On April 1, 2020, the Second Circuit Court reversed a decision dismissing the 2015 suit involving allegations that defendants manipulated and/or aided in the manipulation of two daily benchmark rates – the Yen-LIBOR and Euroyen TIBOR – which impacted the prices of Euroyen-based derivatives between January 1, 2006 and June 30, 2011.

In March 2017, a New York Federal Court dismissed the case after finding that investor plaintiffs did not have standing to bring their Antitrust claims against the defendant banks. The 3-judge Second Circuit overturned the Federals Court’s decision stating that the plaintiffs provided sufficient detail outlining that they had suffered a direct economic impact as a result of the alleged manipulation of interest rates.

Several of the defendant banks previously settled with investors bringing the settlement pool to $307 million, including:

• 2016: HSBC and Citibank
• 2017: J.P. Morgan Chase & Co and Deustche Bank AG
• 2018: Bank of Tokyo-Mitsubishi UFJ Ltd., Mitsubishi UFJ Trust, Banking Corp, Sumitomo Mitsui Trust Bank
• 2019: The Bank of Yokohama Ltd., Shinkin Central Bank, The Shoko Chukin Bank Ltd., Resona Bank Ltd., Mizuho Bank Ltd., The Norinchukin Bank and Sumitomo Mitsui Banking Corp.

To date, 15 out of the 30 named defendants have currently settled with investors. With 15 outstanding defendants yet to settle, remanding this case back to the lower court could  lead to future opportunities for impacted investors to recover settlement dollars.

Additional resources:

• Law360 article (may require a subscription): 2nd Circ. Revives Yen Libor-Rigging Suit Against Big Banks
• Euroyen Case Update (October 2019): Eight Japanese Banks Receive Preliminary Approval for $71M Settlement
• 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
• 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

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