A Settlement Totaling $90 Million Could Affect You
| NEW INFORMATION – WHAT’S DIFFERENT ABOUT THIS NOTICE? |
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The purpose of this website is to provide information concerning a new $90 million Settlement with MUFG Bank, Ltd., The Norinchukin Bank, and Société Générale (“Settlement”). This is the fifth settlement in this litigation. There previously was a $120 million settlement with Barclays Bank plc (“Barclays”), a $130 million settlement with Citibank, N.A. and Citigroup Inc. (collectively, “Citibank”), a $240 million settlement with Deutsche Bank AG (“Deutsche Bank”), and a $100 million settlement HSBC Bank plc (“HSBC”). You are included if you are an individual or entity that 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 U.S. Dollar LIBOR-Based Instruments at any time between August 2007 and May 2010. Your qualifying transaction(s) may be with any of the banks listed (or their subsidiaries or affiliates). You do not need to have transacted with MUFG Bank, Ltd., The Norinchukin Bank, or Société Générale specifically. You can submit a Proof of Claim to share in the Settlement, but you must do so by December 15, 2023 (see Question 16). You do not need to submit a Proof of Claim to share in the Settlement if you previously completed and submitted a valid Proof of Claim in the prior Barclays Settlement, Citibank Settlement or Deutsche Bank/HSBC Settlements unless you wish to modify or supplement that previously submitted Proof of Claim. If you do not supplement your Proof of Claim, your payment will be calculated based on the validated transactions from your prior submission (see Question 16). |
• There is a class action lawsuit involving claims of price-fixing and manipulation of the London Interbank Offered Rate (“LIBOR”) for U.S. Dollars. The lawsuit impacts individuals and institutions that acquired over-the-counter financial derivative and non-derivative instruments directly from a U.S. Dollar Panel Bank (see Question 3) and received payments tied to U.S. Dollar LIBOR, including 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. Plaintiffs claim that the banks unlawfully manipulated the U.S. Dollar LIBOR rate, artificially lowering the rate to reduce payments to Class Members.
• There is an additional Settlement totaling $90 million in this class action lawsuit reached with MUFG Bank, Ltd. (f/k/a Bank of Tokyo-Mitsubishi), Norinchukin, and Société Générale. This is in addition to the $590 million in settlements with other Defendants (Barclays, Citibank, Deutsche Bank, and HSBC) described in earlier notices. The lawsuit is called Mayor and City Council of Baltimore et al. v. Credit Suisse AG et al. and is part of the In re LIBOR-Based Financial Instruments Antitrust Litigation multidistrict litigation. The lawsuit is pending in the United States District Court for the Southern District of New York. There are other Defendants remaining in the case, and the litigation is continuing as to those Defendants. Those “Non-Settling Defendants” are Bank of America, Credit Suisse, HBOS, JPMorgan Chase, Lloyds, Rabobank, Royal Bank of Canada, Royal Bank of Scotland, UBS, and Portigon.
• Plaintiffs continue to assert antitrust claims against all Non-Settling Defendants. As set forth below, on February 28, 2018, the Court issued an order certifying a Litigation Class as to antitrust claims against Bank of America, N.A. and JPMorgan Chase Bank, N.A. with respect to interest rate swaps and bonds/floating rate notes. Class certification proceedings against the other Non-Settling Defendants have not yet commenced. The lawyers for the Litigation Class will have to prove their claims in Court. Plaintiffs representing the Litigation Class are seeking to recover money for its members. The Court or the jury in the case will decide which side is right.
• The instruments affected by the Settlements include, among others: asset swaps, collateralized debt obligations, credit default swaps, forward rate agreements, inflation swaps, interest rate swaps, total return swaps, options, or bonds/floating rate notes. The Settlements and the Litigation Class do not include U.S. Dollar LIBOR-based instruments that include only a term, provision, or obligation or right to pay interest based on U.S. Dollar LIBOR, such as business, home, student, or car loans or credit cards.
Your legal rights are affected even if you do nothing. Please read this notice carefully.
| YOUR LEGAL RIGHTS AND OPTIONS IN THIS CASE | |
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| STAY IN THE CLASS | This is the only way to get a payment from the Settlement. See Question 18. |
| ASK TO BE EXCLUDED | You will get no monetary benefits from the Settlement. This is the only option that allows you to file your own lawsuit and assert the claims released by the Settlement. See Question 20. |
| OBJECT TO THE SETTLEMENT | If you do not exclude yourself from the Settlement and wish to object to it, you must file a written objection. See Question 22. |
| GO TO THE HEARING | You may request to be heard at the Fairness Hearing for the Settlement. See Question 26. |
| DO NOTHING | You will be included in the Settlement and be eligible to file a claim for a payment (if you qualify). If you fail to submit a claim and you did not submit a valid claim in any prior settlement in the OTC Action, you will forfeit your right to get a monetary benefit from the Settlement, and you will give up your rights to assert claims released by the Settlements against MUFG Bank, Ltd., The Norinchukin Bank, and Société Générale about the U.S. Dollar LIBOR manipulation claims at issue in this case. If you have filed a valid claim in a prior settlement, the information submitted from your most recent claim submission will be used to calculate your pro rata share of the Settlement and you will not need to do anything to receive a payment, unless you affirmatively request that a different set of information be utilized to calculate your pro rata share. |
- These rights and options—and the deadlines to exercise them—are explained in the notice and on the FAQs page of this website.
- The Court in charge of this case still has to decide whether to approve the Settlement. Payments will only be made if the Court approves the Settlement and after any appeals are resolved. Please be patient.
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