USD Libor Eurodollar Futures Settlements

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USD Libor Eurodollar Futures Settlements
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The information contained on this web page is only a summary of information presented in more detail in 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 are affected even if you do nothing. Please read the Notice carefully.

IF YOU TRANSACTED IN EURODOLLAR FUTURES CONTRACTS AND/OR OPTIONS ON EURODOLLAR FUTURES ON EXCHANGES SUCH AS THE CHICAGO MERCANTILE EXCHANGE (“CME”) BETWEEN JANUARY 1, 2003 AND MAY 31, 2011 (“SETTLEMENT CLASS PERIOD”), YOU MAY BE ENTITLED TO A PAYMENT FROM A CLASS ACTION SETTLEMENT.

 

YOUR LEGAL RIGHTS AND OPTIONS IN THESE SETTLEMENTS

SUBMIT A CLAIM EITHER POSTMARKED BY MAIL or ELECTRONICALLY FILED ON THE SETTLEMENT WEBSITE NO LATER THAN DECEMBER 1, 2020

This is the only way to get a payment. See Question 15 in the Notice for additional information.

ASK TO BE EXCLUDED BY SUBMITTING A WRITTEN REQUEST POSTMARKED NO LATER THAN AUGUST 27, 2020

You will get no monetary benefits from the Settlements. This is the only option that allows you to independently assert the claims released by these Settlements against the Settling Defendants about the alleged U.S. Dollar LIBOR manipulation affecting Eurodollar futures contracts and/or options on Eurodollar futures that are at issue in this case. See Question 17 in the Notice for additional information.

OBJECT TO THE SETTLEMENTS BY SUBMITTING A WRITTEN OBJECTION RECEIVED AND FILED NO LATER THAN AUGUST 27, 2020

If you wish to object to the Settlements, or anything else mentioned in this Notice, you must file a written objection. See Question 22 in the Notice for additional information.

GO TO THE FAIRNESS HEARING ON SEPTEMBER 17, 2020 AT 11:00 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR THROUGH COUNSEL NO LATER THAN SEPTEMBER 3, 2020

You may also request to be heard at the Fairness Hearing. See Question 26 in the Notice for additional information.

DO NOTHING

You will forfeit your right to get a monetary benefit from the Settlements and give up your rights to assert claims released by these Settlements against the Settling Defendants about the alleged U.S. Dollar LIBOR manipulation and its alleged impact on Eurodollar Futures that are at issue in this case.

 

Any change by the Court of the Plan of Distribution, 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 lawsuit about?

The Exchange-Based Plaintiffs (also referred to as “Plaintiffs”), who transacted in Eurodollar futures contracts and options on Eurodollar futures, sued various banks (and certain of their affiliates) (“Defendants,”), claiming that the banks individually and collectively manipulated U.S. Dollar LIBOR to benefit their trading positions and engaged in the suppression of LIBOR. Plaintiffs alleged that the banks’ alleged conduct manipulated Eurodollar Futures prices to artificial levels between January 1, 2003 and May 31, 2011. As a result, Exchange-Based Plaintiffs claim that they traded Eurodollar futures contracts at artificial price levels, paying more and/or receiving less than they would have absent Defendants’ manipulation of the U.S. Dollar LIBOR rate. The alleged manipulation of Defendants’ LIBOR submissions allegedly caused putative class members to pay higher supracompetitive prices or receive lower infracompetitive prices for Eurodollar futures contracts and options on Eurodollar futures during the Settlement Class Period. Exchange-Based Plaintiffs brought claims under the Sherman Antitrust Act, 15 U.S.C. § 1 et seq., and Commodity Exchange Act, 7 U.S.C. § 1 et seq. (“CEA”), and for unjust enrichment against the Defendants seeking money damages.

The Court has written at least eight published opinions addressing various legal matters raised by the parties in this lawsuit. Since the filing of the first civil LIBOR action on April 15, 2011, the Court has limited Plaintiffs’ claims in various ways, including by dismissing portions of Plaintiffs’ antitrust claims under the efficient enforcer standard, dismissing most foreign Defendants for lack of personal jurisdiction, and dismissing all or portions of Plaintiffs’ CEA claims as untimely, based on the Court’s findings that Plaintiffs were on inquiry notice of the claims and that the two-year statute of limitations had expired on Plaintiffs’ CEA claims in so-called “Periods 1 and 2” (August 2007 to April 14, 2009) and, as to SG, “Period 3 (April 15, 2009 to May 2010)”. In its ruling, In re LIBOR-based Fin. Instruments Antitrust Litig. (“LIBOR VII”), 299 F. Supp. 3d 430 (S.D.N.Y. 2018), the Court denied class certification, rejected various econometric models and opinions of Plaintiffs’ experts as to liability and damages, and ruled that Plaintiffs had not fully satisfied the requirements of Federal Rule of Civil Procedure 23. Plaintiffs petitioned the Court of Appeals for the Second Circuit for interlocutory review of the Court’s denial of class certification. The Court of Appeals has denied that petition.  Given the procedural history of this lawsuit and the Court of Appeals’ decision, the only remaining avenue for reversal of the denial of class certification is an appeal taken after the entry of final judgment on the merits.  Accordingly, the Settlements described herein may offer the best, and perhaps only, chance for Settlement Class Members to obtain any monetary recoveries. 

