Important Update: There are new settlements with Credit Suisse and MUFG, totaling $760,000.00. For information about prior Settlements, visit the FAQ and Important Documents pages corresponding to those Settlements.
What is this lawsuit about?
In a class-action lawsuit about alleged manipulation of the London Interbank Offered Rate (“LIBOR”), Settlements have been reached with Credit Suisse Group AG (“Credit Suisse” or the “Settling Defendant”) and MUFG Bank, Ltd. f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd. (“MUFG” or “Settling Defendant,” together with Credit Suisse, “Settling Defendants”). The lawsuit claims that the Settling Defendants and the Non-Settling Defendants (see FAQ 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 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, which rates adjusted at any time between August 1, 2007 and May 31, 2010. Class Members will release claims through the Settlements only against Settling Defendants and their affiliates, officers, directors, employees, and other related persons; 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. The Settlement does not include other types of U.S. Dollar LIBOR-based instruments such as interest rate swaps or bonds.
What do these Settlements provide?
The Settlements with the Settling Defendants will create a $760,000 Settlement Fund that will be used to pay eligible Class Members who submit valid claims. The cost to administer the Settlements, attorneys’ fees, and the payment to the Class Representatives will come out of the Settlement Fund (See FAQ 20).
Where can I find information about previous Settlements?
Previous Settlements with Citibank, HSBC and Barclays received final approval from the Court on December 20, 2018. Previous Settlements with JPMorgan, Bank of America, and UBS received final approval from the Court on May 26, 2020. A previous Settlement with Deutsche Bank received final approval from the Court on March 15, 2021. For more information about these settlements, visit the corresponding FAQ page.