2018 saw five antitrust filing deadlines that combined for nearly $4 billion available to investors – Libor, Euroyen, Forex, ISDAfix, and Euribor. In many antitrust cases, litigation continues against other defendants, creating the potential for more recoveries in the future. With more than 40 active antitrust matters with hundreds of millions sitting in escrow accounts, Financial Recovery Technologies has authored a primer on antitrust litigations for firms who may not have filed or experienced challenges filing in 2018 to prepare for future matters.
Five Notable Antitrust Settlements FRT Filed in 2018:
Barclays, Citigroup, Deutsche Bank, and HSBC Holdings Plc settled on behalf of plaintiffs who traded LIBOR instruments over-the- counter. For LIBOR bondholders, Barclays, UBS and HSBC have agreed to settle for $36 Million. Many defendants have agreed to settle for $151.9m on behalf of Exchange based members. J.P. Morgan has settled $22 million with Swiss Franc members. In all three cases, several banks remain in litigation.
$236 million represents a partial settlement by 6 banks, Citi, HSBC, J.P. Morgan, Deutsche Bank, The Bank of Tokyo-Mitsubishi UFJ Ltd. and Mitsubishi UFJ Trust and Banking Corp.
Given the high-profile nature of the Forex litigation and the significant size of the settlement ($2.3 billion), we expected participation rates to be higher. As we previously mentioned, there is a ~30% participation rate and projected payout of ~100% of losses. This suggests that while many investors did not file for Forex for whatever reason, those that did will receive a significantly larger payout as a percentage of losses due to the low participation rate.
All 15 defendants agreed to settle claims including: J.P. Morgan, Bank of America, Barclays, Credit Suisse, Deutsche Bank, RBS, Citi, Goldman Sachs, UBS, HSBC, BNP Paribas, Wells Fargo, ICAP Capital Markets, Morgan Stanley and Nomura Securities International.
To date, five defendants have agreed to settle and roughly 15 remain in litigation. Citigroup and J.P. Morgan have an upcoming filing deadline on July 31, 2019. Unlike the Forex Antitrust case, investors do not have a constructed trade option for Euribor. Claim forms are blank and class members must submit their full trade details by the deadline. If you haven’t joined the Euribor antitrust case, contact us today to help you with this unique and complex case.
To learn more about how FRT can help your firm maximize recoveries in shareholder class action settlements, contact us at email@example.com.
- A Primer on Antitrust Litigation
- A Primer on Shareholder Class Action
- A Primer on Global Group Litigation
- Illustrating The Outer Time Limits By Which Filing Decisions Must Be Made
- Calculating Inflationary Losses for Comparison to Loss Thresholds
- Global Landscape Continues to Evolve in the Wake of Morrison Decision
U.S. CLAIMS I GLOBAL GROUP LITIGATION I ANTITRUST I LITIGATION MONITORING I BUYOUTS
Founded in 2008, Financial Recovery Technologies (FRT) is the leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.
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This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.