Settlements have separately been reached between Exchange-Based Plaintiffs and BOA, Barclays, Citi, Deutsche Bank, HSBC, JPMorgan and SG, and that is why you are receiving this Notice. The Settling and Non-Settling Defendants deny all claims of wrongdoing. Settlements do not impact claims in the lawsuit against the Non-Settling Defendants, and the lawsuit continues against them.

 

What is the London Interbank Offered Rate (“LIBOR”)?

The London Interbank Offered Rate (“LIBOR”) is the reference point for determining interest rates for financial instruments worldwide. LIBOR rates are determined for several currencies, including the U.S. Dollar, for multiple borrowing periods ranging from overnight to one year. During the relevant period, LIBOR rates were published each business day. During the period at issue in the Action, U.S. Dollar LIBOR was the trimmed average of the rates at which an individual bank on the U.S. Dollar LIBOR panel could borrow funds, were it to do so by asking for and then accepting offers in the London inter-bank market in reasonable market size, just prior to 11:00 am London time. These Settlements only involve U.S. Dollar LIBOR.

 

How do I know if I am part of the Settlements?

The Settlement Classes are defined as follows:

Barclays Settlement Class: All Persons (other than Defendants, their employees, affiliates, parents, subsidiaries, and co-conspirators) that transacted in LIBOR-based Eurodollar futures or options on exchanges such as the Chicago Mercantile Exchange between January 1, 2003 through May 31, 2011.  See Barclays Settlement Agreement at ¶ 4 & Barclays Amendment to Settlement Agreement at ¶1, ECF Nos. 680-3, 2307-3, respectively;

Citi Settlement Class: All Persons, corporations and other legal entities (other than Defendants, their employees, affiliates, parents, subsidiaries, and co-conspirators) that transacted in Eurodollar futures and/or options on Eurodollar futures on exchanges, including without limitation, the Chicago Mercantile Exchange, between January 1, 2003 and May 31, 2011. Excluded from the Class are: (i) Defendants, their employees, affiliates, parents, subsidiaries, and co-conspirators; (ii) the Releasees (as defined in Section 1(GG)); and (iii) any Class Member who files a timely and valid request for exclusion.  See Citi Settlement Agreement at ¶2.A, ECF No. 2307-4;

Deutsche Bank Settlement Class: All Persons that transacted in Eurodollar futures and/or options on Eurodollar futures on exchanges, including, without limitation, the Chicago Mercantile Exchange, between January 1, 2003 and May 31, 2011. Excluded from the Class are: (i) Defendants, their employees, Affiliates, parents, subsidiaries, and co-conspirators; (ii) the Releasees (as defined in Section 1(GG)); and (iii) any Class Member who files a timely and valid request for exclusion.  See Deutsche Bank Settlement Agreement at ¶2.A, ECF No. 2307-5;

HSBC Settlement Class: All Persons, corporations and other legal entities (other than Defendants, their employees, affiliates, parents subsidiaries, and co-conspirators) that transacted in Eurodollar futures and/or options on Eurodollar futures on exchanges, including without limitation, the Chicago Mercantile Exchange, between January 1, 2003 and May 31, 2011. Excluded from the Class are: (i) Defendants, their employees, affiliates, parents, subsidiaries, and co-conspirators; (ii) the Releasees (as defined in Section 1(GG)); and (iii) any Class Member who files a timely and valid request for exclusion.  See HSBC Settlement Agreement at ¶2.A, ECF No. 2307-6;

