Important Update: There are new Settlements with JPMorgan, Bank of America, and UBS, totaling $4 million.
Previous Settlements with Citibank, HSBC and Barclays received final approval from the Court on December 20, 2018. New information regarding these Settlements will be posted once there are new updates. You may also visit the corresponding FAQ page.
What is this lawsuit about?
In a class-action lawsuit about alleged manipulation of the London Interbank Offered Rate (“LIBOR”), Settlements have been reached in two separate groups of Settlements. The first Settlements were reached with Citibank, N.A. and Citigroup Inc. (collectively, “Citibank”), HSBC Bank plc and HSBC Holdings plc (collectively, “HSBC”) and Barclays Bank plc (“Barclays”). The second group of Settlements was reached with JPMorgan Chase & Co., JPMorgan Chase Bank, N.A. (collectively, “JPMorgan”), Bank of America Corporation and Bank of America, N.A. (collectively, “BOA”), and UBS AG (“UBS”). The aforementioned parties are together called “Settling Defendants.” The lawsuit claims that Settling Defendants and the Non-Settling Defendants unlawfully manipulated U.S. Dollar LIBOR, artificially lowering the rate which caused class members to lose money in connection with loans and transactions regarding loans.
Who is included?
You are included in the Settlements if you are a U.S.-headquartered lending institution 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. Class Members will release claims through these Settlements only against Settling Defendants and their affiliates; the Settlements do not impact claims in the lawsuit against the Non-Settling Defendants, and the lawsuit is ongoing.
The loans affected include, among others: U.S. Dollar LIBOR-based loans that include a term, provision, or obligation or right to receive interest payments based on U.S. Dollar LIBOR. These Settlements do not include other types of U.S. Dollar LIBOR-based instruments such as interest rate swaps or bonds.