Stichting ELCO Foundation Announces Lawsuit Filed in Dutch Court for Manipulation of Benchmark Interest Rates by a Number of International Banks:
Stichting ELCO Foundation, a Dutch foundation, has filed a lawsuit in Dutch Court on behalf of institutional investors who executed more than $300 trillion in notional transaction value and who suffered losses in connection with alleged manipulation of LIBOR, EURIBOR and TIBOR interest rates during the period of 1 January 2001 until 30 June 2011.
On behalf of eligible market participants, the Foundation is asserting claims against UBS, Rabobank, Lloyds and ICAP (“Defendants”) and is seeking declaratory relief as the result of the alleged rate manipulation. The Foundation has decided to file this lawsuit after the Defendants rejected or ignored its invitation to discuss an amicable settlement.
Investors that traded LIBOR, EURIBOR and TIBOR related financial instruments can support the Foundation on “success fee only”, no up-front cost or risk, by contacting ELCO Investor Services LLC (EIS), who is retained to provide all administrative services, eligible claims evaluation and provide funding for the litigation.
LIBOR, EURIBOR and TIBOR are interest rate benchmarks that are published daily at which banks are willing to borrow money from each other (without collateral). These rates are used worldwide as the basis for the value determination and settlement of various types of financial instruments and products, such as loans, options and interest rate derivatives.
In the lawsuit, the Claimants allege that the Defendants manipulated the EURIBOR, LIBOR and TIBOR interest rates (and a number of other interest rate benchmarks) for private gain and at the expense of unwitting trading partners, institutional investors and, collectively, market participants.
Rabobank, a Dutch company, has acknowledged the fraud by its employees and acknowledged that this fraud fell within the bandwidth of the work that these employees performed for Rabobank. It has escaped international prosecution by paying the Dutch public prosecution department and American and British authorities’ fines totalling EUR 774 million, including a fine of EUR 70 million paid to the Dutch Public Prosecutor; the highest fine ever paid to that regulator. The Dutch Public prosecutor established that the criminal offences were attributable to Rabobank and that Rabobank was responsible for its employees’ conduct and should have taken measures to prevent the criminal acts.
To date, 14 banks and brokers have paid regulatory fines of almost $10 billion related to manipulation of benchmark rates, including LIBOR, EURIBOR, and TIBOR.
US Civil Litigation
In the United States, civil/private antitrust litigation is proceeding on behalf of market participants damaged by the benchmark rates manipulations. The class action litigation covers damaged parties who transacted in impacted interest rate derivatives markets in the United States. Transactions that occurred outside of the US are not covered by the US class action and these transactions will not be eligible to receive any compensation pursuant to settlements and/or verdicts in the US class action litigations.
Objective and joining the Litigation
The Objective of the Foundation is to recover losses, suffered as a result of the Defendants’ alleged illegal rate manipulations, from the Defendants through settlement or court judgment.
Investors domiciled or with offices in Europe that traded Interest rate swaps, credit default swaps, forward rate agreements, swaptions, FX swaps, currency swaps, interest rate futures and other interest rate derivative products in different currencies in European Markets anytime from 1 January 2001 through 30 June 2011, should contact ELCO Investor Services (EIS) - for information, paperwork and evaluation of transaction eligibility.
About the Stichting ELCO Foundation
Stichting ELCO Foundation is an independent legal entity organized under Dutch law, established to protect the interests of stakeholders who suffered losses because of the benchmark rates manipulations orchestrated by the defendant banks and brokers for which the Dutch Courts have jurisdiction. The Foundation Chairman is Dick Bouma, a former Judge at the Court of Appeal in the Hague.
About the Law Firms representing the Foundation and Managing the Litigation
Lemstra Van der Korst is the Dutch law firm in charge of litigating this case on behalf of the Foundation and the investors supporting the Foundation. Lowey Dannenberg, PC, counsel in these matters in the United States, has unequaled expertise in commodity manipulation and derivatives antitrust litigation on behalf of market participants who were injured by the rigging of interbank lending rates.
About the ELCO Investor Services provider
ELCO Investor Services LLC (EIS) provides information, all administrative services, transaction evaluation and funding on behalf of the foundation.
Lemstra Van der Korst N.V.
