Veon Ltd. Settles $19.97 Million Securities Class Action with Claim Depot

Veon Ltd., previously known as VimpelCom Ltd., has reached a $19,970,000 settlement in a securities class action lawsuit. The lawsuit accused Veon of violating federal securities laws by misleading investors about its internal controls and operations in Uzbekistan. It was alleged that Veon concealed information about paying bribes in Uzbekistan, leading to artificially inflated prices for its American Depositary Shares (ADSs).

Investors who purchased Veon ADSs between June 30, 2011, and Nov. 3, 2015, and held them through March 12, 2014, may be eligible to claim a cash payment from the settlement. The settlement fund is $19,970,000, and the amount each class member receives will depend on various factors, including the number of valid claims submitted, purchase and sale dates, and recognized losses of all class members.

Class members need to provide proof of their transactions to file a claim. Executors, administrators, trustees, and other representatives may also submit claims on behalf of settlement class members, demonstrating their authority. Payments will be distributed on a pro rata basis according to a court-approved plan of allocation, calculated based on recognized loss amounts assigned to each transaction.

The settlement administrator will adjust payments according to the inflation table for different purchase periods. The amount of recognized loss per ADS purchased will vary depending on the timing, and payments will be determined based on each claimant’s recognized losses in proportion to the total recognized losses of all claimants.

To claim a payment from the Veon securities class action settlement, class members can file a claim online or submit a PDF claim form to the settlement administrator by the deadline of April 28, 2026. Required documentation includes the full Social Security number or taxpayer identification number, details of each transaction involving Veon ADSs, and supporting documents such as stockbroker confirmation slips or statements.

The $19,970,000 settlement fund covers settlement administration costs, attorneys’ fees and expenses, service awards to class representatives, and payments to eligible class members. The deadline to file a claim is crucial, as missing this date may result in forfeiture of the right to participate in the settlement.

Ultimately, the settlement aims to resolve allegations of securities law violations by Veon Ltd. and provide compensation to investors who suffered losses due to the alleged misleading statements and omissions made by the company. Following final approval by the court and resolution of any appeals, the settlement administrator will distribute payments to eligible class members.