SETTLED
EUROYEN SETTLEMENT
FILING DEADLINES:
04/28/2023 ($22,500,000 Barclays, ICAP, Tullett Prebon)
CASE NUMBER:
12-cv-3419 U.S. District Court for the Southern District of New York
CLASS PERIOD:
January 1, 2006 – June 30, 2011
TOTAL SETTLEMENT FUND:
$374,500,000.00
SETTLING DEFENDANTS
Bank of Tokyo, Bank of Yokohama, Barclays, Citibank, N.A., Deutsche Bank, HSBC Bank plc, ICAP, JP Morgan, Mizuho Trust & Banking Co., Ltd., Norinchukin, Resona Bank, Ltd., Shinkin, Shoko Chukin, Sumitomo, Tullett Prebon
Non-Settling DefendantsBank of America, Credit Agricole, Lloyds, RBS, Société Générale, UBS |
ELIGIBLE CLASS
All Persons who purchased, sold, held, traded, or otherwise had any interest in any Euroyen-Based Derivatives during the class period, who were either domiciled in the United States or its territories or, if domiciled outside the United States or its territories, transacted Yen Libor/Tibor Products in the United States.
ELIGIBLE INSTRUMENTS
Yen Libor and/or Tibor IRS, swaptions, Tibor exchange traded futures, FX yen forwards, swaps, options and futures, options on futures.
Preliminary Allegations
Plaintiffs allege that each Defendant, between January 1, 2006 through June 30, 2011, inclusive, manipulated or aided and abetted the manipulation of Yen-LIBOR, Euroyen TIBOR, and the prices of Euroyen-Based Derivatives.
Case Summary
Plaintiffs allege that each Defendant, between January 1, 2006 through June 30, 2011, inclusive, manipulated or aided and abetted the manipulation of Yen-LIBOR, Euroyen TIBOR, and the prices of Euroyen-Based Derivatives. Defendants allegedly did so by using several means of manipulation. For example, panel banks that made the daily Yen-LIBOR and/or Euroyen TIBOR submissions to the British Bankers Association and Japanese Bankers Association (the Contributor Bank Defendants), such as the Citi Defendants and HSBC Defendants, allegedly falsely reported their cost of borrowing in order to financially benefit their Euroyen-Based Derivatives positions. Contributor Bank Defendants also requested that other Contributor Bank Defendants make false Yen-LIBOR and Euroyen TIBOR submissions on their behalf to benefit their Euroyen-Based Derivatives positions.
Case UpdatesJanuary 24, 2017 Filing Deadline: ($58,000,000 Citibank, N.A., Citigroup Inc., HSBC Bank plc) February 20, 2018 Filing Deadline: ($236,000,000 Bank of Tokyo, JP Morgan, Deutsche Bank) March 20, 2020 Filing Deadline: ($58,000,000 The Bank of Yokohama, Shinkin, Shoko Chukin, Sumitomo, Resona Bank, Ltd., Mizuho Trust & Banking Co., Ltd., Norinchukin, Sumitomo) April 28, 2023 Filing Deadline: ($22,500,000 Barclays, ICAP, Tullett Prebon) |
Next StepsContact your Battea Customer Service Representative directly. |
BRIEF COMPANY PROFILE
Name: YEN-LIBOR Settlement
Website: http://www.euroyensettlement.com/