Euroyen Case Update (October 2019): Eight Japanese Banks Receive Preliminary Approval for $71M Settlement

On September 11, 2019, The Court entered into an agreement preliminary approving the proposed settlement of $71 million for eight Japanese banks. The total settlement is broken down into two groups of settling defendants:

  1. A $32 million settlement involving defendant banks Sumitomo Mitsui Trust Bank, The Bank of Yokohama Ltd., Shinkin Central Bank, The Shoko Chukin Bank Ltd. and Resona Bank Ltd.
  2. A $39 million settlement involving defendants Mizuho Bank Ltd., The Norinchukin Bank and Sumitomo Mitsui Banking Corp.

This settlement resolves 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.

The eight Japanese banks join five other banks– BTMU and MUTB ($30m), 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 $307 million, and the total number of settled bank defendants to 13. Outstanding claims remain against 20+ non-settling defendants.

The Claims Administrator recently proposed a claim filing deadline of March 3, 2020. If you purchased, sold, held, traded, or otherwise had any interest in Euroyen-Based Derivatives at any time during the relevant period, contact your FRT representative or email us at


  • November 14, 2019: Opt-Out Deadline – deadline for submitting Requests for Exclusion
  • December 19, 2019: Fairness Hearing
  • March 3, 2019: Claims Filing Deadline – deadline for submitting Claim Forms

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