Euribor Settlement
Euribor Settlement
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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, May 18, 2018 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 Agreements for additional details.

 

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

 

IF YOU TRANSACTED IN EURIBOR PRODUCTS BETWEEN JUNE 1, 2005 THROUGH MARCH 31, 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

Postmarked no later than August 1, 2018

EXCLUDE YOURSELF

Postmarked no later than April 13, 2018

OBJECT TO THE SETTLEMENT

Served on Class Counsel and all counsel for the Barclays Defendants, HSBC Defendants, and Deutsche Bank Defendants no later than April 13, 2018 and filed with the Court no later than April 13, 2018

SETTLEMENT HEARING

May 18, 2018 at 2:00 p.m.

 

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

 

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, during the Class Period, Defendants Barclays plc, Barclays Bank plc, Barclays Capital Inc., Citigroup, Inc., Citibank, N.A., Coöperatieve Rabobank U.A. (f/k/a Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.), Crédit Agricole S.A., Crédit Agricole CIB, Deutsche Bank AG, DB Group Services (UK) Ltd., HSBC Holdings plc, HSBC Bank plc, ICAP plc, ICAP Europe Limited, J.P. Morgan Chase & Co., JPMorgan Chase Bank, N.A., The Royal Bank of Scotland plc, Société Générale SA, and UBS AG (collectively, “Defendants”) agreed, combined, and conspired to rig Euribor and fix the prices of Euribor Products. Defendants allegedly did so by using several means of manipulation. For example, panel banks that made daily Euribor submissions to Thomson Reuters allegedly falsely reported their costs of borrowing in order to financially benefit their Euribor Products positions. Defendants also requested that other Defendants make false Euribor submissions on their behalf to benefit their Euribor Products positions.

Plaintiffs further allege that Defendants continuously conspired to fix the prices of Euribor Products in the over-the-counter market to financially benefit their own Euribor Products positions. In addition to coordinating Euribor submissions and agreeing on where to price Euribor Products, in order to effectuate their manipulations of Euribor and Euribor Products during the Class Period, Defendants engaged in “pushing cash,” transmitted false bids and offers, used derivative traders as submitters, and rigged bids and offers for Euribor Products.

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

Barclays, HSBC, and Deutsche Bank have consistently and vigorously denied Plaintiffs’ allegations..

 

What are Euribor Products?

            Euribor Products” means any and all interest rate swaps, forward rate agreements, futures, options, structured products, and any other instrument or transaction related in any way to Euribor, including but not limited to, New York Stock Exchange (“NYSE”) London International Financial Futures and Options Exchange (“LIFFE”) Euribor futures contracts and options, Chicago Mercantile Exchange (“CME”) Euro currency futures contracts and options, Euro currency forward agreements, Euribor-based swaps, Euribor-based forward rate agreements, and/or any other financial instruments that reference Euribor.

The Settlement Benefits

            A.         Settlements with Barclays, HSBC, and Deutsche Bank

On behalf of the Settlement Class, Plaintiffs entered into the Barclays Settlement Agreement with Barclays on October 7, 2015, the HSBC Settlement Agreement with HSBC on December 27, 2016, and the Deutsche Bank Settlement Agreement with Deutsche Bank on May 10, 2017. The description herein of the proposed Settlements is only a summary. This description and this Notice are qualified in their entirety by the Barclays Settlement Agreement, HSBC Settlement Agreement, and Deutsche Bank Settlement Agreement, which are on file with the Court at the address indicated in this Notice and are available by clicking the “Court Documents” link on the left.

                        1.         Barclays’, HSBC’s, and Deutsche Bank’s Payments for the Benefit of the Settlement Class

                                    a.         No Right to Reversion

The Settlement Agreements do not provide Barclays, HSBC, or Deutsche Bank with a right of reversion. That is, no matter how many Settlement Class Members fail to file a Proof of Claim and Release or opt -out, if the Barclays Settlement, HSBC Settlement, and Deutsche Bank Settlement are finally approved by the Court, none of the Barclays Settlement monies, HSBC Settlement monies, or Deutsche Bank Settlement monies will revert to Barclays, HSBC, or Deutsche Bank.