JPMorgan/BOA Settlement Class: All persons, corporations and other legal entities that transacted in Eurodollar futures and/or options on Eurodollar futures, including without limitation transactions on the Chicago Mercantile Exchange, between January 1, 2003 and May 31, 2011; provided that, if Exchange-Based Plaintiffs expand the class period in any subsequent amended complaint, motion or settlement, the class period in the Settlement Class definition in this Agreement shall be expanded so as to include such expansion. Excluded from the Class are: (i) Defendants, their employees, affiliates, parents, subsidiaries, and alleged co-conspirators; (ii) the Releasees (as defined in Section 1(II)); (iii) any Class Member who files a timely and valid request for exclusion; and (iv) any Persons dismissed from this Action with prejudice. Solely for purposes of the Settlement, the parties agree that Investment Vehicles are not excluded from the Settlement Class solely on the basis of being deemed to be Defendants or affiliates or subsidiaries of Defendants. However, to the extent that any Defendant or any entity that might be deemed to be an affiliate or subsidiary thereof (i) managed or advised, and (ii) directly or indirectly held a beneficial interest in, said Investment Vehicle during the Class Period, that beneficial interest in the Investment Vehicle is excluded from the Settlement Class.  See JPMorgan/BOA Settlement Agreement at ¶2.A, ECF No. 2728-5; and 

SG Settlement Class: All persons, corporations and other legal entities that transacted in Eurodollar futures and/or options on Eurodollar futures on exchanges, including, without limitation, the Chicago Mercantile Exchange, between January 1, 2003 and May 31, 2011, inclusive; provided that if Exchange-Based Plaintiffs expand the class period in any subsequent amended complaint, motion or settlement, the period in the Settlement Class definition in this Agreement shall be modified so as to include that expanded class period.  Excluded from the Settlement Class are: (i) Defendants, their employees, affiliates, parents, subsidiaries, and alleged co-conspirators; (ii) the Releasees (as defined in Section 1(CC)); (iii) any Settlement Class Member who files a timely and valid request for exclusion; and (iv) any Persons dismissed from this Action with prejudice.  See SG Settlement Agreement at ¶2.A, ECF No. 3023-4

 

What do the Settlements provide?

The aggregate Settlements, if all receive Final Approval from the Court, will create a $187,000,000 Settlement Fund:  BOA has agreed to pay $15 million; Barclays has agreed to pay $19.975 million; Citi has agreed to pay $33.4 million; Deutsche Bank has agreed to pay $80 million; HSBC has agreed to pay $18.5 million; JPMorgan has agreed to pay $15 million; and SG has agreed to pay $5,125,000. The cost to administer the Settlements, attorneys’ fees and expenses, and any payments to the Class Representatives will come out of the Settlement Fund, if the Court approves applications for such payments from the Settlement Fund.  The remaining Net Settlement Fund will be available to pay Eligible Claimants who submit timely and valid claims.  Additionally, Settling Defendants have agreed to provide certain cooperation to the Exchange-Based Plaintiffs in their ongoing litigation against the Non-Settling Defendants. More details are in documents called the Settlement Agreement for each of the Settling Defendants, which are available at the “Court Documents” section of this website.

 

How can I receive a payment?

Payments from the Net Settlement Fund will be made only to Eligible Claimants and in accordance with and pursuant to a plan of distribution approved by the Court.  To be eligible to receive a payment, you will need to complete and submit a Proof of Claim and Release Form postmarked OR submitted electronically no later than December 1, 2020.  Submission of a Proof of Claim does not entitle you to a payment.  Instructions for electronic claims submission are available under “Electronic Filing” on the left of this webpage. If you submit a Proof of Claim and Release Form with your contact information, you will receive future notifications containing additional important information. You may also download and mail your completed Proof of Claim and Release form to: 

USD Libor Eurodollar Futures Settlements
c/o A.B. Data, Ltd.
P.O. Box 170990
Milwaukee, WI 53217

 

How do I request exclusion from the Settlements?

To exclude yourself from the Settlements, you must mail a letter or other written document (“Request for Exclusion”) to the Settlement Claims Administrator, A.B. Data, Ltd. (the “Claims Administrator”). To exclude yourself from the Settlements, you must file a timely written Request for Exclusion.

To be valid, a Request for Exclusion must be in writing and include:

  • The name, address, and telephone number of the Settlement Class Member seeking to be excluded;
  • A signed statement that “I/we hereby request that I/we be excluded from the proposed Exchange-Based Settlement Class in In re LIBOR-based Financial Instruments Antitrust Litig., 11 MDL No. 2262;”
  • Proof of membership in the Settlement Class.  Specifically, a description of and documentation evidencing that the Settlement Class Member’s transactions fall within the Settlement Class definition (including, for each transaction, the identity of the broker (if any), the date of the transaction, the type of the transaction, the counterparty (if any), the exchange on which the transaction occurred, any transaction identification numbers, the rate, and the notional amount of the transactions); and
  • The Settlement Class Member’s signature.
  • Be mailed to the Claims Administrator at the address provided below and postmarked no later than August 27, 2020.

