Battea H1 2024 Client Newsletter

Battea H1 2024 Client Newsletter

KEY TAKEAWAYS

  • More than $1.24B is available to eligible investors for claims with filing deadlines in the next three months.
  • The impending deadline to register in the Australian FX Litigation is less than two weeks away.
  • Investors should take note of recent developments in the U.S. Interest Rate Swap Antitrust Class Action.

Battea H1 2024 Client Newsletter:

ANTITRUST SETTLEMENT FUNDS WITH RECENT AND/OR UPCOMING CLAIMS FILING DEADLINES

Settlement:Settlement Fund:Claims Filing Deadline:Class Period:
STOCK LOAN ANTITRUST SETTLEMENT$580,008,750July 8, 2024January 7, 2009 through August 22, 2023
USD LIBOR LENDER SETTLEMENT (PARTIAL)$1,900,000September 12, 2024August 1, 2007 through May 31, 2010
USD LIBOR EURODOLLAR FUTURES SETTLEMENT (PARTIAL)$3,450,000October 21, 2024January 1, 2005 through December 31, 2016
  • STOCK LOAN ANTITRUST SETTLEMENT:
    • ELIGIBLE CLASS: All Persons who, directly or through an agent, entered into Stock Loan Transactions with the Prime Broker Defendants (Goldman Sachs, Morgan Stanley, JPMorgan, UBS, EquiLend LLC, Credit Suisse, or Bank of America Merrill Lynch) direct or indirect parents, subsidiaries, or divisions of the Prime Broker Defendants in the United States from January 7, 2009 through the Execution Date (the “Settlement Class Period”), inclusive. Excluded from the Settlement Class are Defendants and their employees, affiliates, parents, and subsidiaries, whether or not named in the Amended Complaint, entities which previously requested exclusion from any Class in this Action, and the United States Government, provided, however, that Investment Vehicles shall not be excluded from the definition of the Settlement Class.
    • ELIGIBLE INSTRUMENTS: “Stock Loan Transactions” means any transaction, including any transaction facilitated by a prime broker, agent lender, or other Person, in which a holder of a stock temporarily lends the stock in exchange for collateral or in which a borrower of a stock provides collateral to temporarily borrow a stock, and in which the stock is ultimately returned to the lender at a later date, at which time the lender returns the collateral to the borrower. For the avoidance of doubt, “Stock Loan Transactions” include the facilitation of short positions, but do not include non-equity securities lending or stock repurchase (repo) transactions.
  • USD LIBOR LENDER SETTLEMENT (PARTIAL):
    • ELIGIBLE CLASS: U.S.-headquartered lending institution that originated loans, held loans, held interests in loans, owned loans, owned interests in loans, purchased loans, purchased interests in loans, sold loans, or sold interests in loans with interest rates based upon U.S. Dollar LIBOR, which rates adjusted at any time between August 1, 2007 and May 31, 2010.
    • ELIGIBLE INSTRUMENTS: The loans affected include, among others: U.S. Dollar LIBOR-based loans that include a term, provision, or obligation or right to receive interest payments based on U.S. Dollar LIBOR.
  • USD LIBOR EURODOLLAR FUTURES SETTLEMENT (PARTIAL):
    • ELIGIBLE CLASS: All Persons who transacted in any LIBOR-based Eurodollar futures and/or options on Eurodollar futures on exchanges such as the CME at any time between January 1, 2003 and May 31, 2011, inclusive.
    • ELIGIBLE INSTRUMENTS: Eurodollar futures and/or options on Eurodollar futures.

Battea H1 2024 Client Newsletter:

