) June 24, 2020 -- The following is being released by Hagens Berman Sobol Shapiro LLP and Lite DePalma Greenberg LLC.
There are Settlements with Barclays, Bank of America, Citi, HSBC, and JPMorgan (“Settling Defendants”) that impact individuals and institutions that entered into over-the-counter financial instruments directly with Ally, American Express, Bancwest, Bank of New York, BB&T, BBVA, BMO Harris, Capital One, Fifth Third, Goldman Sachs, Harris Financial, Keycorp, M&T, Metlife, Morgan Stanley, Northern Trust, PNC, Regions, State Street, Suntrust, TD Bank, Unionbancal, U.S. Bancorp or Wells Fargo, including their subsidiaries, affiliates, predecessors and successors (“Financial Institutions”). The financial instruments include 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 U.S. Dollar LIBOR during the financial crisis, artificially lowering the rate for their own profit, which resulted in purchasers receiving less interest than they otherwise would have. The Settling Defendants deny all claims of wrongdoing.
There are two groups of individuals and institutions that are impacted by these lawsuits.
Individuals or institutions are included in the Settlements if they: Transacted with a Financial Institution in the United States in a U.S. Dollar-Based Instrument (as defined in the Settlements), which they owned or on which they otherwise received interest based upon U.S. Dollar LIBOR at any time between August 2007 and May 2010.
The Settlements will pay eligible class members who submit valid claims. Additionally, the Settling Defendants will cooperate with the Plaintiffs in their ongoing litigation against the Non-Settling Defendants.
Class Members must submit a Proof of Claim to get a payment. They can submit a Proof of Claim online or by mail. The deadline to submit a Proof of Claim is January 3, 2021. They are entitled to receive a payment if they have a qualifying transaction with a Financial Institution. At this time, it is unknown how much each class member who submits a valid claim will receive.
If an individual or institution is a member of the class and they do not file a timely claim, they will lose their right to receive money or benefits from the Settlements. If they would like to retain their right to file their own lawsuit against Settling Defendants, they must opt out by August 31, 2020. If they remain a party to the Settlements, they may object to the Settlements by August 31, 2020. The Court will hold a hearing on October 5, 2020 to consider whether to approve the Settlements and approve Class Counsel’s request of attorneys’ fees of up to 33% of the Settlement Funds, plus reimbursement of costs and expenses. Class Members or their own lawyers may appear and speak at the hearing at their own expense.
More information is available about the Settlements on the website, www.liborgreenpondsettlement.com
, and in the Long Form Notice accessible on that website, or by calling 1-866-403-5447.
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