Status Notices are being mailed/emailed.
Claims Filing Deadline December 6, 2023
File a Claim Online Online Claim Form
Frequently Asked Questions
1. What is the Fair Fund?
The Fair Fund is a fund that will be distributed to investors who were harmed by MagnaChip Semiconductor Corp. (“MagnaChip”) and Margaret Hye-Ryoung Sakai’s securities law violations as alleged in the U.S. Securities and Exchange Commission’s (“SEC”) Order Instituting Proceedings, and who are eligible to receive payment according to the SEC-approved Distribution Plan. The SEC established the Fair Fund on May 10, 2023, and it is comprised of the civil penalties paid by the Respondents. The Fair Fund balance is approximately $3,134,999.99. More information about this case is available on this website, and on the SEC’s public website at: https://www.sec.gov/enforcement/information-for-harmed-investors/magna-chip.
2. How will the Fair Fund be distributed?
The Fair Fund will be distributed pursuant to an SEC-approved Distribution Plan. The Distribution Plan can be reviewed in and downloaded from the Important Documents tab on this website.
3. Who could be eligible to receive a payment under the Distribution Plan?
Investors who purchased the common stock of MagnaChip Semiconductor Corp listed on a U.S. exchange and traded under the symbol MX during the period from February 1, 2012 and February 12, 2015, inclusive. In addition, to be eligible, investors must not be Excluded Parties, as defined in paragraph 16 of the Distribution Plan. Finally, investors whose claim amount calculates to less than $10 will not receive a payment.
4. Do I need to submit a claim to be considered for eligibility for a distribution from the Fair Fund?
For those who filed an approved claim in the first class action settlement in Thomas, et al. v. MagnaChip Semiconductor Corp. et al., Case No. 3:14-cv-01160-JST (N.D. Cal) (“Class Action Authorized Claimants” or “CAACs”), there is no claim requirement.
For those who filed an approved claim in the second class action whose period covered the period from February 1, 2012 through and including March 11, 2014 (“Class Action Second Settlement Claimants” or “CASSCs”), a Personalized Claim Form must be submitted with transaction information and documentation from March 12, 2014 through and including May 13, 2015.
All other investors must submit a Claim Form with supporting documentation to be considered for eligibility for a distribution.
5. How do I submit a claim?
Investors are encouraged to submit their claim electronically through the website by visiting the https://www.strategicclaims.net/claim-form-magnachip-fair-fund/. To submit a claim by mail you must complete a Claim Form or a Personalized Claim Form, whichever applies to you, and mail your claim along with supporting documentation to:
MagnaChip Fair Fund
c/o Strategic Claims Services
600 N. Jackson Street, Suite 205
Media, PA 19063
YOUR CLAIM MUST BE SUBMITTED BY DECEMBER 6, 2023 (THE “CLAIMS BAR DATE”). MAILED CLAIMS MUST BE POSTMARKED BY THE CLAIMS BAR DATE. INVESTORS WHO SUBMIT A CLAIM AFTER THE CLAIMS BAR DATE WILL NOT RECEIVE A DISTRIBUTION PAYMENT.
6. Why did I receive a Postcard Notice, and do I need to respond to the Postcard Notice?
Class Action Authorized Claimants received a Postcard Notice to notify them that they are eligible to receive a payment from the Fair Fund. CAACs do not need to respond to the Postcard Notice, and do not need to take any action to be included in the distribution.
7. What steps must I take to receive a payment?
If you are a CAAC, the Fund Administrator has the information necessary to evaluate the propriety of the claim that you submitted in the class action. Nothing further is needed from you. If the Fund Administrator determines that you are eligible for a payment under the Distribution Plan, a payment will be sent to you without further action by you.
If you received a Plan Notice and either a Claim Form or a Personalized Claim Form, please complete and submit the form, all documentation requested, including the IRS Form W 9 requested on the bottom of page 3 of the Plan Notice, by December 6, 2023.
8. What happens if the Fund Administrator determines that I am not eligible to receive a payment?
The Fund Administrator will review claims for eligibility based on whether the claimant suffered a loss as described in FAQ 1 above; whether the claimant has provided adequate documentation to support their claim; and whether there are any indicia of fraud in the claim. Claimants whose claims are denied or determined deficient will receive a Claim Status Notice that will provide the reason for the Fund Administrator’s determination, and such claimants will be given a thirty-day opportunity to dispute, cure, or validate their claim, as applicable. The Fund Administrator will then issue a Final Determination Notice, which will constitute the Fund Administrator’s final ruling on the claim’s eligibility.
9. If I am determined to be eligible for a distribution payment, when will I receive a payment?
The distribution date has not yet been determined.
10. How do I obtain more information?
Additional information can be found on this website. You can also request information from the Fund Administrator by email at firstname.lastname@example.org, or by telephone at (866) 274-4004.