Euroyen Settlement

A settlement in the Euroyen Based Derivatives antitrust case has been established.  The filing deadline for this settlement is January 24, 2017.  

Overview:

This settlement fund has been established to compensate all persons that purchased, sold, held, traded, or otherwise had any interest in any Euroyen Based Derivatives during the period of January 1, 2006 through June 30, 2011 (“Class Period”). The Plaintiffs have alleged that each of the Defendants manipulated 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 (collectively, “Contributor Bank Defendants”) allegedly falsely reported their cost of borrowing in order to financially benefit their Euroyen-Based Derivatives positions. Contributor Bank Defendants also requested that other Contributor Bank Defendants make false Yen-LIBOR and Euroyen TIBOR submissions on their behalf to benefit their Euroyen-Based Derivatives positions.

Claims Filing Deadline:January 24, 2017
Case Names:Laydon v. Mizuho Bank, Ltd. et al and Sonterra Capital Master Fund Ltd. et al v. UBS AG et al.
Preliminarily Approved Settlement Fund:$206 Million
Class Period:January 1, 2006 - June 30, 2011

Complexities of Transaction Data:

Most, if not all of these instruments do not have uniform securities identifiers and many traded over the counter. These factors complicate the process for filing claims against this settlement fund and any related future settlement funds that are established.  Battea will utilize its extensive experience gained through years of developing the software and infrastructure used in the trading of derivative financial instruments, together with its proprietary search methods, to analyze all transaction data and identify eligible transactions and perfect claim filings on behalf of our clients. As we do in all cases, Battea will work with class counsel and the claims administrator to justify all claims and defend any deficiencies.

Battea’s Depth of Derivatives Knowledge:

As a result of the Battea team’s deep expertise in derivatives and foreign exchange transaction data and systems, we have been consulted as experts by lead counsel in derivatives and foreign exchange-based litigation.  Prior to joining Battea, our leadership developed and deployed a leading foreign exchange (FX) trading system for use by proprietary trading desks at global banks and interbank brokers.  With several patents under their belts, our product and software development team have unparalleled skill in dealing with complex financial data involved in this case.  Our team also includes a former CFO of a leading foreign exchange interbank brokerage firm and former bank FX trader.  This combination of leading FX business and technical professionals gives Battea clients an edge in achieving accurate and defendable claims filings in complex cases like the Euroyen settlement.

Eligible Transactions:

The transactions eligible to make a claim against this specific settlement fund include:

  • Euroyen TIBOR futures contracts on the Chicago Mercantile Exchange (CME)
  • Euroyen TIBOR futures contracts on the Tokyo Financial Exchange, Inc. (TFX), Singapore Exchange (SGX), or London International Financial Futures and Options Exchange (LIFFE)
  • Japanese Yen currency futures on the CME
  • Yen LIBOR and/or Euroyen TIBOR based interest rate swap
  • Yen LIBOR and/or Euroyen TIBOR forward rate agreements
  • Japanese Yen currency forward agreements
  • Options on a Yen-LIBOR and/or Euroyen TIBOR based interest rate swap (“swaption”)

Eligible Parties:

Only U.S. Persons or Persons from or through a location in the U.S. who made transactions in the above instruments are eligible to file a claim.