Flip Wijers, email@example.com
Jurjen Lemstra, firstname.lastname@example.org
Phone: +31 (20) 2050567
ELCO Investor Services LLC (EIS):
Contact: Adam Foulke (EIS)
Phone: US +1 (203) 252-3820
Om Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Følg saker fra Business Wire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Business Wire
project44 and Gatehouse Logistics Announce Exclusive Partnership17.10.2018 07:00 | Pressemelding
project44 (p44) and Gatehouse Logistics jointly announced today that they have entered into an exclusive, multinational agreement which will provide secure and authorized access to the largest visibility network across North America and Europe. Ultimately, accelerating the ability for both technology providers to deliver visibility solutions across multiple transportation modes and geographies. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181017005211/en/ End-to-end supply chain visibility is critical for complex global organizations looking to monitor global operations, increase efficiencies and improve the overall customer experience. This first of its kind multinational partnership provides visibility into key transportation processes, ensuring global organizations can accurately see and proactively respond to all events in their supply chain at the “speed of thought.” Gatehouse Logistics CEO Jesper Bennike commented th
WHOOP, the Human Performance Company, Launches in Europe17.10.2018 07:00 | Pressemelding
WHOOP, the human performance company, is now available to European consumers for the first time. Launched in the US in 2014, WHOOP is now shipping to countries throughout Europe via the WHOOP website. Initial countries include Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Spain, Sweden and the United Kingdom. Many pro athletes and teams across Europe are already using WHOOP, which was first made available to consumers in the US in 2016. WHOOP was co-founded in 2012 by former Harvard students Will Ahmed, John Capodilupo and Aurelian Nicolae. As captain of Harvard’s D1 squash team, Ahmed, the company's CEO, found that he and his teammates frequently over trained, misinterpreted fitness peaks, and underestimated recovery and sleep, often leading to injury. He became inspired by a simple idea: Humans, especially athletes, could optimize their daily performance if they had a systematic approach to understanding their bodies. The WHOOP Strap 2.0 is a wearable d
Biogen and Samsung Bioepis Announce European Launch of IMRALDI™(adalimumab), Solidifying Leadership in European Anti-TNF Market17.10.2018 06:18 | Pressemelding
Biogen (Nasdaq:BIIB) and Samsung Bioepis Co., Ltd. today announced the European launch of IMRALDI™ (adalimumab), a biosimilar referencing HUMIRA®. Starting today, IMRALDI™ will begin launching in major markets across Europe. The launch of IMRALDI™ marks a significant milestone for Biogen and Samsung Bioepis, as the adalimumab product is the third anti-TNF biosimilar developed by Samsung Bioepis to be commercialized by Biogen across Europe. BENEPALI™ (etanercept) and FLIXABI™ (infliximab) were approved in 2016, and have approximately 100,000 patients currently under treatment with more than 6 million doses administered across 25 and 14 countries, respectively.ii “We look forward to increasing patient access to this important medicine by leveraging our industry-leading position in the European anti-TNF market,” said Ian Henshaw, Head of Biogen’s Biosimilars Unit. “The launch of IMRALDI marks what we believe to be a landmark moment for Biogen and Samsung Bioepis and for European healthcar
Durabook Delivers World’s Toughest Semi-Rugged Computer17.10.2018 06:00 | Pressemelding
Durabook, the global brand fully owned by Twinhead International Corporation, has today introduced the most durable semi-rugged computer ever created. The Durabook S14I greatly exceeds all existing devices in its class in both drop height and IP ratings. Built with 8th generation Intel® CPU and a wide selection of I/O options, the S14I is ideal for demanding working environments of public safety, government, military and field service. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181016006151/en/ Durabook S14I Features Class-Leading Drop Height and IP Ratings along with 8th Generation Intel CPU Power (Photo: Business Wire) “As the definition of the modern workplace expands, the line between what is office and what is field are often becoming blended” said Fred Kao, CEO of Twinhead. “So we are blending the line between what is a semi-rugged and what is a fully-rugged. Under the form factor of a traditional semi-rugged lapto
DIA Drives Debates and Solutions at the Crossroads of Healthcare17.10.2018 06:00 | Pressemelding
DIA, founded as the Drug Information Association, announced three keynote speakers for the upcoming DIA Europe 2019 annual meeting: Dave deBronkart, ‘e-Patient Dave’; Hans Lehrach, Director at the Max Planck Institute for Molecular Genetics; and Kristel Van der Elst, CEO, The Global Foresight Group. The diversity of experience brought by these three leaders is reflective of the meeting mission to ensure industry, payers, patients, and regulators all have an equal voice in the debates advancing regulatory science and access to healthcare. These keynote speakers will join 300 speakers in more than 80 sessions, across seven thought leadership streams to drive collaborative answers in medicines development and access to healthcare. Highlights from sessions include Guido Rasi, Executive Director, EMA, will present first look strategies for 2021-2025 during the European Regulatory Town Hall and Niklas Hedberg, Chair EUnetHTA Executive Board, will feature case studies of Real World Evidence i
SailPoint’s Latest SaaS Release Makes Security and Compliance Accessible to All Enterprises17.10.2018 05:01 | Pressemelding
SailPoint Technologies Holdings, Inc. (NYSE: SAIL), the leader in enterprise identity governance, unveiled a series of new innovations in IdentityNow, the industry’s most comprehensive SaaS identity governance platform. Enhancements have been made with an eye towards both closing security and compliance gaps and simplifying identity implementations for organizations who may not have dedicated identity teams and resources. New in IdentityNow is the Dynamic Discovery Engine, an innovation that allows users to easily and quickly create policies, access reviews, dashboards and reporting. As a result, IdentityNow customers are better able to address the mounting security and compliance challenges that all enterprises face today. “When we started our identity governance journey, a key requirement for us was the ability to automate identity processes where we could, while improving our audit and compliance track record,” said Michael Boucher, Sr. Director, Information Risk Management, FTD. “W