SEATTLE, Sept. 17, 2018 /PRNewswire/ -- JND Class Action Administration
There are Settlements with Citibank, HSBC and Barclays that impact lending institutions headquartered in the United States, including its fifty (50) states and United States territories, 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 between August 1, 2007 and May 31, 2010.
The litigation alleges that certain banks (see list of Defendant banks on settlement website) unlawfully suppressed U.S. Dollar LIBOR, which caused lending institutions to lose money in connection with loans they held and their loan transactions. Plaintiffs assert common-law fraud and conspiracy to commit fraud. Citibank, HSBC, Barclays and the other defendants deny all claims of wrongdoing. Although the Court has sustained the fraud claims asserted by the plaintiff, the Court has denied the plaintiff's motion for class certification, and the Court of Appeals has denied the plaintiff's petition to review the Court's denial of class certification prior to a final judgment. The Berkshire Bank is continuing to pursue only its individual claims.
Am I included?
You are included in the Settlements if you (lending institution) are:
- Headquartered in the United States; and
- 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 based upon U.S. Dollar LIBOR between August 1, 2007 and May 31, 2010.
What do the Settlements provide?
The Settlements will create a $31 million Settlement Fund that will be used to pay eligible Class Members who submit valid claims.
How can I get a payment?
You must submit a proof of claim to get a payment. You can submit a proof of claim online or by mail. The deadline to submit a proof of claim is November 20, 2018. You are entitled to receive a payment if you have a qualifying U.S. Dollar LIBOR-based loan. At this time, it is unknown how much each Class Member who submits a valid claim will receive.
What are my rights?
Even if you do nothing, you will lose your right to sue Citibank, HSBC and Barclays for the alleged conduct and will be bound by the Court's decisions concerning the Settlements. The Settlements will not result in a release of your claims against any Non-Settling Defendant, and the litigation against Non-Settling Defendants is ongoing. If you want to keep your right to sue Citibank, HSBC or Barclays you must exclude yourself from the Settlement Class by November 20, 2018. If you stay in the Settlement Class, you may object to the Settlements by November 20, 2018.
The Court will hold a hearing on December 20, 2018 to consider whether to approve the Settlements and approve Class Counsel's request of attorneys' fees of up to one-third of the Settlement Fund, plus reimbursement of costs and expenses. You or your own lawyer may appear and speak at the hearing at your own expense.
SOURCE JND Class Action Administration