlement Class Member. Log into the Submit a Claim page on this Settlement Website to see your eligibility to receive a Payment from the Settlement Fund based on the subset of data in the Claims Administrator’s possession. You will also have the option to provide additional GYEN transaction information. The Claims Administrator may require certain GYEN transaction information and identity verification from you, for example, when your Recognized Claim (defined in Question 23) is estimated to exceed $10,000.00. If you were not sent LoginID and PIN with the Notice, then you must provide your GYEN transaction information through either Submit a Claim page on this Settlement Website or by mailing in a paper Claim Form by June 5, 2026. Class Members who have questions about attempting to qualify for payment should seek assistance from the Claims Administrator. |
Exclude yourself from the Settlement Class by submitting a written request for Exclusion so that it is received no later than April 30, 2026. | If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from this Settlement and will not be part of the Settlement Class and will not be bound by any Judgment. This is the only option that may allow you to bring your own lawsuit concerning the Released Plaintiffs’ Claims. |
Object to the Settlement by submitting a written objection so that it is received no later than April 30, 2026. | If you remain part of the Settlement Class but have an objection to the proposed Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and reimbursement of Litigation Expenses, you may write to the Court and explain why. You cannot object to any aspect of the Settlement if you exclude yourself from the Settlement Class. |
Go to a hearing on May 27, 2026, and file a Notice of Intention to Appear so that it is received no later than April 30, 2026. | Filing a written objection and Notice of Intention to Appear by April 30, 2026, allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of Litigation Expenses. If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection. |
Do Nothing. | If you were sent a LoginID and PIN with the Notice: If the Claims Administrator determines that you must provide certain GYEN transaction information and identity verification through the Settlement Website, and you do not do so, your claim will be deemed incomplete and you will receive a deficiency letter from the Claims Administrator. If you fail to cure your claim in accordance with the deficiency letter, you will not receive any payment from the Settlement, you will not have the ability to sue the Defendant or other released parties for any claims released in this lawsuit, and you will be bound by any judgments or orders entered by the Court in the Action. If you were not sent a LoginID and PIN with this Notice: |
If you have any questions about this website, the Notice, the proposed Settlement, or your eligibility to participate in the Settlement, please DO NOT contact Defendant in the Action, or their counsel. All questions should be directed to Plaintiffs’ Counsel or the Claims Administrator.
Plaintiffs and the Settlement Class are represented by Elizabeth A. Kramer of Erickson Kramer Osborne LLP, 959 Natoma Street, San Francisco, CA 94103, 415-635-0631, contact@eko.law and Daniel E. Barenbaum of Berman Tabacco, 425 California Street, Suite 2300, San Francisco, CA, 94104, 415-433-3200, law@bermantabacco.com.
Upcoming Important Dates
Notice Date
2/5/2026
Exclusion (Opt Out) Deadline
4/30/2026
Objection Deadline
4/30/2026
Final Approval Hearing
5/27/2026
Claims Deadline
6/5/2026