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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.
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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.
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IMPORTANT DATES AND DEADLINES
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SUBMIT A PROOF OF
CLAIM
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Postmarked no later than July 31, 2019
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EXCLUDE YOURSELF
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Postmarked no later than April 12, 2019
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OBJECT TO THE
SETTLEMENT
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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
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SETTLEMENT
HEARING
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May
17, 2019 at 2:00 p.m.
United States District Court for the
Southern District of New York, Courtroom 11D.
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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.