NEW
YORK, May 20, 2024 /PRNewswire/ --
If You Transacted in Eurodollar Futures and/or
Options on Eurodollar Futures on Exchanges, such as the Chicago
Mercantile Exchange between January 1,
2003 and May 31, 2011,
inclusive,
You May Be Eligible to Receive Payment of a
Portion of Additional Settlement Funds of $3.45 Million
If you previously submitted a valid claim in
the Prior Settlements, you do not need to submit another Proof of
Claim to participate in this Settlement unless you wish to amend
your claim.
This is a final settlement of a class action lawsuit involving
the alleged manipulation of U.S. Dollar LIBOR
("LIBOR") and its impact on Eurodollar futures and/or options on
Eurodollar futures ("Eurodollar Futures") that are linked to LIBOR.
If approved, the proposed Settlement of $3.45 million with the Remaining Defendants would
completely resolve the pending litigation in the Exchange-Based
Action.
The Settlement with the Remaining Defendants – namely, Credit
Suisse AG ("Credit Suisse"), Lloyds Bank plc and Bank of
Scotland plc (together, "Lloyds"),
NatWest Markets plc (f/k/a The Royal Bank of Scotland plc) ("NatWest"), Portigon AG (f/k/a
WestLB) and Westdeutsche Immobilienbank AG (n/k/a Westdeutsche
Immobilien Servicing AG) (together, "Portigon"), Royal Bank of
Canada and RBC Capital Markets,
LLC (together, "RBC"), Coöperatieve Rabobank U.A. (f/k/a
Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.) ("Rabobank"),
The Norinchukin Bank ("Norinchukin"), MUFG Bank, Ltd. (f/k/a The
Bank of Tokyo-Mitsubishi UFJ, Ltd.), and UBS AG ("UBS") (together
Credit Suisse, Lloyds, NatWest, Portigon, RBC, Rabobank,
Norinchukin, MUFG, and UBS are referred to as the "Remaining
Defendants") – impacts persons, corporations and other legal
entities that transacted in Eurodollar futures and/or options on
Eurodollar futures on exchanges, including without limitation, the
Chicago Mercantile Exchange (the "CME"), between January 1, 2003 and May
31, 2011, inclusive. A detailed description and additional
information on the case can be found on the settlement website.
The Remaining Defendants have entered into this proposed
settlement to resolve the claims asserted against them. The
Remaining Defendants deny all claims of wrongdoing.
Am I included?
You are included in the Settlement as a Settlement Class Member
if you transacted in Eurodollar futures and/or options on
Eurodollar futures on exchanges, including without limitation, the
CME, between January 1, 2003 and
May 31, 2011, inclusive.
What does the Settlement provide?
The Settlement, if it receives final approval from the Court,
will provide a $3.45 million
Settlement Fund that will be used to pay eligible Settlement Class
Members who submit valid claims. The Settlement brings the total
settlement amount in the Exchange-Based Action to $190,450,000. The Court previously granted Final
Approval for settlements in this Action, which created an aggregate
Settlement Fund of $187,000,000 (the
"Prior Settlements"). On October 24,
2023, the Court authorized distribution of the aggregate
Settlement Fund and the distribution process is ongoing. If the
Court approves this Settlement for $3.45
million, a separate distribution motion will be made once
the claims administration process is completed.
How can I get a payment?
If you transacted in U.S. Dollar LIBOR-based Eurodollar futures
and/or options on Eurodollar futures on exchanges such as the CME
between January 1, 2003 and
May 31, 2011, inclusive, and do not
exclude yourself from the Settlement Class, you must file a timely
and valid Proof of Claim Form to be eligible for a payment. If
you previously submitted a valid claim in the Prior Settlements,
you do not need to submit another Proof of Claim to participate in
this Settlement unless you wish to amend your claim. You
may obtain a Proof of Claim Form on the settlement website
referenced below and submit it online or by mail. The amount of any
payment under the Settlement will be determined by the Proposed
Plan of Distribution, which is available on the settlement website
at www.USDLiborEurodollarSettlements.com. At this time, it is
unknown how much each Settlement Class Member who submits a valid
claim will receive.
To be timely, all Proof of Claim Forms must be postmarked by
mail or submitted electronically by October
21, 2024.
What are my rights?
You have the right to remain a member of the Settlement Class or
to exclude yourself from the Settlement Class. If you remain a
member of the Settlement Class, and if the Settlement is approved,
you may participate pro rata in the Net Settlement Fund for
the Remaining Defendants by timely submitting a Proof of Claim
Form. If you participate in the Settlement, you will, however, lose
your right to individually sue any of the Remaining Defendants or
their affiliated persons and entities for the alleged
conduct, and will be bound by the Court's decisions concerning the
Settlement. If you stay in the Settlement Class, you may object to
the proposed Settlement, the proposed Plan of Distribution, and the
request for attorneys' fees and expense reimbursement mentioned
below by August 15, 2024. Any
objections must be filed with the Court and delivered to designated
representative Settlement Class Counsel and counsel for the
Defendants in accordance with the instructions set forth in the
Full Notice.
If you want to keep your right to individually sue any of the
Remaining Defendants or their affiliated persons and entities, you
must exclude yourself from the Settlement Class by August 15, 2024, in the manner and form explained
in the detailed Full Notice. All Settlement Class Members who have
not timely and validly requested exclusion from the Settlement
Class will be bound by any judgment entered in the litigation
pursuant to the Settlement Agreements. If you properly and timely
exclude yourself from the Settlement Class, you will not be bound
by any judgments or orders entered by the Court in the litigation
and you will not be eligible to receive any payments from the Net
Settlement Fund for the Remaining Defendants if the Settlement is
approved.
A hearing will be held on September 5,
2024 before the Honorable Naomi Reice Buchwald, United States District Court Judge, in
Courtroom 21A, at the Daniel Patrick Moynihan United States
Courthouse, located at 500 Pearl Street, New York, New York 10007, for the purpose of
determining, among other things, whether to approve the proposed
Settlement, the proposed Plan of Distribution, Class Counsel's
request for attorneys' fees of up to one third of the Settlement
Fund, plus reimbursement of litigation expenses. You or your own
lawyer may appear and speak at the hearing at your own expense.
THIS IS ONLY A SUMMARY OF THE FULL NOTICE AND
SETTLEMENT AGREEMENT, WHICH CONTAINS MORE DETAILED INFORMATION THAT
YOU SHOULD READ. THE FULL NOTICE AND THE SETTLEMENT AGREEMENT IS
AVAILABLE AT:
www.USDLiborEurodollarSettlements.com
Class members should continue to review the settlement website
for important updates about the Settlement and the litigation.
USD LIBOR EURODOLLAR FUTURES SETTLEMENT
c/o A.B. Data, Ltd.
P.O. Box 170990
Milwaukee, WI 53217
www.USDLiborEurodollarSettlements.com
info@USDLiborEurodollarSettlements.com
1-800-918-8964
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content:https://www.prnewswire.com/news-releases/kirby-mcinerney-llp-and-lovell-stewart-halebian-jacobson-llp-announce-you-may-be-eligible-to-receive-payment-of-a-portion-of-additional-settlement-funds-of-3-45-million-if-you-transacted-in-eurodollar-futures-andor-options-on-eu-302148025.html
SOURCE Kirby McInerney LLP and Lovell Stewart Halebian Jacobson
LLP