Case Spotlight: LIBOR Green Pond

CaseLIBOR Green Pond
Settlement Amount: $21,775,000
Claims:Alleged manipulation of over-the-counter financial derivative and non-derivative U.S. Dollar LIBOR instruments
Relevant Period:August 1, 2007 - May 31, 2010
Covered Instruments:Asset swaps, collateralized debt obligations, credit default swaps, forward rate agreements, inflation swaps, interest rate swaps, total return swaps, options, or floating rate notes
Claim Deadline:January 3, 2021

On October 5, 2020, the U.S. District Court for the Southern District of New York approved settlements with five defendant banks (see below) totaling $21.775m in the LIBOR Non-Defendant Over-the-Counter (OTC) Action, also referenced as the LIBOR Green Pond case. The London Interbank Offered Rate (“LIBOR”) has had several antitrust class actions filed related to its alleged manipulation. These actions were consolidated under In re: LIBOR Based Financial Products Antitrust Litigation, MDL #2262 that alleges the same price-fixing scheme and impact that defendant banks artificially lowered the rate and reduced payments to Class Members. While most of these cases differ in the instruments that are covered, the LIBOR Green Pond Settlement is slightly different.

The uniqueness of this case is that the Over-the-Counter based instruments are the same as the one’s eligible for the larger LIBOR OTC action, which to date has reached a total settlement pool of $590m. However, where this case differs is the other criteria that must be met to be considered an eligible class member. The most notable is that investors must have transacted with one of the Non-Defendant OTC Financial Institutions listed by the Claims Administrator. This counter-party level eligibility is a new “flavor” for understanding the related LIBOR actions and interpreting eligibility.

A deadline of January 3, 2021 has been set for filing a claim in this settlement. If you believe you transacted in the Over-the-Counter instruments or otherwise received interest payments tied to U.S. Dollar LIBOR on the instruments during the period August 1, 2007 and May 31, 2010, you might be eligible to participate. FRT can assist you with evaluating your potential for eligibility and file the claims in these cases. If you have any questions, please reach out to your FRT representative or email us.


Settling Defendants in LIBOR Green Pond Settlement
Settling DefendantSettlement Amount
BarclaysBarclays agreed to provide substantial cooperation, in lieu of any
cash payment, to assist Plaintiffs in connection with the pursuit of
their claims against all of the other Defendants
Bank of America $5,000,000
HSBC $4,750,000
J.P. Morgan $5,000,000


Important dates and deadlines
  • Settlement Class Period: August 1, 2007 – May 31, 2010
  • January 3, 2021: Claims Filing Deadline – deadline for submitting Claim Forms
  • October 5, 2020: Fairness Hearing
  • August 31, 2020: Opt-Out Deadline

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