EUROYEN SETTLEMENT
EUROYEN SETTLEMENT
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********Additional Settling Defendants Update********

On September 14, 2017, the Court amended the August 3, 2017 order preliminarily approving proposed settlements with Deutsche Bank and JPMorgan. Please see below for updated dates regarding these Settlements. If you have already submitted a claim, no additional claim needs to be submitted to participate in these Settlements.

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

 

IF YOU TRANSACTED IN EUROYEN-BASED DERIVATIVES BETWEEN JANUARY 1, 2006 THROUGH JUNE 30, 2011, INCLUSIVE, (THE “CLASS PERIOD”), YOU MAY BE ENTITLED TO A PAYMENT FROM A CLASS ACTION SETTLEMENT.  


Deutsche Bank and JPMorgan Settlements - Important Dates and Deadlines

SUBMIT A PROOF OF CLAIM

Postmarked no later than February 20, 2018

EXCLUDE YOURSELF

Postmarked no later than November 2, 2017

OBJECT TO THE SETTLEMENT

Served on Class Counsel and all Counsel for the Deutsche Bank Defendants and JPMorgan Defendants no later than November 7, 2017 and filed with the Court no later than November 7, 2017.

FAIRNESS HEARING

December 7, 2017 at 10:30 a.m.

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

  

This is only a summary of information presented in the Notice, which you can access by clicking here.


 

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 each Defendant, from January 1, 2006 through June 30, 2011, inclusive, manipulated or aided and abetted the manipulation of Yen LIBOR, Euroyen TIBOR, and the prices of Euroyen-Based Derivatives. Defendants allegedly did so by using several means of manipulation. For example, panel banks that made the daily Yen LIBOR and/or Euroyen TIBOR submissions to the British Bankers’ Association and Japanese Bankers Association (the “Contributor Bank Defendants”), such as Deutsche Bank AG and JPMorgan Chase Bank, N.A., allegedly falsely reported their cost of borrowing in order to financially benefit their Euroyen-Based Derivatives positions. Contributor Bank Defendants also allegedly requested that other Contributor Bank Defendants make false Yen LIBOR and Euroyen TIBOR submissions on their behalf to benefit their Euroyen-Based Derivatives positions and used inter-dealer brokers, intermediaries between buyers and sellers in the money markets and derivatives markets, to manipulate Yen LIBOR, Euroyen TIBOR, and the prices of Euroyen-Based Derivatives by disseminating false “Suggested LIBORs,” publishing false market rates on broker screens, and publishing false bids and offers into the market. 

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



Deutsche Bank and JPMorgan have consistently and vigorously denied Plaintiffs’ allegations. Deutsche Bank and JPMorgan each entered into a Settlement Agreement with Plaintiffs, despite believing that it is not liable for the claims asserted against it, to avoid the further expense, inconvenience, and distraction of burdensome and protracted litigation, thereby putting this controversy to rest and avoiding the risks inherent in complex litigation.


 

What are Euroyen-Based Derivatives?

“Euroyen-Based Derivatives” means (i) a Euroyen TIBOR futures contract on the Chicago Mercantile Exchange (“CME”); (ii) a Euroyen TIBOR futures contract on the Tokyo Financial Exchange, Inc. (“TFX”), Singapore Exchange (“SGX”), or London International Financial Futures and Options Exchange (“LIFFE”) entered into by a U.S. Person, or by a Person from or through a location within the U.S.; (iii) a Japanese Yen currency futures contract on the CME; (iv) a Yen-LIBOR and/or Euroyen TIBOR based interest rate swap entered into by a U.S. Person, or by a Person from or through a location within the U.S.; (v) an option on a Yen-LIBOR and/or Euroyen TIBOR based interest rate swap (“swaption”) entered into by a U.S. Person, or by a Person from or through a location within the U.S.; (vi) a Japanese Yen currency forward agreement entered into by a U.S. Person, or by a Person from or through a location within the U.S.; and/or (vii) a Yen-LIBOR and/or Euroyen TIBOR based forward rate agreement entered into by a U.S. Person, or by a Person from or through a location within the U.S.


