Euroyen Case Update (April 2018): Preliminary timeline of The Bank of Tokyo-Mitsubishi UFJ Ltd. (“BTMU”) and Mitsubishi UFJ Trust and Banking Corporation (“MUTB”) claims filing

By Andrew Lasky, Legal Product Specialist, Financial Recovery Technologies

On March 8, 2018, The Court entered into an agreement, preliminary approving the proposed settlement of $30 million by The Bank of Tokyo-Mitsubishi UFJ, Ltd. (“BTMU”) and Mitsubishi UFJ Trust and Banking Corporation (“MUTB”). This settlement resolves allegations that defendants manipulated the Yen-LIBOR and Euroyen TIBOR benchmark rates and the prices of Euroyen-based derivatives between January 1, 2006 and June 30, 2011.

The Claims Administrator recently imposed a claims filing deadline of September 25, 2018, to file claims in this settlement. If you purchased, sold, held, traded, or otherwise had any interest in Euroyen-Based Derivatives at any time during the relevant period, please reach out to your FRT Account Manager to discuss your filing options.

The two Mitsubishi banks join four other banks – Citigroup ($23m), HSBC Holdings PLC and HSB Bank PLC ($35m), J.P. Morgan ($77m) and Deutsche Bank ($71m) who had previously settled with affected investors last year. This brings the settlement pool to $236 million, and the total number of settled bank defendants to five. Outstanding claims remain against 20+ non-settling defendants.

IMPORTANT DATES AND DEADLINES

  • June 7, 2018: Opt-Out Deadline – deadline for submitting Requests for Exclusion
  • July 12, 2018: Fairness Hearing
  • September 25, 2018: Claims Filing Deadline – deadline for submitting Claim Forms

FRT will continue to monitor for other settling defendants and key dates that impact this Antitrust case.

Learn More

For more details including case background, timing and how to file for this case or FRT Global Group Litigation service, please contact your FRT representative or email us at learnmore@frtservices.com.

FRT has issued the following alerts to FRT Global Group Litigation clients:

  • Update Alert: August 4, 2018
  • Full Alert: August 29, 2017

About FRT

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Founded in 2008, Financial Recovery Technologies (FRT) is a 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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