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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

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 CDS settlement.

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.

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