You must also provide any other information reasonably requested by the Claims Administrator. You must mail your Request for Exclusion, postmarked no later than August 27, 2020, to USD Libor Eurodollar Futures Settlements, EXCLUSIONS, c/o A.B. Data, Ltd., P.O. Box 173001, Milwaukee, WI 53217.

All Persons who submit valid and timely Requests for Exclusion in the manner set forth herein shall have no rights under the Settlement Agreements, shall not share in the distribution of any of the Net Settlement Funds, and shall not be bound by the Settlements or the Judgment entered in the Action.  Any Person who fails to timely or validly file a Request for Exclusion, or whose Request for Exclusion is not otherwise accepted by the Court, shall be deemed a Settlement Class Member.


How do I tell the Court if I oppose any of the Settlements?

Any member of the Settlement Class may appear at the Fairness Hearing in person or by counsel (at his, her or its own expense) and may be heard, to the extent allowed by the Court, either in support of or in opposition to the fairness, reasonableness, and adequacy of any or all of the proposed Settlements or any related matter (including the request for attorneys’ fees and expenses, the Plan of Distribution or any other matter); provided, however, that no Settlement Class Member or any other Person shall be heard or entitled to contest such matters unless that Person has delivered by hand or sent by First-Class Mail written objections and copies of any supporting papers and briefs to Settlement Class Counsel, counsel for Settling Defendants, and filed with the Clerk of the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, New York 10007 such that the objection is received and filed (not simply postmarked) no later than August 27, 2020.  To be valid, an objection must be in writing and include:

  • The objecting Settlement Class Member's name, address, and telephone number;
  • A statement identifying the Settlement(s) to which the Settlement Class member is objecting;
  • The specific reasons for the objection(s) along with any supporting materials or documents;
  • A statement indicating whether the objecting Settlement Class Member plans to appear at the Fairness Hearing;
  • Proof of membership in the Settlement Class(es) associated with the Settlement(s) to which the Settlement Class Member is objecting.  Specifically, a description of and documentation evidencing that the objecting Settlement Class Member’s transactions fall within the Settlement Class definition (including, for each transaction, the identity of the broker (if any), the date of the transaction, the type of the transaction, the counterparty (if any), the exchange on which the transaction occurred, any transaction identification numbers, the rate, and the notional amount of the transactions); and
  • The objecting Settlement Class Member’s signature.

Any Settlement Class Member who does not make his, her, or its objection in the manner provided herein shall be deemed to have waived such objection and shall forever be foreclosed from making any objection (including appeals) to the fairness or adequacy of the proposed Settlements, the Revised Plan of Distribution, or the award of attorneys’ fees and expenses to Settlement Class Counsel, unless otherwise ordered by the Court.  By objecting to the proposed Settlement, a Judgment, the Revised Plan of Distribution, and/or the award of attorneys’ fees and expenses, or otherwise requesting to be heard at the Fairness Hearing, an objector shall be deemed to have submitted to the jurisdiction of the Court with respect the Person’s objection or request to be heard. 

Your objection(s) may be submitted in one letter as long as you are clear to which of the Settlements you are objecting, and you provide the information listed above. Again, your objection(s) must be filed with the Court and received by (not simply postmarked) Settlement Class Counsel and counsel for the Settling Defendants (see below addresses) no later than August 27, 2020. Persons who have timely submitted a valid request for exclusion are not members of the Settlement Class and are not entitled to object.

To object to the BOA Settlement:

COURT

SETTLEMENT CLASS COUNSEL

BOA’S COUNSEL

Hon. Naomi Reice Buchwald
Daniel Patrick Moynihan
United States Courthouse
500 Pearl St.
New York, NY 10007
David E. Kovel
Karen Lerner
Thomas W. Elrod
Kirby McInerney LLP
250 Park Avenue, Suite 820
New York, NY 10177
AND
Christopher Lovell
Gary S. Jacobson
Jody R. Krisiloff
Lovell Stewart Halebian                                  Jacobson LLP
500 Fifth Avenue, Suite 2440
New York, NY 10110
Paul S. Mishkin
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York, New York 10017

 

 

 

To object to the Barclays Settlement:

