USD LIBOR Lender Settlement

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SETTLED

USD LIBOR Lender Settlement

FILING DEADLINES:

11/20/2018 ($31 Million Citi, HSBC, Barclays)

TBD (Non-Settling Defendants)

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CASE NUMBER:

12-cv-5723 U.S. District Court for the Southern District of New York

CLASS PERIOD:

August 1, 2007 – May 31, 2010

TOTAL SETTLEMENT FUND:

$31,000,000.00

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    SETTLING DEFENDANTS

    Citi, HSBC, Barclays

DISMISSED NON-SETTLING DEFENDANTS:

BOA; BOTMU; BBA; Cooperative Central Raiffeisen-Boerenleenbank B.A.; CS; DB; HSBC; JPM; Lloyds; HBOS PLC; RBC; Noru; RBS; UBS AG; WestLB AG, Westdeutsche Immobilenbank AG. (Class Certification DENIED as to all remaining non-settling defendants).

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    ELIGIBLE CLASS

    All lending institutions headquartered in the US that originated loans, held loans, held interests in loans, owned loans, owned interests in loans, purchased loans, purchased interests in loans, sold loans, or sold interests in loans with interest rates based upon U.S. Dollar Libor.

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    ELIGIBLE INSTRUMENTS

    U.S. Dollar LIBOR-based loans that include any term, provision, obligation or right to be paid or to receive interest based upon U.S. Dollar Libor, but excluding other types of USD Libor-based instruments such as interest rate swaps or bonds.

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    Preliminary Allegations

    The complaint alleged that throughout the Class Period, Defendants caused the USD LIBOR to be manipulated by knowingly and intentionally submitting false data to BBA, which did not honestly reflect the submitting banks actual borrowing costs on the interbank market.

    Defendants had two reasons to falsify their submissions.  First, the Contributing Panel banks did not want to signal their own distress by admitting publicly that their peers were reluctant to lend to them except at elevated rates.  Second, due to their own net interest rate exposure, at least some of the Contributing Panel banks stood to reap large financial benefits from even a modest decrease in USD LIBOR.

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    Case Summary

    Class action brought asserting claims of common law fraud on behalf of all lending institutions headquartered in the states and territories of the United States that originated, purchased outright, or purchased a participation interest in, loans paying interest at rates tied to the U.S. Dollar London Interbank Offered Rate (USD LIBOR),1 the interest rate of which adjusted at any time between August 1, 2007 and May 31, 2010.

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