Settlement Administrator Angeion Group Announces Proposed Settlement In U.S. Dollar LIBOR-Based Instrument Class Action
Posted Jul 29, 2023 10:19 (GMT +7)
If You Owned a U.S. Dollar LIBOR-Based Instrument Between August 2007 and May 2010 A Class Action Settlement Totaling $90 Million May Affect Your Legal Rights.
A federal court authorized this notice. This is not a solicitation from a lawyer.
NEW YORK--(BUSINESS WIRE)--Jul. 28, 2023
There are lawsuits impacting individuals and institutions that entered into over-the-counter financial derivative and non-derivative instruments directly with 17 banks and that received payments tied to U.S. Dollar LIBOR. A Settlement totaling $90 million has been reached with MUFG Bank, Ltd., The Norinchukin Bank, and Société Générale. Earlier settlements totaling $590 million were reached with Barclays, Citibank, Deutsche Bank, and HSBC, bringing the total settlement amount to $680 million. The remaining Non-Settling Defendants include Bank of America, Credit Suisse, HBOS, JPMorgan Chase, Lloyds, Rabobank, Royal Bank of Canada, Royal Bank of Scotland, UBS, and Portigon. The litigation claims that the banks manipulated the U.S. Dollar LIBOR rate during the financial crisis, artificially lowering the rate for their own profit, which resulted in class members receiving lower interest payments for their U.S. Dollar LIBOR-Based Instruments from the banks than they should have. Plaintiffs assert antitrust, breach of contract, and unjust enrichment claims. MUFG Bank, Norinchukin, and Société Générale deny all claims of wrongdoing.
What does the Settlement provide?
The Settlement will create a Settlement Fund totaling $90 million that will be used to pay eligible Class Members who submit valid claims, as well as attorneys’ fees not to exceed one third of the gross settlement, expenses not to exceed $5,500,000, and service awards to the Class Representatives not to exceed $100,000 per Representative. Additionally, MUFG Bank, Norinchukin, and Société Générale will provide certain cooperation to the Plaintiffs in their ongoing litigation against the Non-Settling Defendants.
Am I eligible to receive a payment from the Settlement?
You are included if you (individual or entity) directly purchased certain U.S. Dollar LIBOR-based instruments from Bank of America, Bank of Tokyo-Mitsubishi, Barclays, Citibank, Credit Suisse, Deutsche Bank, HBOS, HSBC, JPMorgan Chase, Lloyds, Norinchukin, Rabobank, Royal Bank of Canada, Royal Bank of Scotland, Société Générale, UBS, and Portigon (or their subsidiaries or affiliates) in the United States; and owned the instruments at any time between August 2007 and May 2010. The instruments in the Settlement Class include certain interest rate swaps, forward rate agreements, asset swaps, collateralized debt obligations, credit default swaps, inflation swaps, total return swaps, options, and bonds/floating rate notes.
How do I get a payment from the Settlement?
You can submit a Proof of Claim online or by mail. The deadline to submit a Proof of Claim is December 15, 2023. You do not need to submit a Proof of Claim to share in the Settlement if you previously submitted a valid Proof of Claim in the prior settlements and do not seek to modify or supplement your Proof of Claim. You are entitled to receive a payment if you have a qualifying transaction with any of the following banks: Bank of America, Bank of Tokyo-Mitsubishi, Barclays, Citibank, Credit Suisse, Deutsche Bank, HBOS, HSBC, JPMorgan Chase, Lloyds, Norinchukin, Rabobank, Royal Bank of Canada, Royal Bank of Scotland, Société Générale, UBS, or Portigon (or their subsidiaries or affiliates). You do not need to have transacted with MUFG Bank, Norinchukin, or Société Générale specifically. At this time, it is unknown how much each Class Member who submits a valid claim will receive. Visit www.USDollarLiborSettlement.com for more information on submitting a Proof of Claim.
What are my rights?
If you are a member of the Settlement Class and you do not file a timely claim, you will lose your right to receive money or benefits from the $90 million settlement with MUFG Bank, Norinchukin, and Société Générale unless you submitted a valid claim in a prior settlement in the OTC Action. If you would like to retain your right to file your own lawsuit against MUFG Bank, Norinchukin, or Société Générale, you must opt out of the Settlement Class by September 29, 2023. If you stay in the Settlement Class, you may object to the Settlement by September 29, 2023.
The Court’s hearing.
The Court will hold a hearing on October 17, 2023 to consider whether to approve the Settlement and approve Class Counsel’s request of attorneys’ fees of up to one-third of the Settlement Fund, plus reimbursement of costs and expenses and service payments to the Class Representatives. You or your own lawyer may appear and speak at the hearing at your own expense. More information about the Settlement is available on the Settlement website, www.USDollarLiborSettlement.com, and in the Long Form Notice accessible on that website, or by calling 1-888-619-8688.
This notice is only a summary.
For more information, including the full Notice and Settlement Agreement, visit www.USDollarLiborSettlement.com, email info@MUFGLiborSettlement.com, or call 1-888-619-8688
View source version on businesswire.com: https://www.businesswire.com/news/home/20230728362182/en/
Susman Godfrey LLP
Seth Ard, 212-471-8354
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