By Andrew Lasky, Legal Product Specialist, Financial Recovery Technologies
On Thursday, March 29, 2018, HSBC Holdings Plc agreed to a $100 million settlement with “over-the-counter” or OTC investors who suffered as a result of the banks’ manipulation of the London Interbank Offer Rate (LIBOR).
HSBC joins Deutsche Bank, who also recently settled in the LIBOR OTC case for $240 million. The other settling OTC defendant banks include Citigroup Inc ($130 million), and Barclays Bank PCL ($120 million) as well as settlements for LIBOR bondholders, exchange and Swiss Francs members ($210 million) who had previously settled with affected investors. This brings the settlement pool to $800 million. Outstanding claims against 14 banks remain.
To read additional articles on the case settlement, click the links below.
>> Law360 (March 29th) – HSBC Inks $100M Deal With OTC Investors In Libor-Rig MDL
>> Reuters (March 29th) – HSBC to pay $100 million to end Libor rigging lawsuit in U.S.
If you are uncertain whether or not you have received your full spectrum of eligible notices, we can help retrieve this information. Please reach out to your account manager or email us at email@example.com.
- LIBOR Antitrust Case Update (March 2018): Deutsche Bank AG seeks approval to $240 million settlement
- LIBOR Case Spotlight (August 2017): LIBOR Antitrust Recovery Opportunity
- LIBOR Class Action (April 2017): LIBOR antitrust class action continues despite banks’ U.S. Supreme Court appeal
- Whitepaper: Antitrust – The Evolving Fiduciary Landscape
U.S. CLAIMS I GLOBAL GROUP LITIGATION I ANTITRUST I LITIGATION MONITORING I BUYOUTS
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.