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
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.
Susman Godfrey LLP
Seth Ard, 212-471-8354
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CA 94111 San Francisco
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