US Dollar LIBOR Settlement

*Deadline Passed, Now Filing Late Claims

Filing Deadline: December 21, 2017 ($120 Million Barclays Settlement)

US Dollar Libor Settlement CAC Recovery 3rd party filing experts teamUS Dollar Libor Settlement CAC Recovery 3rd party filing expert servicesClass Members Eligible for US Dollar LIBOR Antitrust Class Action Settlement:

You are included in the Settlement if you (individual or entity):

  • Directly purchased certain U.S. Dollar LIBOR-based instruments;
  • From Citibank, Barclays or any Non-Settling Defendant (or their subsidiaries or affiliates);
  • In the United States; and
  • Owned the instruments at any time between August 2007 and May 2010.

You are not a member of the Class, even if you meet the above criteria, if you are:

  • One of the Non-Settling Defendants, Released Parties, or alleged co-conspirators or their employees, officers, or directors;
  • One of the Non-Settling Defendants’, Released Parties’, or alleged co-conspirators’ parent companies, subsidiaries, affiliates, legal representatives, heirs, assigns, or any person acting on their behalf;
  • An entity in which any Non-Settling Defendants, Released Parties, or alleged co-conspirators have a controlling interest; or
  • A judicial officer presiding over this action or his/her immediate family member or are a judicial staff member or juror assigned to the OTC Action.

The Settlement does not include U.S. Dollar LIBOR-based instruments that include only a term, provision, or obligation or right to pay interest based on the U.S. Dollar LIBOR rate, such as business, home, student, or car loans or credit cards.

What US Dollar LIBOR-based instruments are covered by the Antirust Settlement

The Settlement relates to U.S. Dollar LIBOR-Based Instruments, which are instruments that include any term, provision, obligation or right to be paid or to receive interest based upon the U.S. Dollar LIBOR rate.

These include, but are not limited to, the following:

  • Asset Swaps – a type of over-the-counter derivative in which one investor exchanges the cash flows of an asset or pool of assets for a different cash flow without affecting the underlying investment position.
  • Collateralized Debt Obligations (“CDOs”) – a type of structured asset back security (“ABS”). CDOs have multiple levels of risk (“tranches”) and are issued by special purpose entities. They are collateralized by debt obligations including bonds and loans.
  • Credit Default Swaps (“CDSs”) – a type of over-the-counter, credit-based derivative where the seller of the CDSs compensates the buyer of the CDS only if the underlying loan goes into default or has another credit event.
  • Forward Rate Agreements (“FRAs”) – a type of over-the-counter derivative based on a “forward contract.” The contract sets the rate of interest or the currency exchange rate to be paid or received on an obligation beginning at a future start date.
  • Inflation Swaps – a type of over-the-counter derivative used to transfer inflation risk from one party to another through an exchange of cash flows.
  • Interest Rate Swaps – a type of over-the-counter derivative in which two parties agree to exchange interest rate cash flows, based on a specified notional amount from a fixed rate to a floating rate (or vice versa) or from one floating rate to another. Interest rate swaps are commonly used for both hedging and speculating.
  • Total Return Swaps – a type of over-the-counter derivative based on financial contracts that transfer both the credit and market risk of an underlying asset. These derivatives allow one contracting party to derive the economic benefit of owning an asset without putting that asset on its balance sheet.
  • Options – a type of over-the-counter derivative based on a contract between two parties for a future transaction on an asset. The other derivative instruments, defined above, can serve as the asset for an option.
  • Floating Rate Notes – evidence an amount of money owed to the buyer from the seller. The interest rate on floating rate notes is adjusted at contractually-set intervals and is based on a variable rate index, such as U.S. Dollar LIBOR.

The Settlement does not include U.S. Dollar LIBOR-based instruments that include only a term, provision, or obligation or right to pay interest based on the U.S. Dollar LIBOR rate, such as business, home, student, or car loans or credit cards.

US Dollar LIBOR Class Action Settlement Litigation Case History:

Banks on the U.S. Dollar panel (and their affiliates) around the world were sued by a group of their counterparties (“Plaintiffs”) who claim that the banks manipulated the U.S. Dollar LIBOR rate during the financial crisis, artificially lowering the rate for their own benefit. Plaintiffs claim that Barclays and other banks manipulated the U.S. Dollar LIBOR rate, and that, as a result, purchasers did not receive as much interest payments for their U.S. Dollar LIBOR-based instruments from the banks as they should have. Barclays and the Non-Settling Defendants deny these claims and maintain they did nothing wrong. Plaintiffs in the OTC Action have brought (a) antitrust claims under the Sherman Act, (b) breach of contract claims, and (c) unjust enrichment claims against Barclays and the Non-Settling Defendants.

Settlements have been reached with Citibank and Barclays, the Settling Banks. The Settlement does not impact claims in the lawsuit against the Non-Settling Defendants, and the lawsuit is ongoing.

US Dollar LIBOR Antitrust Class Action Settlement Defendants:

For purposes of the Settlement, the Non-Settling Defendants are (collectively with Barclays, the “Defendants”):

  • Credit Suisse Group AG; Credit Suisse International; Credit Suisse (USA) Inc. (together, “Credit Suisse”);
  • Bank of America Corporation and Bank of America, N.A. (together, “Bank of America”);
  • JPMorgan Chase & Co. and JPMorgan Chase Bank, NA (together, “JPMorgan Chase”);
  • HSBC Holdings PLC and HSBC Bank PLC (together, “HSBC”);
  • Barclays Bank plc;
  • Lloyds Banking Group PLC (“Lloyds);
  • WestLB AG and Westdeutsche Ummobilienbank AG (together “WestLB”);
  • UBS AG (“UBS”);
  • The Royal Bank of Scotland Group PLC (“RBS”);
  • Citizens Bank of Massachusetts a/k/a RBS Citizens Bank N.A. (“Citizens Bank”);
  • Deutsche Bank AG (“Deutsche Bank”);
  • Citibank NA and Citigroup Inc. (together, “Citibank”);
  • Coöperatieve Central Raiffeisen Boerenleenbank B.A. (“Rabobank”);
  • The Norinchukin Bank (“Norinchukin”);
  • The Bank of Tokyo-Mitsubishi UFJ, Ltd (“Bank of Tokyo”);
  • HBOS PLC (“HBOS”);
  • Société Générale S.A.; and
  • Royal Bank of Canada (“RBC”).

Our Class Action Settlement Services:

US Dollar Libor antitrust class action Settlement CAC Recovery filingCAC Recovery navigates the complex intricacies of the US Dollar LIBOR Antitrust Class Action Settlement claims filing process to help businesses maximize their settlement recoveries.

Our class action settlement services include:

  • Identifying class action claims where businesses may be eligible to file
  • Filing the class action claim with supporting documentation
  • Interacting with the class action Claims Administrator
  • Providing updates on class action claim settlements status
  • Resolving Claims Administrator questions on claims
  • Reviewing the recovery to assure the correct compensation claims amount has been received

Our Guarantee: We Get Paid When You Recover – No hidden charges or up-front fees. We provide our class action settlements services based on a contingency fee.

Getting Started is easy! If you represent a business we’ll first have you fill out our Get Started form and a CAC representative will contact you within 24 hours to review your eligibility and walk you through the claims process.