Dear customers:

It has come to my attention that the Receiver is now asking customers to sign a document titled “Voluntary Declaration for Release upon Early Claim Resolution.”

I understand that similar releases may have been used in other OCIF bank liquidations. However, this particular form is confusing and inappropriate in the current situation.

The document appears to suggest that customers are receiving an early or expedited payment in exchange for a full legal release of all claims. But Euro Pacific Bank customers have already been waiting over three years for their money. There is nothing “early” or “expedited” about this payment, and there is no valid basis for conditioning repayment on a sweeping release of rights.

Every customer is entitled to the unconditional return of their funds. The Receiver was appointed to safeguard and distribute customer assets—not to hold them hostage in exchange for legal immunity. Conditioning payment on a release that protects the Receiver and OCIF from accountability for their own negligence, delay, or mismanagement is inconsistent with their fiduciary duties and contrary to basic fairness.

Customers should be aware that the language of the release is extremely broad—it purports to extinguish all claims, known or unknown, past or future, against the Receiver, OCIF, and others involved in the liquidation. That may include valid claims for the very losses and hardships caused by the prolonged delay in returning funds.

Given the circumstances, there is no reason or legal requirement for any customer to sign this release in order to obtain what already belongs to them. Each customer should demand the prompt, unconditional return of their money, without surrendering any rights or potential claims.

Sincerely,

Peter Schiff
Sole Shareholder, Euro Pacific Bank