Lowey Dannenberg, P.C. and Lovell Stewart Halebian Jacobson LLP Announce Proposed Class Action Settlement If You Held or Traded Sterling LIBOR-Based Derivatives During The Period From January 1, 2005 Through December 31, 2010

NEW YORK, Aug. 22, 2023 /PRNewswire/ -- 

SUMMARY NOTICE OF PROPOSED CLASS ACTION SETTLEMENT

If you held or traded Sterling LIBOR-Based Derivatives during the period from January 1, 2005 through December 31, 2010, your rights may be affected by a pending settlement and you may be entitled to a portion of the settlement.

A proposed settlement totaling $5,000,000.00 has been reached with Defendant Deutsche Bank AG ("Deutsche Bank") in a pending class action ("Action").  Deutsche Bank denies any liability, fault, or wrongdoing in connection with the allegations in the Action.

The U.S. District Court for the Southern District of New York ("Court") authorized this notice and appointed Lowey Dannenberg, P.C. and Lovell Stewart Halebian Jacobson LLP as Class Counsel to represent the Settlement Class.

Who is a member of the Settlement Class?

Subject to certain exceptions, the proposed Settlement Class includes all Persons or entities that transacted in Sterling LIBOR-Based Derivatives at any time from January 1, 2005 through December 31, 2010 ("Class Period").

A more detailed description of the case and this Settlement may be found by visiting www.sterlingliborsettlement.com.

What is this lawsuit about and what does the Settlement provide?

Representative Plaintiffs allege that Defendants, including Deutsche Bank, unlawfully and intentionally manipulated Sterling LIBOR and the prices of Sterling LIBOR-Based Derivatives in violation of federal and common law during the Class Period.

To settle these claims, Deutsche Bank agreed to pay $5,000,000.00 ("Settlement Fund").  If the Settlement is approved, the Settlement Fund, plus interest earned from the date it was established, less any taxes, the reasonable costs of Class Notice and administration, any Court-awarded attorneys' fees, litigation expenses and costs, and any other costs or fees approved by the Court, will be divided among all Settlement Class Members who file timely and valid Proof of Claim and Release forms ("Claim Forms").

Will I get a payment and what are my rights?

If you are a Settlement Class Member and do not opt out, you may be eligible for a payment under the Settlement if you file a Claim Form. 

If you are a Settlement Class Member and do not opt out, you will release certain legal rights against Deutsche Bank and Released Parties as explained in the detailed Notice and Settlement Agreement, which are available at www.sterlingliborsettlement.com.  If you do not want to participate in the proposed Settlement, you must opt out by October 19, 2023.  If you want to object to the proposed Settlement, the Distribution Plan, and/or Plaintiffs' Counsel's request for attorneys' fees, and payment of litigation costs and expenses, you must do so by October 19, 2023. 

Claim Forms must be postmarked by January 16, 2024, or submitted online at www.sterlingliborsettlement.com on or before 11:59 p.m. E.T. on January 16, 2024.

When is the Fairness Hearing?

The Court will hold the Fairness Hearing via telephone using the dial-in 888-363-4749 and access code 2682448 on November 16, 2023, at 11:00 a.m. E.T. to consider whether to finally approve the proposed Settlement, Distribution Plan, and the application for an award of attorneys' fees and payment of litigation costs and expenses.  You or your lawyer may ask to speak at the hearing, but you do not have to.  Any changes to the time and place of the Fairness Hearing, or other deadlines, will be posted to www.sterlingliborsettlement.com as soon as is practicable.

To obtain more information about the Settlement, visit www.sterlingliborsettlement.com or call toll-free 1-877-495-0835 (from outside the U.S. or Canada, call 1-414-921-2346). 

**** Please do not call the Court or the Clerk of the Court for
information about the Settlement. ****

Source(s):
Lowey Dannenberg, P.C.
Lovell Stewart Halebian Jacobson LLP

SOURCE Lowey Dannenberg, P.C. and Lovell Stewart Halebian Jacobson LLP