If You Owned a U.S. Dollar LIBOR-Based Debt Security between August 1, 2007 and May 31, 2010, You May Be Eligible To Receive A Payment From Settlement Funds Totaling $1.749 Million
This class action was brought on behalf of holders of U.S. Dollar LIBOR-Based Debt Securities alleging price-fixing and manipulation of the London Interbank Offered Rate.
NEW YORK, Nov. 28, 2022 /PRNewswire/ -- Plaintiffs in the Bondholder Action have reached settlements totaling $1.749 million (the "Subsequent Settlements") with The Bank of Tokyo-Mitsubishi (n/k/a MUFG Bank, Ltd.), Credit Suisse Group AG and The Norinchukin Bank (the "Settling Defendants"). This class action was brought on behalf of holders of U.S. Dollar LIBOR-Based Debt Securities alleging price-fixing and manipulation of the London Interbank Offered Rate. The Settling Defendants deny this claim and maintain they did nothing wrong. Plaintiffs previously settled with seven other defendants for a total of $68.625 million (the "Initial Settlements"). The Court of Appeals upheld the District Court's dismissal of the Bondholder Action on the merits, ending the case as to the non-settling defendants. That dismissal is now final, and as a result, the Subsequent Settlements are the only remaining opportunity for members of the Bondholder Class to recover on the claims in the litigation.
Am I Included?
You are a Member of the Subsequent Settlement Classes if you owned (including beneficially in "street name") any bond or other debt security:
- that has a CUSIP identification number;
- on which interest was payable at any time between August 1, 2007 and May 31, 2010;
- where that interest was payable at a rate expressly tied to U.S. Dollar LIBOR; and
- that was not issued by any of the Defendants, their subsidiaries or affiliates as obligor.
What Are My Options?
FILE A CLAIM. Any claims already submitted in the Initial Settlements will be automatically considered for recovery in the Subsequent Settlements and do NOT need to be re-submitted. Recovery for any new claims submitted in the Subsequent Settlements will be limited to the net settlement funds in the Subsequent Settlements. New Claim Forms in the Subsequent Settlements can be filed electronically on the Settlement Website or may be downloaded and mailed to the Claims Administrator. Claim Forms must be postmarked (if mailed) or submitted online by February 27, 2023.
EXCLUDE YOURSELF. If you wish to exclude yourself from any of the Subsequent Settlements, you must do so in writing to the Claims Administrator by March 1, 2023.
OBJECT. If you wish to object to the terms of any of the three Subsequent Settlements, you must file a written objection postmarked by mail no later than March 1, 2023.
DO NOTHING. If you did not previously submit a claim, and you do nothing now, you will both forfeit your right to receive a monetary benefit from the Subsequent Settlements and give up your right to assert claims against the Settling Defendants about the U.S. Dollar LIBOR manipulation claims at issue in the Bondholder Action.
ATTEND A HEARING. The Court will hold a hearing on March 28, 2023 at 11:00 a.m., to consider, among other things, whether to approve the Subsequent Settlements and a request by the lawyers representing the Class for up to one-third of the aggregate Settlement Fund in attorneys' fees, plus litigation expenses. The hearing may be held in the Courthouse or may be telephonic. In either case, you may ask to be heard by the Court, but you do not have to.
This is only a summary of the full notice, which contains more detailed information (the "Detailed Notice"). The Detailed Notice provides instructions on how to submit a Claim Form, request exclusion and object, all of which you must comply with. For more information, or to obtain a copy of the Detailed Notice, visit www.BondholderLIBORSettlements.com, call 1-888-205-5804, or send an email to [email protected].
SOURCE//
Karen MORRIS
Morris and Morris LLC
Counselors At Law
4023 Kennett Pike, #254
Wilmington, DE 19807
and
Robert Kitchenoff
Weinstein Kitchenoff & Asher LLC
150 Monument Road, Suite 107
Bala Cynwyd, PA 19004
View original content:SOURCE Morris and Morris LLC and Weinstein Kitchenoff & Asher LLC
