OTC U.S. Dollar Libor Litigation

Manipulation of the U.S. Dollar LIBOR Rate during the 2008 financial crisis.

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Overview

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, 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. Plaintiffs in the OTC U.S. Dollar Libor Case 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.

Claims Filing Deadline:December 20, 2018
(Rolling Deadlines
per Settlement)
Case Name:In re: Libor-Based Financial Instruments Antitrust Litigation
Preliminarily Approved Settlement Fund:$590,000,000
Class Period:August 1, 2007 through May 31, 2010

Eligible Transactions

For purposes of the OTC Libor Case, “U.S. Dollar LIBOR-Based Instrument” is defined to mean an instrument that includes any term, provision, obligation or right to be paid or to receive interest based upon the U.S. Dollar LIBOR rate, including but not limited to asset swaps, collateralized debt obligations, credit default swaps, forward rate agreements, inflation swaps, interest rate swaps, total return swaps, options or floating rate notes. For the avoidance of doubt, U.S. Dollar LIBOR-Based Instrument does not include an instrument that includes only a term, provision, obligation or right to pay interest based upon the U.S. Dollar LIBOR rate, such as business, home, student or car loans, or credit cards.

 

Eligible Parties

Any OTC Class Member, defined to mean all persons or entities (other than Defendants and their employees, affiliates, parents, and subsidiaries) that purchased in the United States, directly from a Panel Bank (or it’s subsidiaries or affiliates), a U.S. Dollar LIBOR-Based Instrument and that owned the U.S. Dollar LIBOR-Based Instrument any time during the Class Period.

Note:

Additional settlements are expected with some or all of these Non-Settling Defendants in the future, which will increase the settlement fund available to claimants. We will provide you with additional information on the claims filing process for this settlement as it becomes available.