NEW YORK, Aug. 9, 2017 /PRNewswire/ --
Notice of Class Action Settlements
If you transacted in Euroyen-Based Derivatives1
from January 1, 2006 through
June 30, 2011, inclusive, then your
rights will be affected and you may be entitled to a benefit.
This Notice is only a summary of the Settlements and is subject to
the terms of the Settlement Agreements2 and other
relevant documents (available as set forth below).
The purpose of this Notice is to inform you of your rights in
connection with two separate proposed settlements with Settling
Defendants Deutsche Bank AG and DB Group Services (UK) Ltd.
(collectively, "Deutsche Bank") and with Settling Defendants
JPMorgan Chase & Co., JPMorgan Chase Bank, National
Association, and J.P. Morgan Securities plc (collectively,
"JPMorgan") in the actions titled Laydon v. Mizuho Bank Ltd., et
al., 12-cv-3419 (GBD) (S.D.N.Y.) and Sonterra Capital Master
Fund, Ltd., et al. v. UBS AG, et al., 15-cv-5844 (GBD)
(S.D.N.Y.). The separate settlements with Deutsche Bank and
JPMorgan (collectively, the "Settlements") are not settlements with
any other Defendant and thus are not dispositive of any of
Plaintiffs' claims against the remaining Defendants.
The Settlements have been proposed in two class action lawsuits
concerning the alleged manipulation of the London Interbank Offered
Rate for Japanese Yen ("Yen LIBOR") and the Euroyen Tokyo Interbank
Offered Rate ("Euroyen TIBOR") from January
1, 2006 through June 30, 2011,
inclusive. The Settlements will provide $148
million to pay claims from persons who transacted in
Euroyen-Based Derivatives from January 1,
2006 through June 30, 2011,
inclusive. If you qualify, you may send in a Proof of Claim and
Release form to potentially get benefits, or you can exclude
yourself from the Settlements, or object to them.
The United States District Court for the Southern District of
New York (500 Pearl St.,
New York, NY 10007-1312)
authorized this Notice. Before any money is paid, the Court will
hold a Fairness Hearing to decide whether to approve the
Settlements.
Who Is Included?
You are a member of the "Settlement Class" if you purchased,
sold, held, traded, or otherwise had any interest in Euroyen-Based
Derivatives at any time from January 1,
2006 through June 30, 2011,
inclusive. Excluded from the Settlement Class are (i) the
Defendants and any parent, subsidiary, affiliate or agent of any
Defendant or any co-conspirator whether or not named as a
defendant; and (ii) the United States Government.
Contact your brokerage firm to see if you purchased, sold, held,
traded, or otherwise had any interest in Euroyen-Based Derivatives.
If you are not sure you are included, you can get more information,
including the Settlement Agreements, Mailed Notice, Plan of
Allocation, Proof of Claim and Release, and other important
documents, at www.EuroyenSettlement.com ("Settlement Website")
or by calling toll free 1-866-217-4453.
What Is This Litigation About?
Plaintiffs allege that each Defendant, from January 1, 2006 through June 30, 2011, inclusive, manipulated or aided
and abetted the manipulation of 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
respectively (collectively, "Contributor Bank Defendants"), such as
Deutsche Bank AG and JPMorgan Chase Bank, N.A., allegedly falsely
reported their cost of borrowing in order to financially benefit
their Euroyen-Based Derivatives positions. Contributor Bank
Defendants also allegedly requested that other Contributor Bank
Defendants make false Yen LIBOR and Euroyen TIBOR submissions on
their behalf to benefit their Euroyen-Based Derivatives
positions.
Plaintiffs further allege that inter-dealer brokers,
intermediaries between buyers and sellers in the money markets and
derivatives markets (the "Broker Defendants"), had knowledge of,
and provided substantial assistance to, the Contributor Bank
Defendants' foregoing alleged manipulations of Euroyen-Based
Derivatives in violation of Section 22(a)(1) of the Commodity
Exchange Act, 7 U.S.C. ยง 25(a)(1). For example, Contributor Bank
Defendants allegedly used the Broker Defendants to manipulate Yen
LIBOR, Euroyen TIBOR, and the prices of Euroyen-Based Derivatives
by disseminating false "Suggested LIBORs," publishing false market
rates on broker screens, and publishing false bids and offers into
the market.
Plaintiffs have asserted legal claims under various theories,
including federal antitrust law, the Commodity Exchange Act, the
Racketeering Influenced and Corrupt Organizations Act, and common
law.
Deutsche Bank and JPMorgan have consistently and vigorously
denied Plaintiffs' allegations. Deutsche Bank and JPMorgan
each entered into a Settlement Agreement with Plaintiffs, despite
believing that it is not liable for the claims asserted against it,
to avoid the further expense, inconvenience, and distraction of
burdensome and protracted litigation, thereby putting this
controversy to rest and avoiding the risks inherent in complex
litigation.
What Do the Settlements Provide?
