EUROYEN SETTLEMENT

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

The Court entered an order preliminarily approving the proposed settlement with The Bank of Tokyo-Mitsubishi UFJ, Ltd. (“BTMU”) and Mitsubishi UFJ Trust and Banking Corporation (“MUTB”) on March 8, 2018. Please see below for updated information regarding this Settlement. If you have already submitted a claim, no additional claim needs to be submitted to participate in this Settlement.

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.

 

The Bank of Tokyo-Mitsubishi UFJ Ltd. (“BTMU”) and Mitsubishi UFJ Trust and Banking Corporation (“MUTB”) Settlement - Important Dates and Deadlines

SUBMIT A PROOF OF CLAIM

Postmarked no later than September 25, 2018

EXCLUDE YOURSELF

Postmarked no later than June 7, 2018

OBJECT TO THE SETTLEMENT

Served on Class Counsel and Counsel for BTMU and MUTB no later than June 12, 2018 and filed with the court no later than June 12, 2018.

FAIRNESS HEARING

July 12, 2018 at 10:00 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 preliminarily approval order, which you can access by clicking here.

ここをクリックしてのコピーを  お知らせ そして 請求フォーム

*****************************************************************************

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, March 8, 2018 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 BTMU and MUTB Settlement Agreement for additional details.

 

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

 

 

 

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 BTMU and MUTB, 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.

BTMU and MUTB have consistently and vigorously denied Plaintiffs’ allegations. BTMU and MUTB entered into a Settlement Agreement with Plaintiffs, despite each 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 is a 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

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 demonstrating that you are an Authorized Claimant as set forth in the BTMU and MUTB Settlement Agreement. Proofs of Claim must be postmarked to the Settlement Administrator (see address in VIII below) no later than September 25, 2018. A copy of the Proof of Claim can be found here.

 

An important aspect of the Settlement is that BTMU and MUTB 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 BTMU and MUTB Settlement Agreement, 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 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 Settlement Class Member; and (v) 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.).” 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 BTMU and MUTB Settlement Agreement must be sent by First-Class mail (preferably certified mail) to the Settlement Administrator (see address below). Requests for exclusion must be postmarked no later than June 7, 2018.

If you exclude yourself from the Settlement Class for the BTMU and MUTB Settlement Agreement, you will not be bound by the BTMU and MUTB Settlement Agreement and can independently pursue claims you may have against BTMU and MUTB at your own expense. You may also enter an appearance through an attorney if you so desire. However, if you exclude yourself from the BTMU and MUTB Settlement Agreement, you will not be eligible to share in the Net Settlement Fund.

 

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 Counsel for BTMU and MUTB in accordance with the instructions set forth in the Notice no later than June 12, 2018 and also must be filed with the Court no later than June 12, 2018.


The Court’s Settlement Hearing

The Court has scheduled a Final Approval Hearing for July 12, 2018 at 10:00 a.m. to be held at the United States Courthouse, 500 Pearl Street, New York, New York, Courtroom 11A. At the Final Approval 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 replenishment of the litigation fund created to reimburse litigation expenses, and Plaintiffs’ Incentive Award.

The time and date of the Final Approval 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 Settlement, please reference the BTMU and MUTB 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:

 

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, Suite 1100

White Plains, NY 10601

 

 

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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