Business Wire

Susman Godfrey LLP and Hausfeld LLP Announce a $130 Million Settlement That Impacts Individuals and Institutions Who Owned a U.S. Dollar LIBOR-Based Instrument Between August 2007 and May 2010

Del

The following is being released by Susman Godfrey LLP and Hausfeld LLP.

There is a Settlement with Citibank, N.A. and Citigroup Inc. (“Citibank”) that impacts individuals and institutions that entered into over-the-counter financial derivative and non-derivative instruments directly with Citibank, Barclays, or a Non-Settling Defendant that received payments tied to U.S. Dollar LIBOR. Citibank, Barclays, and the Non-Settling Defendants (Credit Suisse, Bank of America, JPMorgan, HSBC, Lloyds, WestLB, UBS, RBS, Deutsche Bank, Rabobank, Norinchukin, Bank of Tokyo-Mitsubishi UFJ, HBOS, SocGen, and RBC) are U.S. Dollar LIBOR Panel Banks. The instruments include certain interest rate swaps, forward rate agreements, asset swaps, collateralized debt obligations, credit default swaps, inflation swaps, total return swaps, options, and floating rate notes.

The litigation claims that the banks manipulated the U.S. Dollar LIBOR rate during the financial crisis, artificially lowering the rate for their own profit, which resulted in purchasers receiving less interest payments for their U.S. Dollar LIBOR-based instruments from the banks as they should have. Plaintiffs assert antitrust, breach of contract, and unjust enrichment claims. Citibank denies all claims of wrongdoing.

Individuals and institutions are included in the Settlement if they:

  • Directly purchased certain U.S. Dollar LIBOR-based instruments;
  • From Citibank, Barclays, or any Non-Settling Defendant (or their subsidiaries or affiliates);
  • In the United States; and
  • Owned the instruments at any time between August 2007 and May 2010.

The Settlement will create a $130 million Settlement Fund that will be used to pay eligible Class Members who submit valid claims. Additionally, Citibank will cooperate with the Plaintiffs in their ongoing litigation against the Non-Settling Defendants.

Class Members must submit a Proof of Claim, online or by mail, by March 29, 2018 to get a payment. They are entitled to receive a payment if they have a qualifying transaction with Citibank, Barclays or a Non-Settling Defendant. At this time, it is unknown how much each Class Member who submits a valid claim will receive.

Even if they do nothing, Class Members will lose the right to sue Citibank for the alleged conduct and will be bound by the Court’s decisions concerning the Settlement. This Settlement will not result in a release of claims against any Non-Settling Defendant, and the litigation against Non-Settling Defendants is ongoing. If Class Members want to keep their right to sue Citibank, they must exclude themselves from the Settlement Class by January 2, 2018. If they stay in the Settlement Class, they may object to it by January 2, 2018.

The Court will hold a hearing on January 23, 2018 to consider whether to approve the Settlement and approve Class Counsel’s request of attorneys’ fees of up to one-third of the Settlement Fund, plus reimbursement of costs and expenses. Class Members or their lawyers may appear and speak at the hearing at their own expense.

For more information, please visit www.USDollarLiborSettlement.com, or call 1-888-568-7640.

Contact information

Susman Godfrey LLP
Seth Ard, 212-471-8354
sard@susmangodfrey.com

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(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

Jefferies Appoints Fred Jallot Head of Fixed Income in Europe19.11.2018 14:52Pressemelding

Jefferies today announced the appointment of Fred Jallot as Head of Fixed Income, Europe. He will be based in the firm’s London office starting January 2, 2019 and will report to Fred Orlan, Global Head of Fixed Income at Jefferies. Tim Cronin, who has also served as Head of Fixed Income, Europe, will relinquish this role and continue to serve as President of Jefferies International Limited, Jefferies’ London-based subsidiary. “We are very excited to have Fred Jallot join Jefferies’ leading global fixed income platform,” commented Mr. Orlan. “As a broadly experienced professional in global fixed income, his relationships and leadership will further enhance Jefferies’ growth in this market. This senior hire is an example of Jefferies’ emphasis on enhancing our firm’s European capabilities to serve our regional and global client base,” he added. Mr. Jallot was most recently Global Head of Credit and Asset-Backed Securities in Europe, the Middle East and Africa at Nomura, and previously s

From Niche to Normal – Cannabis Use Becoming More Accepted in the United States19.11.2018 14:47Pressemelding