Under the Settlements, Deutsche Bank agreed to pay $77 million and JPMorgan agreed to pay
$71 million into separate Settlement
Funds. If the Court approves the Settlements, potential members of
the Settlement Class who qualify and send in valid Proof of Claim
and Release forms may receive a share of the Settlement Funds after
they are reduced by the payment of certain expenses. The Settlement
Agreements, available at the Settlement Website, describe all of
the details about the proposed Settlements. The exact amount each
qualifying Settling Class Member will receive from the Settlement
Funds cannot be calculated until (1) the Court approves the
Settlements; (2) certain amounts identified in the full Settlement
Agreements are deducted from the Settlement Funds; and (3) the
number of participating Class Members and the amount of their
claims are determined. In addition, each Settling Class Member's
share of the Settlement Funds will vary depending on the
information the Settling Class Member provides on their Proof of
Claim and Release form.
The number of claimants who send in claims varies widely from
case to case. If less than 100% of the Settlement Class sends in a
Proof of Claim and Release form, you could get more money.
How Do You Ask For a Payment?
If you are a member of the Settlement Class, you may seek to
participate in the Settlements by submitting a Proof of Claim and
Release to the Settlement Administrator at the address provided on
the Settlement Website postmarked no later than January 23 2018. You may obtain a Proof of Claim
and Release on the Settlement Website or by calling the toll-free
number referenced above. If you are a member of the
Settlement Class but do not timely file a Proof of Claim and
Release, you will still be bound by the releases set forth in the
Settlement Agreements if the Court enters an order approving the
Settlement Agreements.
If you timely submitted a Proof of Claim and Release pursuant to
the class notice dated June 22, 2016
("2016 Notice") related to the $58
million settlements with Defendants R.P. Martin Holdings
Limited, Martin Brokers (UK) Ltd., Citigroup Inc., Citibank, N.A.,
Citibank Japan Ltd., Citigroup Global Markets Japan Inc., HSBC
Holdings plc, and HSBC Bank plc, you do not have to submit a new
Proof of Claim and Release to participate in these Settlements with
Deutsche Bank and JPMorgan. Any member of the Settlement Class who
previously submitted a Proof of Claim and Release in connection
with the 2016 Notice will be subject to and bound by the releases
set forth in the Settlement Agreements with Deutsche Bank and
JPMorgan, unless such member submits a timely and valid request for
exclusion, explained below.
What Are Your Other Options?
All requests to be excluded from the Settlements must be made in
accordance with the instructions set forth in the Settlement Notice
and must be postmarked to the Settlement Administrator no later
than October 5 2017. The Settlement
Notice, available at the Settlement Website, explains how to
exclude yourself or object. All requests for exclusion must
comply with the requirements set forth in the Settlement Notice to
be honored. If you exclude yourself from the Settlement
Class, you will not be bound by the Settlement Agreements and can
independently pursue claims at your own expense. However, if you
exclude yourself, you will not be eligible to share in the Net
Settlement Funds or otherwise participate in the Settlements.
The Court will hold a Fairness Hearing in these cases on
November 9 2017, to consider whether
to approve the Settlements and a request by the lawyers
representing all members of the Settlement Class (Lowey Dannenberg Cohen & Hart, P.C.) for an
award of attorneys' fees of no more than one-fourth of the
Settlement Funds for investigating the facts, litigating the case,
and negotiating the settlement, and for reimbursement of their
costs and expenses in the amount of no more than approximately
$300,000. The lawyers for the
Settlement Class may also seek additional reimbursement of fees,
costs, and expenses in connection with services provided after the
Fairness Hearing. These payments will also be deducted from the
Settlement Funds before any distributions are made to the
Settlement Class.
You may ask to appear at the Fairness Hearing, but you do not
have to. For more information, call toll free 1-866-217-4453 or
visit the website www.EuroyenSettlement.com.
1 "Euroyen-Based Derivatives" means
(i) a Euroyen TIBOR futures contract on the Chicago Mercantile
Exchange ("CME"); (ii) a Euroyen TIBOR futures contract on the
Tokyo Financial Exchange, Inc. ("TFX"), Singapore Exchange ("SGX"),
or London International Financial Futures and Options Exchange
("LIFFE") entered into by a U.S. Person, or by a Person from or
through a location within the U.S.; (iii) a Japanese Yen currency
futures contract on the CME; (iv) a Yen LIBOR- and/or Euroyen
TIBOR-based interest rate swap entered into by a U.S. Person, or by
a Person from or through a location within the U.S.; (v) an option
on a Yen LIBOR and/or Euroyen TIBOR-based interest rate swap
("swaption") entered into by a U.S. Person, or by a Person from or
through a location within the U.S.; (vi) a Japanese Yen currency
forward agreement entered into by a U.S. Person, or by a Person
from or through a location within the U.S.; and/or (vii) a Yen
LIBOR- and/or Euroyen TIBOR-based forward rate agreement entered
into by a U.S. Person, or by a Person from or through a location
within the U.S.
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2 The
"Settlement Agreements" means the Stipulation and Agreement of
Settlement with Deutsche Bank entered into on July 21, 2017 and the
Stipulation and Agreement of Settlement with JPMorgan entered into
on July 21, 2017.
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SOURCE Lowey Dannenberg, P.C.