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LIBOR Bondholders Case Update (July 2020): Claims Filing Deadline Announced for $25M Settlement

Last month (read our case update), JPMorgan Chase, Bank of America and RBS agreed to pay $25.5 million to resolve claims that the banks allegedly conspired to manipulate the London Interbank Offered Rate (LIBOR). Bondholder Plaintiffs have agreed to proposed settlements in the Libor Bondholders action with seven of the listed Defendants:

  1. Barclays Bank plc (“Barclays”)
  2. UBS AG (“UBS”)
  3. HSBC Bank plc (“HSBC”)
  4. Citibank, N.A. and Citigroup Inc. (collectively, “Citi”)
  5. JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A. (collectively, “JPMorgan”)
  6. Bank of America Corporation and Bank of America, N.A. (collectively, “BOA”)
  7. Royal Bank of Scotland Group plc (“RBS”)

The settlements look to resolve claims that the banks allegedly conspired to manipulate the London Interbank Offer Rate (LIBOR) specifically as it ties to U.S. Dollar LIBOR-Based Debt Securities.

The Court recently approved the Long Form Notice issuing a claim filing deadline of December 28, 2020. If you are a member of the class, you may be eligible to receive payment from the settlement proceeds. All impacted class members must submit a claim form by the date listed above.

The notice defines a class member as:

All persons and entities who, during the period from August 1, 2007, through May 31, 2010, inclusive (the “Class Period”), owned (including beneficially in “street name”) any bond or other debt security:

  • that has a CUSIP identification number;
  • on which interest was payable at any time between August 1, 2007, and May 31, 2010;
  • where that interest was payable at a rate expressly tied to U.S. Dollar LIBOR; and
  • that was not issued by any of the Defendants, their subsidiaries or affiliates as obligor.

Collectively, the aggregated settlement values across all settling defendants total $68.625m (see table below), with 8 listed defendants who have yet to settle, including:

  • Credit Suisse Group AG
  • Lloyds Banking Group PLC and HBOS PLC
  • WestLB AG and Westdeutsche Immobilienbank AG
  • Deutsche Bank AG
  • Coöperatieve Central Raiffeisen Boerenleenbank B.A. (also known as Rabobank) The Norinchukin Bank
  • The Bank of Tokyo-Mitsubishi UFJ, Ltd
  • Royal Bank of Canada

If you entered into a LIBOR Bond Transaction at any time during the relevant period, contact your FRT representative or email us.

Settling Defendants in LIBOR Bondholder Settlement

Settling DefendantSettlement Amount
Barclays$7,100,000
UBS$17,900,000
HSBC$11,100,000
Citi$7,025,000
BOA$6,250,000
JPM$6,250,000
RBS$13,000,000
Total$68,625,000

Important dates and deadlines

  • Settlement Class Period: August 1, 2007 – May 31, 2010
  • December 28, 2020: Claim Filing Deadline – deadline for submitting Claim Forms
  • December 16, 2020: Fairness Hearing
  • November 17: Opt-Out Deadline

>> There are 50+ antitrust class actions in active litigation which could yield filing opportunities and substantial recoveries for years to come. Request a copy of our antitrust pipeline to ensure your firm does not miss significant recovery opportunities in antitrust class action settlements.

 

 

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To learn more about how FRT can help your firm automate participation and recovery in antitrust class actions, visit our website or contact us at learnmore@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.

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