EQUITIES SETTLEMENT FUNDS WITH RECENT AND/OR UPCOMING CLAIMS FILING DEADLINES

Settlement:Settlement Fund:Claims Filing Deadline:Class Period:
ALPHABET INC.$350,000,000July 25, 2024April 23, 2018 through April 30, 2019
TARO PHARMACEUTICAL INDUSTRIES, LTD.$36,000,000August 16, 2024July 2, 2014 through November 3, 2016
PERRIGO COMPANY PLC$97,000,000August 26, 2024April 21, 2015 through May 2, 2017
THE BOEING COMPANY FAIR FUND$201,000,000October 3, 2024November 28, 2018 through October 17, 2019
APPLE INC.$490,000,000October 4, 2024November 2, 2018 through January 2, 2019
APACHE CORP.$65,000,000October 9, 2024September 7, 2016 through March 13, 2020
  • ALPHABET INC.:
    • ELIGIBLE CLASS: All persons and entities other than Defendants who purchased or otherwise acquired Class A (GOOGL) and/or Class C stock (GOOG) of Alphabet Inc., between April 23, 2018 and April 30, 2019, pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
    • ELIGIBLE INSTRUMENTS: Alphabet Inc. Class A (GOOGL) and/or Class C stock (GOOG).
  • TARO PHARMACEUTICAL INDUSTRIES, LTD.:
    • ELIGIBLE CLASS: All persons and entities excluding the defendants, who purchased or otherwise acquired the common stock of Taro Pharmaceutical Industries, Ltd. on the open market in the United States from July 2, 2015 through November 3, 2016, both dates inclusive. The defendants are charged with violations of Section 10(b) and Section 20(a) of the Securities Exchange Act related to alleged illegal price-fixing activities that impacted the company’s publicly reported financial conditions.
    • ELIGIBLE INSTRUMENTS: Taro Pharmaceutical Industries, Ltd. common stock.
  • PERRIGO COMPANY PLC:
    • ELIGIBLE CLASS: All persons and entities excluding the defendants who 1) purchased or otherwise acquired the common stock of Perrigo Company PLC between April 21, 2015, and May 2, 2017, on the New York Stock Exchange or any other trading center within the United States, and/or 2) purchased or otherwise acquired the common stock of Perrigo between April 21, 2015 and May 2, 2017, on the Tal Aviv Stock Exchange, and/or 3) owned Perrigo common stock as of November 12, 2015 and held such stock through at least 8:00 a.m. on November 13, 2015 (whether or not a person tendered their shares in response to the tender offer of Mylan, N.V.. The defendants are charged with violations of the federal securities laws under the Securities Exchange Act of 1934, specifically Sections 10(b), 14(e), and 20(a).
    • ELIGIBLE INSTRUMENTS: Perrigo Company PLC common stock.
  • THE BOEING COMPANY FAIR FUND:
    • ELIGIBLE CLASS: Individuals and entities, or their lawful successors, who purchased or acquired The Boeing Company common stock listed on a U.S. exchange and registered with the Commission and traded under the symbol BA (the “Security”) during the period between November 28, 2018 and October 17, 2019, inclusive, (“Relevant Period”).
    • ELIGIBLE INSTRUMENTS: Boeing Company common stock.
  • APPLE INC.:
    • ELIGIBLE CLASS: All persons and entities who purchased or otherwise acquired the publicly traded securities of Apple Inc., including purchasers of Apple Inc. call options and sellers of Apple Inc. put options, during the period from November 2, 2018 through January 2, 2019, inclusive, pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
    • ELIGIBLE INSTRUMENTS: Apple Inc. common stock or call options on Apple common stock or sold put options on Apple common stock.
  • APACHE CORP.:
    • ELIGIBLE CLASS: All persons and entities other than Defendants who purchased or otherwise acquired the publicly traded securities of Apache Corp between September 7, 2016 and March 13, 2020, pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
    • ELIGIBLE INSTRUMENTS: Apache Corporation publicly traded securities.

Battea H1 2024 Client Newsletter:

INTERNATIONAL LITIGATION UPDATE

International Australian FX Class Action

Investors Trading Foreign Currency Through Australia Should Contact Battea to Ensure Eligibility for Potential Settlement

August 11, 2024 Deadline

A significant class action is progressing in Australian Federal Court against UBS, Barclays Bank, Citibank, JPMorgan, and NatWest Markets (formerly The Royal Bank of Scotland) (“Respondent Banks”) in relation to alleged cartel conduct by the Respondent Banks relating to Foreign Currency (“FX”) trading between 2008 and 2013. In advance of potential settlement discussions, the court has notified putative class members to register.

  • Registering by the deadline will preserving rights to be considered for a compensation payment pursuant to any settlement the parties may reach at or shortly after the mediation.
  • Not registering risks losing the opportunity to be considered for a compensation payment if a settlement is reached at or shortly after the mediation.

