This official website is maintained by the Settlement Administrator retained and supervised by Class Counsel for the Settlement Class Members in the actions entitled, Laydon v. Mizuho Bank Ltd. et al., 12-cv-3419 (GBD) (S.D.N.Y.) and Fund Liquidation Holdings LLC. et al. v. UBS AG et al., 15-cv-5844 (GBD) (S.D.N.Y.)) pending in the United States District Court for the Southern District of New York.
**IMPORTANT UPDATE**
The Plaintiffs’ Motion for distribution was filed with the Court on February 16, 2023. The documents related to that filing can be found on the Court Documents page of this website.
The Court entered orders on October 5, 2022 preliminarily approving the proposed settlements with: (1) Barclays Bank PLC, Barclays Capital Inc., and Barclays PLC (collectively, “Barclays”) dated July 22, 2022 (the “Barclays Settlement”); (2) Nex International Limited (f/k/a ICAP plc) and ICAP Europe Limited (collectively, “ICAP”) dated July 20, 2022 (the “ICAP Settlement”); and (3) TP ICAP plc (f/k/a Tullett Prebon plc and n/k/a TP ICAP Finance plc) (“Tullett Prebon”) on July 20, 2022 (the “Tullett Prebon Settlement”). Barclays, ICAP, and Tullett Prebon are collectively referred to as the “Settling Defendants.”
The information below has been updated for these Settlements. Please review the Court Documents section for information on the previous settlements. If you have already submitted a claim in connection with any of the earlier settlements in this case,no additional claim needs to be submitted to participate in these Settlements.
The Plaintiffs’ Motion for distribution was filed with the Court on February 16, 2023. The documents related to that filing can be found on the Court Documents page of this website.
The Court entered orders on October 5, 2022 preliminarily approving the proposed settlements with: (1) Barclays Bank PLC, Barclays Capital Inc., and Barclays PLC (collectively, “Barclays”) dated July 22, 2022 (the “Barclays Settlement”); (2) Nex International Limited (f/k/a ICAP plc) and ICAP Europe Limited (collectively, “ICAP”) dated July 20, 2022 (the “ICAP Settlement”); and (3) TP ICAP plc (f/k/a Tullett Prebon plc and n/k/a TP ICAP Finance plc) (“Tullett Prebon”) on July 20, 2022 (the “Tullett Prebon Settlement”). Barclays, ICAP, and Tullett Prebon are collectively referred to as the “Settling Defendants.”
The information below has been updated for these Settlements. Please review the Court Documents section for information on the previous settlements. If you have already submitted a claim in connection with any of the earlier settlements in this case,no additional claim needs to be submitted to participate in these Settlements.
The information contained on this web page is only a summary of information presented in more detail in the Notice of Proposed Class Action Settlements, March 14, 2023 Fairness 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 Settlement
Agreement for additional details.
Your Legal Rights Could Be Affected Whether You Act Or Do Not Act. Please Read The Notice Carefully.
IF YOU TRANSACTED 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.
| IMPORTANT DATES AND DEADLINES | |
|---|---|
| SUBMIT A PROOF OF CLAIM |
To be eligible for a payment from the Net Settlement Funds a Claim Form must be postmarked no later than April 28, 2023. Note, if you already timely submitted a valid proof of claim and release pursuant to the 2016 Notice, 2017 Notice, 2018 Notice or 2019 Notice, you DO NOT need to submit a new Proof of Claim and Release to participate in these Settlements. If you did not file a Claim Form with the previous settlements, and if you do not file a Claim Form by, April 28, 2023, you will not be eligible to receive any money from the Settlement Funds. |
| EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS FOR THE SETTLEMENTS | If you do not wish to be bound by the terms of the Barclays, ICAP or Tullett Prebon Settlements, you must submit a written request for exclusion postmarked no later than February 7, 2023. |
| OBJECT TO THE SETTLEMENTS | Any objections to the proposed Settlements must be filed no later than February 7, 2023. |
| SETTLEMENT HEARING |
A hearing will be held on March 14, 2023 at 10:00 am at the United States District Court Southern District of New York, Courtroom 11A, to consider the fairness, reasonableness,
and adequacy of the Settlement. Anyone wishing to attend the Settlement Hearing must include a written notice of the intention to appear with their Objection, and filed, no later than February 7, 2023. |
Any change by the Court of the Plan of Allocation, the time and place of the Fairness 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”) , 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 Derivative?
“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.
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”) , 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 Derivative?
“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.
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
or email info@EuroyenSettlement.com
