Euribor Settlement

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Euribor Settlement
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**IMPORTANT UPDATE – ADDITIONAL SETTLING DEFENDANTS**

The Court entered an order preliminarily approving the proposed settlement with Citigroup Inc. and Citibank, N.A. (collectively, “Citi”), and JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A. (collectively, “JPMorgan”) on December 19, 2018. The information below has been updated for this Settlement. Please review the Court Documents section for information on the previous settlements. If you have already submitted a claim, no additional claim needs to be submitted to participate in this Settlement.

 

 

 

The information contained on this web page is only a summary of information presented in more detail in the Notice of Proposed Class Action Settlement, May 17, 2019 Fairness Hearing Thereon, and Settlement Class Members’ Rights (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice and Settlement Agreement for additional details.

 

Your Legal Rights Could Be Affected Whether You Act Or Do Not Act.  Please Read The Notice Carefully.

 

IF YOU TRANSACTED IN EURIBOR PRODUCTS BETWEEN JUNE 1, 2005 THROUGH MARCH 31, 2011, INCLUSIVE, (THE “CLASS PERIOD”), YOU MAY BE ENTITLED TO A PAYMENT FROM A CLASS ACTION SETTLEMENT.

 

IMPORTANT DATES AND DEADLINES

SUBMIT A PROOF OF CLAIM

Postmarked no later than July 31, 2019

EXCLUDE YOURSELF

Postmarked no later than April 12, 2019

OBJECT TO THE SETTLEMENT

Served on Class Counsel and all counsel for Citi and JPMorgan no later than April 12, 2019 and filed with the Court no later than April 12, 2019

SETTLEMENT HEARING

May 17, 2019 at 2:00 p.m.

 

United States District Court for the Southern District of New York, Courtroom 11D.

 

Any change by the Court of the Plan of Allocation, the time and place of the Final Approval Hearing, or any other matter and all further orders or requirements by the Court will be posted on this website as soon as practicable.

It is important that you refer to this website as no other notice may be published of such changes.

 

What is this case about?

Plaintiffs allege that, during the Class Period, Defendants Barclays plc, Barclays Bank plc, Barclays Capital Inc., Citigroup, Inc., Citibank, N.A., Coöperatieve Rabobank U.A. (f/k/a Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.), Crédit Agricole S.A., Crédit Agricole CIB, Deutsche Bank AG, DB Group Services (UK) Ltd., HSBC Holdings plc, HSBC Bank plc, ICAP plc, ICAP Europe Limited, J.P. Morgan Chase & Co., JPMorgan Chase Bank, N.A., The Royal Bank of Scotland plc, Société Générale SA, and UBS AG (collectively, “Defendants”) agreed, combined, and conspired to rig Euribor and fix the prices of Euribor Products. Defendants allegedly did so by using several means of manipulation. For example, panel banks that made daily Euribor submissions to Thomson Reuters allegedly falsely reported their costs of borrowing in order to financially benefit their Euribor Products positions. Defendants also requested that other Defendants make false Euribor submissions on their behalf to benefit their Euribor Products positions.

Plaintiffs further allege that Defendants continuously conspired to fix the prices of Euribor Products in the over-the-counter market to financially benefit their own Euribor Products positions. In addition to coordinating Euribor submissions and agreeing on where to price Euribor Products, in order to effectuate their manipulations of Euribor and Euribor Products during the Class Period, Defendants engaged in “pushing cash,” transmitted false bids and offers, used derivative traders as submitters, and rigged bids and offers for Euribor Products.

Plaintiffs have asserted legal claims under various theories, including federal antitrust law, the Commodity Exchange Act (“CEA”), the Racketeering Influenced and Corrupt Organizations Act (“RICO”), and common law.

Citi and JPMorgan (collectively, “Settling Defendants”) have consistently and vigorously denied Plaintiffs’ allegations.

 

What are Euribor Products?

“Euribor Products” means any and all interest rate swaps, forward rate agreements, futures, options, structured products, and any other instrument or transaction related in any way to Euribor, including but not limited to, New York Stock Exchange (“NYSE”) London International Financial Futures and Options Exchange (“LIFFE”) Euribor futures contracts and options, Chicago Mercantile Exchange (“CME”) Euro currency futures contracts and options, Euro currency forward agreements, Euribor-based swaps, Euribor-based forward rate agreements, and/or any other financial instruments that reference Euribor.

