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:
- 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.
- 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 firstname.lastname@example.org.
IMPORTANT DATES AND DEADLINES
- 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
To learn more about how FRT can help your firm maximize recoveries in antitrust and all shareholder class action settlements, email us at email@example.com.
- A look back at Antitrust Litigation in 2018
- FX Case Update (March 2019): Memo filed in support of motion for initial distribution
- FX Case Update (August 2019): Two Settlements of Indirect Forex Suits Have Received Preliminary Approval
- Case Spotlight
SETTLED CLAIMS I PASSIVE GROUP I ANTITRUST I FUTURE CLAIMS I OPT-IN MONITORING I OPT-OUT MONITORING
Founded in 2008, Financial Recovery Technologies (FRT) is the 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.
- Follow us on Twitter: @FRTServices
- Follow us on LinkedIn: Financial Recovery Technologies
- Email us: firstname.lastname@example.org
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.