 

The Rights of Class Members

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

Submit a Proof of Claim

IF YOU TIMELY SUBMITTED A VALID PROOF OF CLAIM AND RELEASE PURSUANT TO THE 2016 NOTICE, YOU DO NOT HAVE TO SUBMIT A NEW PROOF OF CLAIM AND RELEASE TO PARTICIPATE IN THESE SETTLEMENTS WITH DEUTSCHE BANK AND JPMORGAN. If you did not submit a timely proof of claim and release pursuant to the 2016 Notice, then, in order to participate in and receive your share of the Net Settlement Funds, you must submit a valid and timely Proof of Claim and Release demonstrating that you are an Authorized Claimant as set forth in the Deutsche Bank Settlement Agreement and the JPMorgan Settlement Agreement. Proofs of Claim and Release must be postmarked to the Settlement Administrator (see address in Section VIII below) no later than February 20, 2018. A copy of the Proof of Claim can be found here.


Any member of the Settlement Class who previously submitted a proof of claim and release in connection with the 2016 Notice will be subject to and bound by the releases reflected in the Proof of Claim and Release form attached hereto.Any member of the Settlement Class who did not submit a proof of claim and release pursuant to the 2016 Notice, and who fails to submit a Proof of Claim and Release by the dates in the manner specified, will be barred from receiving any payment from the Net Settlement Funds (unless, by Order of the Court, an untimely Proof of Claim and Release submitted by such member of the Settlement Class is approved), but will in all other respects be bound by the terms of the Settlement Agreements and by the Final Judgment entered on the Class’ claims.



 

Exclude yourself from the Settlement

      

To exclude yourself from the Settlement Class for the Settlement Agreements, you must submit a written request that clearly states: (i) the name, address, and telephone number of the member of the Settlement Class; (ii) a list of all trade names or business names that the member of the Settlement Class requests to be excluded; (iii) the name of the Actions (“Laydon v. Mizuho Bank, Ltd. et al., No. 12-cv-3419 (GBD) (S.D.N.Y.) and Sonterra Capital Master Fund Ltd. et al. v. UBS AG et al., No. 15-cv-5844 (GBD) (S.D.N.Y.)”); (iv) a statement certifying such person is a member of the Settlement Class; (v) a description of the Euroyen-Based Derivatives transactions entered into by the member of the Settlement Class 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 Laydon v. Mizuho Bank, Ltd. et al., No. 12-cv-3419 (GBD) (S.D.N.Y.) and Sonterra Capital Master Fund Ltd. et al. v. UBS AG et al., No. 15-cv-5844 (GBD) (S.D.N.Y.)”; and (vii) a statement specifying whether such person is requesting exclusion from the Settlement Class as it relates to the Deutsche Bank Settlement and/or the JPMorgan Settlement and/or both. All written requests must be signed by the member of the Settlement Class (or his, her, or its legally authorized representative) and notarized, even if the member of the Settlement Class is represented by counsel.

Requests for exclusion from the Settlement Class for the Settlement Agreements must be sent by U.S. 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 in Section VIII).  Requests for exclusion must be postmarked no later than November 2, 2017.

If you exclude yourself from the Settlement Class for the Settlement Agreements, you will not be bound by the Settlement Agreements and can independently pursue claims you may have against Deutsche Bank and/or JPMorgan 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 Agreements, you will not be eligible to share in the Net Settlement Funds.  In addition, if you exclude yourself from the Settlement Class, you will not be entitled to object to the Settlements or to appear at the Fairness Hearing.


 

Object to the Settlement

Any objections to the proposed Settlements, 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 the Deutsche Bank Defendants and JPMorgan Defendants in accordance with the instructions set forth in the Notice no later than November 7, 2017 and also must be filed with the Court no later than November 7, 2017.


The Court’s Settlement Hearing

           

The Court has scheduled a Fairness Hearing for December 7, 2017 at 10:30 A.M. to be held at the United States Courthouse, 500 Pearl Street, New York, New York, Courtroom 11A. At the Fairness Hearing, the Court will determine, among other things, if the proposed Settlements are fair, reasonable, and adequate. The Court will also consider Class Counsel’s request for attorneys’ fees and reimbursement of litigation expenses.

 The time and date of the Fairness 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 on this website.


 

Further Information:

            The information provided on this website and in the Notice summarizes the proposed Settlements. For more details regarding the Settlements, please reference the Settlement Agreements, 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 Settlements:

 

Settlement Administrator:

 

Euroyen Settlement

c/o A.B. Data, Ltd.

PO Box 170500

Milwaukee, WI  53217

866-217-4453

info@euroyensettlement.com


Lead Counsel:

 

Vincent Briganti

Geoffrey M. Horn

Lowey Dannenberg, P.C.

44 South Broadway

White Plains, NY 10601-2310

 

 

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

 

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

866-217-4453, or email info@euroyensettlement.com.



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