Growing numbers of consumers support the legalization of cannabis in some form and a majority believes it has a positive impact on the economy, according to the newly released 2018 Fall Cannabis Culture Poll, developed jointly by leading global communications agency BCW (Burson Cohn & Wolfe), PSB Research and Civilized, a premium media and lifestyle brand that embraces and highlights modern cannabis culture. A full 83 percent of the poll’s respondents (U.S. adults, cannabis consumers and non-consumers) say they support some form of legalization of cannabis. Sixty-three percent of non-consumers, and 95 percent of cannabis consumers, say legalization has had a positive economic effect on the states where use has been made legal. PSB Research, in partnership with BCW and Civilized, conducted online interviews between September 26 and October 4, 2018 with 1,200 U.S. adults aged 21 and older to explore views on cannabis and its usage and to determine general habits and behaviors of those wh

FRISS: Insurance Carriers Prioritize Fraud Detection and Prevention19.11.2018 13:00Pressemelding

Insurance fraud is a global problem. In the U.S. alone, insurance carriers lost over $34 billion in 2017 on fraudulent insurance claims. It’s a global problem with a growing number of technological solutions. Big data analysis and large-scale collaboration are key to fighting insurance fraud. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181119005015/en/ Insurance Fraud Report by FRISS (Graphic: Business Wire) The insurance industry is increasingly focused on preventing fraud through innovative systems, relying on the assistance of specialized vendors to help accomplish the task. The burden of detecting and reducing fraud, therefore, no longer lies with the individual insurer. The 2018 FRISS Insurance Fraud Survey reached over 150 industry professionals and shows a clear picture of the current awareness and challenges of fraud detection and mitigation. Key survey findings show: Increased focus on data quality The quality of

BOC Group´s ADOIT Receives the Highest Score in “Rearchitecting the Enterprise for Transformation” Use Case in Gartner’s 2018 Critical Capabilities for Enterprise Architecture Tools19.11.2018 12:04Pressemelding

BOC Group, the leading global provider of Enterprise Management Solutions, is pleased to share its recognition in Gartner’s latest Critical Capabilities Report for Enterprise Architecture Tools*. ADOIT scores within the two highest across all three use cases, while scoring the highest out of eleven tools in “Rearchitecting the Enterprise for Transformation” use case. Christoph Moser, ADOIT product manager comments: "It is satisfying to be recognized by Gartner for our capabilities, which we are certain is due to our unique value proposition and holistic offering. We believe that our scores in this year's Gartner Critical Capabilities for Enterprise Architecture Tools report demonstrate our strength, innovation and continued investment in the agility, flexibility and versatility of our EA portfolio”. The Business Transformation Suite ADOIT supports customers worldwide in the digital transformation of their enterprise, facilitates alignment of their business and IT, and helps generate va

Chubu Centrair International Airport Has Been Ranked 5-Star Airport for Second Time19.11.2018 11:19Pressemelding

Chubu Centrair International Airport has been ranked for the second consecutive year as a 5-star Airport*1, the world highest airport rank, in the Regional Airport*2 category. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181119005317/en/ In order to reply to the diversifying needs of the increasing international travellers, Chubu Centrair International Airport is aiming to become an easier to use and a more comfortable airport. In SKYTRAX’s*3 survey, which includes over 500 airport evaluation categories, Chubu Centrair International Airport has ranked specially high in “Airport staff service” and ”Airport cleanness” among other airports. In addition, Chubu Centrair International Airport has been also awarded in SKYTRAX’s “World Airport Awards”, an international airport rating based on client service, as “The World’s Best Regional Airport” (for 4th consecutive year since 2015) and ”Best Regional Airport-Asia” (for 8th conse

Blommer Chocolate to Be Acquired by Fuji Oil Holding19.11.2018 09:03Pressemelding

The Blommer Chocolate Company, the largest ingredient chocolate manufacturer in North America and third largest in the world, announced that it has entered into an agreement to be acquired by Fuji Oil Holding, Inc., a global leader in oil and fat ingredients serving the food industry. The sale includes all Blommer business entities, including its four manufacturing operations in North America and one in Shanghai. Blommer is a private, family-owned company; Fuji Oil is publicly traded on the Tokyo Stock Exchange. “For nearly 80 years, our family business has grown to become a major ingredients supplier to most of the iconic brands across a wide variety of food categories,” said Peter Blommer, CEO and third-generation family member. “This is a landmark event in the proud history of Blommer Chocolate Company and begins an exciting new chapter as we look forward to joining a highly respected global leader in Fuji Oil. Our companies share common values and a deep commitment to product quali