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 and/or Options on Eurodollar Futures on Exchanges, between January 1, 2003 and May 31, 2011, Inclusive

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
[email protected] 
1-800-918-8964

SOURCE Kirby McInerney LLP and Lovell Stewart Halebian Jacobson LLP