Susman Godfrey LLP en Hausfeld LLP treffen schikking van 120 miljoen dollar met personen en instellingen die tussen augustus 2007 en mei 2010 Amerikaanse dollar libor-derivaten hadden
NEW YORK–(BUSINESS WIRE)—Het volgende wordt vrijgegeven door Susman Godfrey LLP en Hausfeld LLP.
Er is een schikking getroffen met Barclays Bank die van invloed is op particulieren en instellingen die incourante financiële derivaten en niet-afgeleide financiële instrumenten direct betrokken van Barclays of een niet-schikkende gedaagde die betalingen hebben ontvangen die zijn gekoppeld aan de Amerikaanse dollar LIBOR. Barclays en de niet-schikkende beklaagden zijn LIBOR-panelbanken.
Bezoek www.BarclaysLiborSettlement.com voor een lijst van beklaagden.
De derivaten bevatten renteswaps, rentetermijncontracten, valutaswaps, beleggingen in verpakte obligaties (cdo’s), kredietverzuimswaps, inflatieswaps, total return swaps, opties en floating rate notes (langlopend schuldpapier met een variabele rente).
De procesvoering stelt dat de banken het LIBOR-tarief gemanipuleerd zouden hebben tijdens de financiële crisis, waardoor de koers kunstmatig werd verlaagd voor hun eigen winst, waardoor inkopers minder rente-inkomsten kregen voor hun derivaten van de banken dan ze zouden moeten krijgen. Barclays ontkent alle vorderingen op onrechtmatigheid.
Susman Godfrey LLP and Hausfeld LLP Announce a $120 Million Settlement That Impacts Individuals and Institutions Who Owned a U.S. Dollar LIBOR-Based Instrument Between August 2007 and May 2010
NEW YORK–(BUSINESS WIRE)– The following is being released by Susman Godfrey LLP and Hausfeld LLP.
There is a Settlement with Barclays Bank that impacts individuals and institutions that entered into over-the-counter financial derivative and non-derivative instruments directly with Barclays or a Non-Settling Defendant that received payments tied to U.S. Dollar LIBOR. Barclays and the Non-Settling Defendants are U.S. Dollar LIBOR Panel Banks. Please visitwww.BarclaysLiborSettlement.com for the list of Defendants. The instruments include certain interest rate swaps, forward rate agreements, asset swaps, collateralized debt obligations, credit default swaps, inflation swaps, total return swaps, options, and floating rate notes.
The litigation claims that the banks manipulated the U.S. Dollar LIBOR rate during the financial crisis, artificially lowering the rate for their own profit, which resulted in purchasers receiving less interest payments for their U.S. Dollar LIBOR-based instruments from the banks as they should have. Plaintiffs assert antitrust, breach of contract, and unjust enrichment claims. Barclays denies all claims of wrongdoing.
Individuals and institutions are included in the Settlement if they:
- Directly purchased certain U.S. Dollar LIBOR-based instruments;
- From Barclays or any Non-Settling Defendant (or their subsidiaries or affiliates);
- In the United States; and
- Owned the instruments at any time between August 2007 and May 2010.
The Settlement will create a $120 million Settlement Fund that will be used to pay eligible Class Members who submit valid claims. Additionally, Barclays will cooperate with the Plaintiffs in their ongoing litigation against the Non-Settling Defendants.
Class Members must submit a Proof of Claim, online or by mail, by December 21, 2017 to get a payment. They are entitled to receive a payment if they have a qualifying transaction with Barclays or a Non-Settling Defendant. At this time, it is unknown how much each Class Member who submits a valid claim will receive.
Even if they do nothing, Class Members will lose the right to sue Barclays for the alleged conduct and will be bound by the Court’s decisions concerning the Settlement. This Settlement will not result in a release of claims against any Non-Settling Defendant, and the litigation against Non-Settling Defendants is ongoing. If Class Members want to keep their right to sue Barclays, they must exclude themselves from the Settlement Class by October 9, 2017. If they stay in the Settlement Class, they may object to the Settlement by October 9, 2017.
The Court will hold a hearing on October 23, 2017 to consider whether to approve the Settlement and approve Class Counsel’s request of attorneys’ fees of up to one-third of the Settlement Fund, plus reimbursement of costs and expenses. Class Members or their lawyers may appear and speak at the hearing at their own expense.
For more information, please visit www.BarclaysLiborSettlement.com, or call 1-888-568-7640.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170724006102/en/
Contacts
Susman Godfrey LLP
Media Contact:
Seth Ard, 212-471-8354
sard@susmangodfrey.com