                                    b.         Barclays’, HSBC’s, and Deutsche Bank’s Potential Right To Termination

Section 37 of the Barclays Settlement Agreement, Section 37 of the HSBC Settlement Agreement, and ParagraphSection 40 of the Deutsche Bank Settlement Agreement describe the Settling Defendants’ right to terminate the Settlement Agreements if certain events occur. With respect to each such event, Barclays, HSBC, and Deutsche Bank have the right (as qualified in the Settlement Agreements), but not the obligation, to determine to exercise, in their sole discretion, their right to terminate if the event occurs.

                                    c.         Proposed Plan of Allocation

The precise method of calculating the distribution of the Net Settlement Funds in respect of the Class Members’ transactions will be determined in accordance with a Plan of Allocation which will be formulated and proposed to the Court by Class Counsel. Class Counsel will present the proposed Plan of Allocation to the Court for preliminary approval. If preliminarily approved by the Court as being within the range of what could be found to be fair and reasonable, then such proposed Plan of Allocation will be posted on the Settlement Website. Settlement Class Members are strongly encouraged to review the Settlement Website for any changes to the proposed Plan of Allocation.        

 

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 Funds if you submit a valid and timely Proof of Claim and Release demonstrating that you are an Authorized Claimant as set forth in the Barclays Settlement Agreement, HSBC Settlement Agreement, and Deutsche Bank Settlement Agreement. Proof of Claim and Release forms must be postmarked to the Settlement Administrator (see address in Section VIII below) no later than August 1, 2018. A copy of the Proof of Claim can be found here.

 

        An important aspect of the Settlement is that the 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.

 

Exclude yourself from the Settlement

To exclude yourself from the Settlement Class for any of the Settlements, 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 Action (“Sullivan et al. v. Barclays plc et al., No. 13-cv-2811 (S.D.N.Y.) (PKC)”); (iv) a statement certifying such person is a Settlement Class Member; (v) a description of the Euribor Products transactions entered into by the Settlement Class Member 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 Sullivan et al. v. Barclays plc et al., No. 13-cv-2811 (S.D.N.Y.) (PKC).” 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 Settlement Agreements must be sent by United States First-Class Mail (preferably Certified Mail) to the Settlement Administrator (see address in Section VIII below). Requests for exclusion must be postmarked no later than April 13, 2018.

If you exclude yourself from the Settlement Class for the Settlements, you will not be bound by the Settlements and can independently pursue claims you may have against Barclays, HSBC, and/or Deutsche Bank at your own expense. You may also enter an appearance through an attorney if you so desire. However, if you exclude yourself from the Settlements, 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 Settlement 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 Barclays, HSBC, and Deutsche Bank Defendants in accordance with the instructions set forth in the Notice no later than April 13, 2018 and also must be filed with the Court no later than April 13, 2018.



The Court’s Settlement Hearing

            The Court has scheduled a Settlement Hearing for May 18, 2018 at 2 p.m. to be held at the United States Courthouse, 500 Pearl Street, New York, New York, Courtroom 11D. At the Settlement 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, and the Plaintiffs’ Incentive Award.

            The time and date of the Settlement 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 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:

 

Euribor Settlement

c/o A.B. Data, Ltd.

PO Box 173038

Milwaukee, WI  53217

800-492-9154

info@Euriborsettlement.com


Lead Counsel:

 

Vincent Briganti

Lowey Dannenberg, P.C.

44 South Broadway, Suite 1100

White Plains, NY 10601

 

Christopher Lovell

Lovell Stewart Halebian Jacobson LLP

61 Broadway – Suite 501

New York, NY 10006

 

 

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

 

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

800-492-9154, or email info@Euriborsettlement.com.

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