Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement in the AmTrust Securities Litigation

SAN DIEGO--(BUSINESS WIRE)--The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the AmTrust Securities Litigation:

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

In re AMTRUST FINANCIAL SERVICES,	Civil Action No. 1:17-cv-01545-LAK
INC. SECURITIES LITIGATION
	CLASS ACTION
This Document Relates To:
ALL ACTIONS.

SUMMARY NOTICE

TO: ALL PERSONS WHO PURCHASED: (A) AMTRUST FINANCIAL SERVICES, INC. (“AMTRUST”) COMMON STOCK ISSUED IN AND/OR TRACEABLE TO THE PUBLIC OFFERING CONDUCTED ON OR ABOUT NOVEMBER 11, 2015, WHO WERE DAMAGED THEREBY; AND/OR (B) AMTRUST 6.95% NON-CUMULATIVE PREFERRED STOCK, SERIES F, ISSUED IN AND/OR TRACEABLE TO THE PUBLIC OFFERING CONDUCTED ON OR ABOUT SEPTEMBER 27, 2016, WHO WERE DAMAGED THEREBY

THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York (“Court”), that the above-captioned action (“Litigation”) has been certified as a class action with respect to this Settlement only, except for certain persons and entities who are excluded from the Classes by definition as set forth in the Stipulation of Partial Settlement dated June 8, 2026 (“Stipulation”) and the detailed Notice of Pendency and Proposed Partial Settlement of Class Action (“Notice”). The Stipulation and Notice can be viewed at www.AmTrustSecuritiesLitigation.com.

YOU ARE ALSO HEREBY NOTIFIED that North Atlantic States Carpenters Guaranteed Annuity and Pension Funds (“Lead Plaintiff”) and plaintiffs Jupiter Capital Management and the Irving Lichtman Revocable Living Trust (collectively, “Plaintiffs”), and defendants AmTrust, Barry D. Zyskind, Kristin Pipoly, Executrix of the Estate of Ronald Pipoly, Jr., Donald T. DeCarlo, Susan C. Fisch, Abraham Gulkowitz, George Karfunkel, Jay J. Miller, Citigroup Global Markets Inc., Keefe, Bruyette & Woods, Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, and UBS Securities LLC (collectively, “Settling Defendants”) have reached a proposed settlement of the Litigation on behalf of the Classes for $19,000,000 in cash (“Settlement”). If approved by the Court, the Settlement will resolve all claims in the Litigation against the Settling Defendants but litigation will continue against non-settling defendant BDO USA, P.C.

YOU ARE ALSO HEREBY NOTIFIED that a hearing will be held on November 19, 2026, at 10:00 a.m., before the Honorable Lewis A. Kaplan at the United States District Court, Southern District of New York, Courtroom 21B, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007, to determine whether: (1) the partial Settlement of the above-captioned Litigation against the Settling Defendants as set forth in the Stipulation for $19 million in cash should be approved by the Court as fair, reasonable, and adequate; (2) the Judgment as provided under the Stipulation should be entered dismissing the Litigation against the Settling Defendants with prejudice; (3) to award Plaintiffs’ Counsel attorneys’ fees and expenses out of the Settlement Fund (as defined in the Notice) and, if so, in what amounts; (4) to award Plaintiffs their costs and expenses in representing the Classes out of the Settlement Fund and, if so, in what amounts; and (5) the Plan of Allocation should be approved by the Court as fair, reasonable, and adequate.

There exists the possibility that the Court may decide to change the date and/or time of the Settlement Hearing, conduct the hearing by video or telephonic conference, or otherwise allow Class Members to appear at the hearing by phone or videoconference, without further written notice to the Classes. It is important that you check the Settlement website, www.AmTrustSecuritiesLitigation.com, before making any plans to attend the Settlement Hearing. Any updates regarding the Settlement Hearing, including any changes to the date or time of the hearing or updates regarding in-person or telephonic appearances at the hearing, will be posted to the Settlement website. Also, if the Court requires or allows Class Members to participate in the hearing by telephone or videoconference, the access information will be posted to the website.