COURT

SETTLEMENT CLASS COUNSEL

BARCLAYS’ COUNSEL

Hon. Naomi Reice Buchwald
Daniel Patrick Moynihan
United States Courthouse
500 Pearl St.
New York, NY 10007
David E. Kovel
Karen Lerner
Thomas W. Elrod
Kirby McInerney LLP
250 Park Avenue, Suite 820
New York, NY 10177
AND
Christopher Lovell
Gary S. Jacobson
Jody R. Krisiloff
Lovell Stewart Halebian                                  Jacobson LLP
500 Fifth Avenue, Suite 2440
New York, NY 10110
Leigh M. Nathanson
Boies Schiller Flexner LLP
55 Hudson Yards
New York, New York 10001

 

To object to the Citi Settlement:

COURT

SETTLEMENT CLASS COUNSEL

CITI’S COUNSEL

Hon. Naomi Reice Buchwald
Daniel Patrick Moynihan
United States Courthouse
500 Pearl St.
New York, NY 10007
David E. Kovel
Karen Lerner
Thomas W. Elrod
Kirby McInerney LLP
250 Park Avenue, Suite 820
New York, NY 10177
 
AND
Christopher Lovell
Gary S. Jacobson
Jody R. Krisiloff
Lovell Stewart Halebian                                  Jacobson LLP
500 Fifth Avenue, Suite 2440
New York, NY 10110
Andrew A. Ruffino
Covington & Burling LLP
The New York Times Building
620 Eighth Avenue
New York, NY 10018

 

To object to the Deutsche Bank Settlement:

COURT

SETTLEMENT CLASS COUNSEL

DEUTSCHE BANK’S COUNSEL

Hon. Naomi Reice Buchwald
Daniel Patrick Moynihan
United States Courthouse
500 Pearl St.
New York, NY 10007
David E. Kovel
Karen Lerner
Thomas W. Elrod
Kirby McInerney LLP
250 Park Avenue, Suite 820
New York, NY 10177
 
AND
Christopher Lovell
Gary S. Jacobson
Jody R. Krisiloff
Lovell Stewart Halebian                                  Jacobson LLP
500 Fifth Avenue, Suite 2440
New York, NY 10110
Elizabeth M. Sacksteder
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, NY  10019

 

 

 

To object to the HSBC Settlement:

COURT

SETTLEMENT CLASS COUNSEL

HSBC’S COUNSEL

Hon. Naomi Reice Buchwald
Daniel Patrick Moynihan
United States Courthouse
500 Pearl St.
New York, NY 10007
David E. Kovel
Karen Lerner
Thomas W. Elrod
Kirby McInerney LLP
250 Park Avenue, Suite 820
New York, NY 10177
AND
Christopher Lovell
Gary S. Jacobson
Jody R. Krisiloff
Lovell Stewart Halebian                                  Jacobson LLP
500 Fifth Avenue, Suite 2440
New York, NY 10110
Roger Cowie
Locke Lord LLP
2200 Ross Avenue, Suite 2800
Dallas, TX 75201

 

To object to the JPMorgan Settlement:

COURT

SETTLEMENT CLASS COUNSEL

JPMorgan’s COUNSEL

Hon. Naomi Reice Buchwald
Daniel Patrick Moynihan
United States Courthouse
500 Pearl St.
New York, NY 10007
David E. Kovel
Karen Lerner
Thomas W. Elrod
Kirby McInerney LLP
250 Park Avenue, Suite 820
New York, NY 10177
 
AND
Christopher Lovell
Gary S. Jacobson
Jody R. Krisiloff
Lovell Stewart Halebian                                  Jacobson LLP
500 Fifth Avenue, Suite 2440
New York, NY 10110
Paul C. Gluckow
Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, NY 10017


 

To object to the SG Settlement:

COURT

SETTLEMENT CLASS COUNSEL

SG’S COUNSEL

Hon. Naomi Reice Buchwald
Daniel Patrick Moynihan
United States Courthouse
500 Pearl St.
New York, NY 10007
David E. Kovel
Karen Lerner
Thomas W. Elrod
Kirby McInerney LLP
250 Park Avenue, Suite 820
New York, NY 10177
 
AND
Christopher Lovell
Gary S. Jacobson
Jody R. Krisiloff
Lovell Stewart Halebian                                  Jacobson LLP
500 Fifth Avenue, Suite 2440
New York, NY 10110
Steven Wolowitz
Mayer Brown LLP
1221 Avenue of the Americas
New York, NY 10020



 

If your objection(s) are not postmarked by the deadline and do not include the information listed above, the objections will not be valid and may not be considered by the Court.

 

 

 

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

 

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

800-918-8964, or email info@USDLiborEurodollarSettlements.com.

 
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