If you purchased American Depositary Shares of VEON Ltd. (formerly known as VimpelCom Ltd.) between June 30, 2011 and November 3, 2015, you may be entitled to a payment from a $19.97 million class action settlement. The settlement resolves securities fraud claims alleging that VEON misled investors by concealing a massive bribery scheme in Uzbekistan — one that led to a $795 million global enforcement action. Claims must be submitted by April 28, 2026, and you can file online at www.strategicclaims.net/VEON/ or by mail. The case, *In re VEON Ltd.
Securities Litigation*, was brought in the U.S. District Court for the Southern District of New York before Judge Andrew L. Carter Jr. To put the scale of the underlying misconduct in perspective, VEON paid over $114 million in bribes to a government official connected to Uzbekistan’s then-president to secure telecom licenses — and then buried those payments in falsified books and records.
Table of Contents
- Who Is Eligible for the VEON Ltd. ADS Class Action Settlement?
- What Did VEON Allegedly Do Wrong, and Why Does It Matter for Investors?
- How Much Could You Receive from the $19.97 Million Settlement Fund?
- How to File Your VEON Settlement Claim Before the April 28, 2026 Deadline
- What Happens If You Want to Opt Out or Object to the Settlement?
- The Broader Context — VEON’s $795 Million Global Enforcement Action
- What Comes Next After the Claim Deadline
- Frequently Asked Questions
Who Is Eligible for the VEON Ltd. ADS Class Action Settlement?
The settlement class includes all persons and entities who purchased VEON Ltd. American Depositary Shares during the class period of June 30, 2011 through November 3, 2015. There is an additional requirement that catches some investors off guard: you must have held those shares at least until March 12, 2014. That means if you bought VEON ADS in 2012 but sold your entire position before March 2014, you would not qualify — even though you purchased during the class period. This holding requirement exists because the fraud allegations center on misrepresentations that were revealed over time.
March 12, 2014 is a significant date in the timeline of public disclosures about VEON’s Uzbekistan operations. If you bought and held through that date, you were exposed to the alleged misstatements for a meaningful duration. For example, an investor who purchased 500 ADS in January 2013 and held them through mid-2015 would fall squarely within the class definition and should file a claim. It is worth noting that the class covers shares traded under the VimpelCom name as well, since VEON was formerly known as VimpelCom Ltd. If your brokerage records reference VimpelCom rather than VEON, those are the same securities. Do not assume you are excluded simply because the company name changed during the period.
What Did VEON Allegedly Do Wrong, and Why Does It Matter for Investors?
The core of this case is a Foreign Corrupt Practices Act violation of staggering proportions. Between 2006 and 2012, VEON (then VimpelCom) paid over $114 million in bribes to a government official in Uzbekistan connected to President Islam Karimov’s daughter, Gulnara Karimova. The payments were made to obtain telecommunications licenses and contracts in the country — and the company went to considerable lengths to hide them. According to admissions VEON itself made during enforcement proceedings, the company falsified its books and records to conceal the bribery. The illicit payments were disguised as equity transactions, consulting agreements, and reseller transactions. The securities fraud class action alleges that VEON’s SEC filings contained material misstatements and omissions because they failed to disclose that the company’s growth in Uzbekistan was driven in part by these corrupt payments.
Investors were essentially making decisions based on financials that did not reflect the true nature of the business. However, if you are thinking this settlement fully compensates investors for losses tied to the bribery scandal, that is unlikely. The $19.97 million fund represents a negotiated resolution — not a dollar-for-dollar recovery. In 2016, VimpelCom paid a combined $795 million in penalties to settle with the SEC ($167.5 million), the Department of Justice ($230.1 million), and Dutch regulators ($397.5 million). Those payments went to government agencies, not to defrauded shareholders. This class action settlement is the separate mechanism through which individual investors can recover a portion of their losses.
How Much Could You Receive from the $19.97 Million Settlement Fund?
The total settlement amount is $19,970,000 in cash. Your individual recovery will depend on several factors: how many shares you purchased, the prices you paid, when you sold (if you sold during the class period), and the total number of valid claims filed. Settlement distributions in securities class actions are typically calculated using a formula that accounts for these variables, and the claims administrator — Strategic Claims Services — will apply a recognized damages model to determine each claimant’s share. As a rough illustration, if you purchased 1,000 ADS at an inflated price and held them through the corrective disclosure, your recognized loss would be calculated based on the difference between what you paid and what the shares were worth absent the alleged fraud.
That recognized loss is then used to determine your pro rata share of the net settlement fund (after deductions for attorney fees, litigation expenses, and administrative costs). In many securities settlements, attorney fees run approximately 25 to 33 percent of the fund, which would leave roughly $13 to $15 million for distribution. Keep in mind that filing a claim does not guarantee a payment. If your calculated recognized loss is very small relative to the overall pool, your payment could be minimal. Conversely, if relatively few eligible investors file claims — which happens more often than you might expect — individual recoveries can be meaningfully higher.
