Important Update: There are Settlements with Deutsche Bank AG, totaling $425,000.
Previous Settlements with JPMorgan, Bank of America, and UBS received final approval from the Court on May 26, 2020. New information regarding these Settlements will be posted once there are new updates. You may also visit the corresponding FAQ page.
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”), a Settlement has been reached with Deutsche Bank AG (“Deutsche Bank” or the “Settling Defendant”). The lawsuit claims that the Settling Defendant and the Non-Settling Defendants (see Question 2) unlawfully manipulated U.S. Dollar LIBOR, artificially lowering the rate and causing class members to lose money in connection with loans and transactions regarding loans that paid interest based upon U.S. Dollar LIBOR.
Who is included?
You are included in the Settlement 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, which rates adjusted at any time between August 1, 2007 and May 31, 2010. Class Members will release claims through the Settlement only against Settling Defendant and their affiliates, officers, directors, employees, and other related persons; the Settlement does 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. The Settlement does not include other types of U.S. Dollar LIBOR-based instruments such as interest rate swaps or bonds.
The Court granted Final Approval of this Settlement on March 15, 2021.