Eligibility

Eligibility criteria includes trading FX spots and/or outright forwards in Affected Currency Pairs between January 1,  2008 and October 15, 2013, that were arranged in Australia (directly or indirectly through an agent) and the total value of the transactions exceeded AUD $500,000. Affected Currency Pairs means: AUD, GBP, EUR, JPY, NZD, or the USD, paired with most other major world currencies (approximately 28). Traders do not need to have traded with one of the Respondent Banks to be eligible to register.

Confidentiality

There is a court-ordered confidentiality regime in place that provides significant protections to registrants who might have concerns about confidentiality, specifically whether the Respondent banks will know the identity of the trader. The confidentiality protections provide, among other things, that only the Respondents’ external counsel and experts may access registrant identity information. That is, no one from the Respondents may receive group member identifying information.

Requested Registration Information

Registration is a simple and confidential process that Battea will complete on behalf of participating clients. Provided information will include the registrant’s name, trading characteristics, and summary transaction volume. However, to preserve your claim, you may need to provide Battea with limited trade data or information not typically collected in the onboarding process.

Registration Deadline

Battea will end its registration efforts on 4pm on August 11, 2024, Eastern United States time zone. The official court registration deadline is 4pm on August 12, 2024, Australia time zone.

For more information, contact your Battea Account Manager.

Battea H1 2024 Client Newsletter:

UNIQUE LITIGATION UPDATE

U.S. Interest Rate Swap Antitrust Class Action

Proposed $71 Million Interest Rate Swap Litigation Settlement Announced Claim Process Anticipated to Be Announced Soon

In late June, Plaintiffs in the Interest Rate Swap (“IRS”) Antitrust Class Action asked the court to approve a $46 million cash payment with the remaining defendants. When combined with the proposed cash from initial settling defendant Credit Suisse, the IRS litigation’s total settlement fund is now $71 million.

Credit Suisse agreed to a settlement of $25 million in 2022. However, issues over class certification have delayed a ruling on whether the settlement would be approved. While pending, Plaintiffs were able to strike deals with the ten other defendant groups.

The court has not yet approved either settlement, nor has a claim filing process been established. Plaintiffs have proposed the court first preliminary approve the settlements, which would allow them to initiate the administration process. Plaintiffs also intend to consolidate administration and distribution of the anticipated similar plans of allocation. A decision from the court is expected in the fall of 2024.

Clients who have not provided IRS transactions to Battea should anticipate a forthcoming trade data request that follows the proposed class description provided below.

Settling Defendants (not including subsidiaries and affiliates)

  • Credit Suisse (initial settling defendant)
  • Bank of America
  • Barclays
  • BNP Paribas
  • Citigroup
  • Deutsche Bank
  • Goldman Sachs
  • JPMorgan Chase
  • Morgan Stanley
  • NatWest (f/k/a Royal Bank of Scotland)
  • UBS

Proposed Settlement Class

All* persons or entities who, directly or through an agent, entered into one or more U.S. IRS Transactions with any Defendant during the Settlement Class Period.

*Excluded from the Settlement Class are Defendants and their officers, directors, management, employees, and current subsidiaries or affiliates. Also excluded are any entities registered as “swap” dealers with the Commodity Futures Trading Commission during the Class Period, the United States Government, and all of the Released Settling Defendant Parties, provided, however, that Investment Vehicles shall not be excluded from the definition of the Settlement Class.

Proposed Class Period: January 1, 2008 – June 10, 2024.

IRS Transaction Definition

A fixed-for-floating, floating-for-fixed, or floating-for-floating interest rate swap, forward rate agreement, single-currency basis swap, or overnight index swap, in any currency, executed or cleared (i) by or on behalf of a Person either domiciled or located (e.g., had a principal place of business) in the United States or its territories at the time of such execution [and] clearing; or (ii) by or on behalf of a Person that was domiciled and located outside the United States and its territories at the time of any such execution or clearing, where such execution or clearing was in United States commerce or otherwise falls within the scope of the U.S. antitrust laws, regardless of the form or manner in which the transaction was consummated.

The litigation is In re: Interest Rate Swaps Antitrust Litigation, Docket No. 1:16-md-02704 (S.D.N.Y. Jun 03, 2016).

For more information, contact your Battea Account Manager.

Reminder: The main ingredient in a successful filing is the data – in this case your data!

If you have any questions about how you can ensure that we have all of your eligible transactional data, please contact your Battea Account Manager or call at (203) 987-4949.

Battea H1 2024 Client Newsletter