OTC USD Libor Settlement

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SETTLED

OTC USD Libor Settlement

FILING DEADLINES:

02/10/2024 ($101 Million Lloyds, Rabobank, RBC)

TBD (Non-Settling Defendants)

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CASE NUMBER:

11-md-2262 U.S. District Court for the Southern District of New York

CLASS PERIOD:

August 2007 - May 2010

TOTAL SETTLEMENT FUND:

$781,000,000.00

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    SETTLING DEFENDANTS

    Barclays, Citibank, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., Deutsche Bank, HBOS, HSBC, Lloyds Banking Group, MUFG, Norinchukin, RBC, Société Générale, WestLB AG , and Westdeutsche Immobilienbank AG

Non-Settling Defendants

Bank of America, Credit Suisse, JPMorgan Chase, Royal Bank of Scotland, and UBS
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    ELIGIBLE CLASS

    You are included in the Settlement if you directly purchased or owned U.S. Dollar LIBOR based instruments during the class period directly from named defendants and you were either domiciled in the United States or its territories or, if domiciled outside the United States or its territories transacted within the United States.

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    ELIGIBLE INSTRUMENTS

    Asset swaps, collateralized debt obligations, credit default swaps, forward rate agreements, inflation swaps, interest rate swaps, total return swaps, options, and floating rate notes.

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    Preliminary Allegations

    Banks on the U.S. Dollar panel (and their affiliates) around the world were sued by a group of their counterparties (“Plaintiffs”) who claim that the banks manipulated the U.S. Dollar LIBOR rate during the financial crisis, artificially lowering the rate for their own benefit. Plaintiffs claim that Citibank and other banks manipulated the U.S. Dollar LIBOR rate, and that, as a result, purchasers did not receive as much interest payments for their U.S. Dollar LIBOR-based instruments from the banks as they should have.

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    Case Summary

    This litigation has been consolidated within In re LIBOR-Based Financial Instruments Antitrust Litigation, MDL No. 2262, and this Settlement relates to an action referred to as the “OTC Action” because it involves Plaintiffs who entered into over-the-counter (“OTC”) financial derivative and non-derivative instruments directly with the Defendants or the Non-Settling Defendants.

Case Updates

Court approved Settlements of $680,000,000.

August 2, 2011 – Initial complaint filed in the Southern District of New York.

December 21, 2016 – Court Order approving Barclays settlement.

August 31, 2017 – Court Order approving Citi settlement.

February 28, 2018 – Class Certification Order (Class Certified only as to OTC plaintiffs’ antitrust claims against Bank of America and JPMorgan Chase).

April 5, 2018 – Court Order approving HSBC & Deutsche Bank settlements.

July 14, 2021 – Court approved Motion to Authorize Distribution of Barclays, Citi, Deutsche Bank, and HSBC settlement funds to claimants.

Next Steps

All investors who entered into over-the-counter (“OTC”) financial derivative and non-derivative instruments including asset swaps, collateralized debt obligations, credit default swaps, forward rate agreements, inflation swaps, interest rate swaps, total return swaps, options, and floating rate notes from August 1, 2007 – through May 31, 2010, should contact Battea Class Action Services today.

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