IF YOU PURCHASED: (A) AMTRUST COMMON STOCK ISSUED IN AND/OR TRACEABLE TO THE PUBLIC OFFERING CONDUCTED ON OR ABOUT NOVEMBER 11, 2015, AND WERE DAMAGED THEREBY; AND/OR (B) AMTRUST 6.95% NON-CUMULATIVE PREFERRED STOCK, SERIES F, ISSUED IN AND/OR TRACEABLE TO THE PUBLIC OFFERING CONDUCTED ON OR ABOUT SEPTEMBER 27, 2016, AND WERE DAMAGED THEREBY, YOUR RIGHTS ARE AFFECTED BY THE PARTIAL SETTLEMENT OF THIS LITIGATION.

To share in the distribution of the Net Settlement Fund, you must establish your rights by submitting a Proof of Claim and Release form (“Proof of Claim”) by mail (postmarked no later than October 7, 2026) or electronically via the website (no later than October 7, 2026). Failure to submit your Proof of Claim by October 7, 2026, will subject your claim to rejection and preclude you from receiving any of the recovery in connection with the partial Settlement of this Litigation. If you are a Class Member and do not request exclusion from the Classes (as described below), you will be bound by the Settlement and any judgment and release entered in the Litigation, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim.

The Notice, which more completely describes the partial Settlement and your rights thereunder (including your right to object to the partial Settlement), the Proof of Claim, the Stipulation (which, among other things, contains definitions for the capitalized terms used in this Summary Notice), and other important documents, may be accessed online at www.AmTrustSecuritiesLitigation.com, or by writing to or calling:

AmTrust Securities Litigation
Claims Administrator
c/o Verita Global
P.O. Box 301171
Los Angeles, CA 90030-1171
[e-mail]
1-888-808-8452

Inquiries should NOT be directed to Settling Defendants, the Court, or the Clerk of the Court.

Inquiries, other than requests for information about the status of a claim, may also be made to Lead Counsel:

ROBBINS GELLER RUDMAN & DOWD LLP
Ellen Gusikoff Stewart
655 West Broadway, Suite 1900
San Diego, CA 92101
[e-mail]
1-800-449-4900

IF YOU DESIRE TO BE EXCLUDED FROM THE CLASSES, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED OR RECEIVED BY OCTOBER 28, 2026, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. IF YOU PROPERLY EXCLUDE YOURSELF FROM THE CLASSES, YOU WILL NOT BE BOUND BY ANY RELEASES, JUDGMENTS, OR ORDERS ENTERED BY THE COURT IN THE LITIGATION AND YOU WILL NOT RECEIVE ANY BENEFITS FROM THE SETTLEMENT. EXCLUDING YOURSELF FROM THE CLASSES IS THE ONLY OPTION THAT MAY ALLOW YOU TO BE PART OF ANY OTHER CURRENT OR FUTURE LAWSUIT AGAINST SETTLING DEFENDANTS OR ANY OF THE OTHER RELEASED SETTLING DEFENDANT PARTIES CONCERNING THE CLAIMS BEING RESOLVED BY THE PARTIAL SETTLEMENT.

IF YOU ARE A CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, THE REQUEST BY LEAD COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES NOT TO EXCEED ONE-THIRD OF THE $19 MILLION SETTLEMENT AMOUNT AND EXPENSES NOT TO EXCEED $550,000, PLUS INTEREST ON BOTH AMOUNTS, AND/OR THE REQUEST FOR AWARDS TO PLAINTIFFS FOR THEIR COSTS AND EXPENSES. ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO LEAD COUNSEL AND SETTLING DEFENDANTS’ COUNSEL BY OCTOBER 28, 2026, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.

DATED: June 12, 2026	BY ORDER OF THE COURT:
	UNITED STATES DISTRICT COURT
	SOUTHERN DISTRICT OF NEW YORK