 

The Settlement Benefits

A.    Settlement with Citi and JPMorgan

On behalf of the Settlement Class, Plaintiffs entered into the Settlement Agreement with Citi and JPMorgan on November 21, 2018. The description herein of the proposed Settlement is only a summary, you should review the Notice and Settlement Agreement for additional details.

 

1.Settling Defendants’ Payments for the Benefit of the Settlement Class

 

a.     No Right to Reversion

 

The Settlement Agreement does not provide Settling Defendants with a right of reversion. That is, no matter how many Settlement Class Members fail to file a Proof of Claim and Release or opt-out, if the Settlement is finally approved by the Court, none of the Settlement monies will revert to Settling Defendants.

 

b.    Settling Defendants Potential Right To Termination


Section 37 of the Settlement Agreement describes the Settling Defendants’ right to terminate the Settlement Agreement if certain events occur. With respect to each such event, Settling Defendants have the right (as qualified in the Settlement Agreement), but not the obligation, to determine to exercise, in their sole discretion, their right to terminate if the event occurs.


c.     Proposed Plan of Allocation

 

The Plan of Allocation is available for review on this website. The daily artificiality matrix, as described in the Plan of Allocation, is posted as well. Changes, if any, to the daily artificiality matrix based on newly-available data or information will be promptly posted on this website. Members of the Settlement Class are strongly encouraged to review the Settlement Website for any changes to the Plan of Allocation.

 

2.     The Cooperation Provided under the Settlement for the Benefit of the Class

Settling Defendants have agreed to provide the following cooperation to Class Counsel for the benefit of the Class in two phases: (i) following preliminary approval of the Settlement, documents produced to government agencies in connection with their investigations of Euribor-related conduct and documents that may relate to this Court’s personal jurisdiction over Dismissed Defendants; and (ii) following preliminary approval of the Settlement and reinstatement of claims against any Dismissed Defendants, additional cooperation materials to include documents, data and witnesses as negotiated by the parties. The extent of the cooperation to be provided by Settling Defendants is described in (and qualified by) the Settlement Agreement.

 

3.     The Releases, Discharge, and Covenant Not to Sue Under the Settlement

IF YOU HAVE NOT REQUESTED TO BE EXCLUDED FROM THE SETTLEMENT CLASS, WHEN THE SETTLEMENT BECOMES FINAL YOU WILL BE RELEASING THE CLAIMS DESCRIBED BELOW, AND YOU WILL BE BOUND BY THE RELEASES IN THE SETTLEMENT AGREEMENT INCLUDING THE COVENANT NOT TO SUE—EVEN IF YOU DO NOT FILE A PROOF OF CLAIM AND RELEASE.

 

In exchange for Settling Defendants’ payments, Settlement Class Members will release their claims against the Releasees, as defined in the Settlement Agreement arising in any way out of transactions in Euribor Products, whether or not asserted in the Action.

 

 

The Rights of Class Members

If you are a member of the Class, you have the following options:

Submit a Proof of Claim

As a Settlement Class Member, you may be entitled to share in the Net Settlement Fund if you submit a valid and timely Proof of Claim and Release demonstrating that you are an Authorized Claimant as set forth in the Settlement Agreement. Proof of Claim and Release forms must be postmarked to the Settlement Administrator (see address below) no later than July 31, 2019. A copy of the Proof of Claim can be found here.

 

IF YOU TIMELY SUBMITTED A VALID PROOF OF CLAIM AND RELEASE PURSUANT TO THE CLASS NOTICE CLASS NOTICE DATED NOVEMBER 29, 2017, YOU DO NOT HAVE TO SUBMIT A NEW PROOF OF CLAIM AND RELEASE TO PARTICIPATE IN THIS SETTLEMENT WITH SETTLING DEFENDANTS.

 

An important aspect of the Settlement is that the Defendants are not entitled to any reversion. Thus, shares of Settlement Class Members who fail to file a Proof of Claim will be redistributed to Settlement Class Members who do file Proofs of Claim and who do qualify for payment as described in the Plan of Allocation. Settlement Class Members are encouraged to file Proofs of Claim.