How to File Your VEON Settlement Claim Before the April 28, 2026 Deadline
You can submit your claim electronically through the settlement website at www.strategicclaims.net/VEON/ or by mailing a completed proof of claim form to: VEON Ltd. Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 North Jackson Street, Suite 205, Media, PA 19063. If mailing, your claim must be postmarked by April 28, 2026. Electronic submissions must also be completed by that date. You will need documentation of your VEON ADS transactions during the class period. This typically means brokerage statements or trade confirmations showing purchase dates, the number of shares acquired, and the prices paid.
If you no longer have these records, contact your broker — they are required to retain transaction records and can usually provide them upon request. The more complete your documentation, the smoother the claims process. Claims submitted without adequate supporting documentation may be rejected or receive a reduced payment. If you have questions about the claims process, you can contact Strategic Claims Services by phone at 1-866-274-4004 or by email at info@strategicclaims.net. The Rosen Law Firm, P.A. serves as lead counsel for the settlement class. One tradeoff worth considering: if you file electronically, you get immediate confirmation that your claim was received. If you mail it, you are relying on postal service delivery and should consider sending it well before the deadline or using a method that provides proof of mailing date.
What Happens If You Want to Opt Out or Object to the Settlement?
If you are a class member but do not want to participate in the settlement — perhaps because you want to pursue your own individual lawsuit against VEON — you have the right to exclude yourself. The deadline to request exclusion is also April 28, 2026. Exclusion requests must be submitted in writing, and the specific requirements for what to include are detailed in the settlement notice available on the claims administrator’s website. Be aware that opting out is a significant decision. If you exclude yourself, you will not receive any payment from this settlement, and you will need to pursue any claims against VEON on your own, at your own expense. For most individual investors, the cost of bringing a standalone securities fraud case far exceeds what they could recover.
Opting out generally makes sense only for institutional investors with very large losses who believe they can achieve a better result independently. You also have the right to object to the settlement terms if you believe the $19.97 million amount is inadequate or if you take issue with the proposed attorney fees or other terms. Objections must be filed by April 28, 2026 as well. The court will consider all objections at the settlement fairness hearing scheduled for May 19, 2026, at 2:00 p.m. before Judge Carter. You do not need to attend the hearing to have your objection considered, but you may appear if you wish.
The Broader Context — VEON’s $795 Million Global Enforcement Action
The scale of VEON’s underlying misconduct is worth understanding because it shows why regulators and plaintiffs pursued this case so aggressively. The $795 million combined penalty paid in 2016 was one of the largest FCPA enforcement actions in history at the time.
The SEC received $167.5 million, the DOJ received $230.1 million, and Dutch authorities — the Netherlands being VimpelCom’s home jurisdiction — received $397.5 million. Gulnara Karimova, the Uzbek official at the center of the bribery scheme, was herself prosecuted and sentenced by Uzbek authorities. The case became a landmark in international anti-corruption enforcement, demonstrating that telecom companies operating in high-risk markets face real consequences for paying bribes — and that their shareholders can also seek compensation when those bribes are hidden from the investing public.
What Comes Next After the Claim Deadline
Assuming the court grants final approval at the May 19, 2026 fairness hearing, the claims administrator will begin processing submitted claims. This typically takes several months. Strategic Claims Services will review each claim for completeness, verify transaction data, calculate recognized losses, and determine each claimant’s pro rata share of the net fund.
Claimants whose submissions are deficient will usually receive a deficiency letter and an opportunity to cure the issue. Distribution checks are generally mailed within six to twelve months after final approval, though delays are common if there are appeals or a high volume of claims to process. If you file a valid claim and the settlement is approved, patience is warranted — but you should eventually receive a check or electronic payment reflecting your share.
Frequently Asked Questions
Who qualifies for the VEON class action settlement?
Anyone who purchased VEON Ltd. (formerly VimpelCom Ltd.) American Depositary Shares between June 30, 2011 and November 3, 2015, and held those shares at least until March 12, 2014. Both individual and institutional investors are eligible.
How much is the VEON settlement worth?
The total settlement fund is $19,970,000 in cash. Individual payments will vary based on the number of shares purchased, the prices paid, and how many class members file valid claims.
What is the deadline to file a VEON settlement claim?
April 28, 2026. Claims can be filed electronically at www.strategicclaims.net/VEON/ or mailed to the claims administrator postmarked by that date.
Do I need a lawyer to file a claim?
No. The Rosen Law Firm, P.A. serves as lead counsel for the entire class. You do not need to hire your own attorney to submit a claim and participate in the settlement. If you have questions, you can contact Strategic Claims Services at 1-866-274-4004.
What if I lost my brokerage statements from that period?
Contact your brokerage firm and request transaction records for VEON or VimpelCom ADS during the class period. Brokers are required to maintain these records and can typically provide them upon request.
Can I opt out of the settlement and sue VEON on my own?
Yes, but the exclusion request must be submitted by April 28, 2026. Be aware that pursuing an individual lawsuit is expensive and time-consuming, and is generally practical only for institutional investors with substantial losses.
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