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.
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 email@example.com.
- Euroyen Case Update (February 2018): Bank of Tokyo-Mitsubishi UFJ Ltd. and Mitsubishi UFJ Trust and Banking Corp Reaches Settlement in the Euroyen Case > $30 million
- How Antitrust Class Actions Will Impact Your Fiduciary Responsibilities
- Whitepaper: Antitrust – The Evolving Fiduciary Landscape
FRT has issued the following alerts to FRT Global Group Litigation clients:
- Update Alert: August 4, 2018
- Full Alert: August 29, 2017
U.S. CLAIMS I GLOBAL GROUP LITIGATION I ANTITRUST I LITIGATION MONITORING I BUYOUTS
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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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.