EUROYEN SETTLEMENT

By providing your information, either on paper, electronically or through a website, you consent to us storing and using your information. Our site uses tracking technologies to tailor your experience and understand how you and other visitors use our site. By continuing to navigate this site you consent to use of these tracking technologies. For more information on how we use your personal data, please read our Privacy Policy.

EUROYEN SETTLEMENT
Home
Home
Notice
Notice
Proof of Claim and Release
Proof of Claim and Release
Court Documents 
Court Documents 
Institutional Electronic Filing - Broker/Nominee Electronic Filing 
Institutional Electronic Filing - Broker/Nominee Electronic Filing 
Plan of Allocation
Plan of Allocation
Frequently Asked Questions
Frequently Asked Questions
Contact Information
Contact Information
How to Report a Change of Address
How to Report a Change of Address

 

********Additional Settling Defendants Update********


Plaintiffs entered into a Settlement Agreement with The Bank of Yokohama, Ltd. (“The Bank of Yokohama”), Shinkin Central Bank (“Shinkin”), The Shoko Chukin Bank, Ltd. (“Shoko Chukin”), Sumitomo Mitsui Trust Bank, Limited and its predecessors (“Sumitomo”),1 and Resona Bank, Ltd. (“Resona”) on September 5, 2019.

 

Plaintiffs entered into a separate Settlement Agreement with Mizuho Bank, Ltd., Mizuho Corporate Bank, Ltd.,2 and Mizuho Trust & Banking Co., Ltd. (collectively, “Mizuho”), The Norinchukin Bank (“Norinchukin”), and Sumitomo Mitsui Banking Corporation (“SMBC”) on August 29, 2019.

 

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. IF YOU TIMELY SUBMITTED A VALID PROOF OF CLAIM AND RELEASE PURSUANT TO THE CLASS NOTICE DATED JUNE 22, 2016, THE CLASS NOTICE DATED AUGUST 3, 2017, AMENDED SEPTEMBER 14, 2017, OR THE CLASS NOTICE DATED MARCH 8, 2018, YOU DO NOT HAVE TO SUBMIT A NEW PROOF OF CLAIM AND RELEASE TO PARTICIPATE IN THESE SETTLEMENTS WITH THE SETTLING DEFENDANTS.

 

Important Dates and Deadlines

SUBMIT A PROOF OF CLAIM

Postmarked no later than March 3, 2020

EXCLUDE YOURSELF

Postmarked no later than November 14, 2019

OBJECT TO THE SETTLEMENT

Served on Class Counsel and Counsel for Settling Defendants no later than November 19, 2019 and filed with the court no later than November 19, 2019.

FAIRNESS HEARING

December 19, 2019 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 Preliminary Approval Orders, which you can access on the court documents page of this website.  



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


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, December 19, 2019 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 the Settlement Agreements 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 to 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 the Settling Defendants, 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.

 


 

The Settling Defendants have consistently and vigorously denied Plaintiffs’ allegations. Each Settling Defendant  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 Settlement Agreements. Proofs of Claim must be postmarked to the Settlement Administrator (see address below) no later than March 3, 2020. A copy of the Proof of Claim can be found here.

 

     An important aspect of the Settlement is that the Settling 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.

 Any member of the Settlement Class who previously submitted a proof of claim and release in connection with the 2016 Notice, 2017 Notice, or 2018 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 2016 Notice, 2017 Notice, or 2018 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(s) 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 Laydon Action (“Laydon v. Mizuho Bank, Ltd. et al., No. 12-cv-3419 (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”; and (vii) a statement specifying that such person is requesting exclusion from the Settlement Class as it relates to one or both of the Settlements. 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 below). Requests for exclusion must be postmarked no later than November 14, 2019.

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 the 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 Agreements, 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 Settlements or to appear at the Fairness 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 Counsel for Settling Defendants in accordance with the instructions set forth in the Notice no later than November 19, 2019 and also must be filed with the Court no later than November 19, 2019.


The Court’s Settlement Hearing

The Court has scheduled a Fairness Hearing for December 19, 2019 at 10 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. In the event the Sonterra Appeal is decided and the case is remanded to the Court, Class Counsel will ask the Court to approve the Settlement in the Sonterra Action as well, without further notice to members of the Settlement Class.

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 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.

.

 

1: Sumitomo Mitsui Trust Bank, Limited was formerly known, and was sued as The Sumitomo Trust and Banking Co., Ltd. (“STB”). The Chuo Mitsui Trust and Banking Company, Limited, which was also sued in the Laydon action, merged into STB prior to the action to form Sumitomo Mitsui Trust Bank, Limited.  

 

2: On July 1, 2013, Mizuho Bank, Ltd. merged with Mizuho Corporate Bank, Ltd. After the merger, Mizuho Corporate Bank, Ltd. was the surviving entity and Mizuho Bank, Ltd. dissolved. The new entity was renamed Mizuho Bank, Ltd.  

adobe reader imageYou will need Adobe Reader to view documents on this site. You can learn more about Adobe Reader and download the latest version by clicking here.