 

Exclude yourself from the Settlement

To exclude yourself from the Settlement Class for the Settlement, you must submit a written request that clearly states (i) the name, address, and telephone number of the Settlement Class Member; (ii) a list of all trade names or business names that the Settlement Class Member requests to be excluded; (iii) the name of the Action (“Sullivan et al. v. Barclays plc et al., No. 13-cv-2811 (PKC) (S.D.N.Y.)”); (iv) a statement certifying such person is a Settlement Class Member; (v) a description of the Euribor Products transactions entered into by the Settlement Class Member that fall within the Settlement Class definition (including, for each transaction, the identity of the broker, the date of the transaction, the type (including direction) of the transaction, the counterparty (if any), the exchange on which the transaction occurred (if any), any transaction identification numbers, the rate, and the notional amount of the transaction); and (vi) a statement that “I/we hereby request that I/we be excluded from the Settlement Class in Sullivan et al. v. Barclays plc et al., No. 13-cv-2811 (PKC) (S.D.N.Y.).” All written requests must be signed by the Settlement Class Member (or his, her or its legally authorized representative) and notarized, even if the Settlement Class Member is represented by counsel.

Requests for exclusion from the Settlement Class for the Settlement Agreement must be sent by United States First-Class Mail (preferably Certified Mail) ) (or, if sent from outside the U.S., by a service that provides for guaranteed delivery within five (5) or fewer calendar days of mailing) to the Settlement Administrator (see address below). Requests for exclusion must be postmarked no later than April 12, 2019.

If you exclude yourself from the Settlement Class for the Settlement, you will not be bound by the Settlement and can independently pursue claims you may have against Settling Defendants at your own expense. You may also enter an appearance through an attorney if you so desire. However, if you exclude yourself from the Settlement, you will not be eligible to share in the Net Settlement Fund. In addition, if you exclude yourself from the Settlement Class, you will not be entitled to object to the Settlement or to appear at the Settlement Hearing.

Object to the Settlement

Any objections to the proposed Settlement, Plan of Allocation, the application for attorneys’ fees and reimbursement of expenses or any other matter must be served on Class Counsel and all Counsel for Citi and JPMorgan in accordance with the instructions set forth in the Notice no later than April 12, 2019 and also must be filed with the Court no later than April 12, 2019.



The Court’s Settlement Hearing

            The Court has scheduled a Settlement Hearing for May 17, 2019 at 2 p.m. to be held at the United States Courthouse, 500 Pearl Street, New York, New York, Courtroom 11D. At the Settlement Hearing, the Court will determine, among other things, if the proposed Settlement is fair, reasonable, and adequate. The Court will also consider Class Counsel’s request for attorneys’ fees and reimbursement of litigation expenses, and the Plaintiffs’ Incentive Award (if requested).

            The time and date of the Settlement Hearing may be continued from time to time without further notice and you are advised to confirm the time and location if you wish to attend. As soon as practicable after any change in the scheduled date and time, such change will be posted to this website.



 

Further Information:

The information provided on this website and in the Notice summarizes the proposed Settlement. For more details regarding the Settlements, please reference the Settlement Agreement, and other important documents filed in the case under the “Court Documents” link on the left. You may also contact the Settlement Administrator or Class Counsel for further information regarding the Settlement:

 

Settlement Administrator:

 

Euribor Settlement

c/o A.B. Data, Ltd.

PO Box 173038

Milwaukee, WI 53217

800-492-9154

info@Euriborsettlement.com


Lead Counsel:

 

Vincent Briganti

Lowey Dannenberg Cohen & Hart, P.C.

44 South Broadway, Suite 1100

White Plains, NY 10601

 

Christopher Lovell

Lovell Stewart Halebian Jacobson LLP

61 Broadway – Suite 501

New York, NY 10006

 

 

Commodities Brokers and other Nominees: Please visit the Institutional E-Filing page of this website

 

If you have questions, you may call the Euribor Settlement Help Line at

800-492-9154, or email info@Euriborsettlement.com.


 

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