Two new settlements are available that cover certain LIBOR-Based financial instruments. Information on these settlements can be found below.
LIBOR Bondholder Settlement
Settlement Fund
$68,625,000
Class Period
August 2007 – May 2010
Claim Filing Deadline
December 28, 2020
PLEASE NOTE: THE FILING DEADLINE TO SUBMIT A CLAIM TO THIS SETTLEMENT HAS PASSED. MCAG WILL UPDATE CLIENTS ACCORDINGLY ONCE INFORMATION IS AVAILABLE ON DISTRIBUTIONS FROM THIS SETTLEMENT.
Overview
The Bondholder Action claims that certain banks (the “Defendants”) conspired to manipulate U.S. Dollar LIBOR (“LIBOR”) between August 1, 2007 and May 31, 2010 (the “Class Period”). Plaintiffs claim that this alleged manipulation artificially lowered LIBOR, resulting in holders of U.S. Dollar LIBOR-Based Debt Securities being paid less interest during the Class Period. The Defendants deny all claims of wrongdoing.
Eligibility
All persons and entities who owned (including beneficially or in “street name”) any USD LIBOR-Based Debt Security; provided, however that any such securities that were issued by any Defendant, including its subsidiaries and affiliates, as obligor, are excluded from the definition of LIBOR-Based Debt Security.
Defendants
JPMorgan Chase & Co. (JPM), Bank of America Corporation (BOA), and the Royal Bank of Scotland Group plc (RBS) Barclays, Citibank, HSBC, UBS.
Filing Requirements
MCAG clients must provide the following for MCAG to submit a complete and valid claim:
Holdings at the beginning of the class period - List all Eligible Debt Securities, held as of the beginning of trading on August 1, 2007: CUSIP, Face/Nominal Value Held as of August 1, 2007, Maturity Date
Purchases during the class period - List of all purchases of Eligible Debt Securities, made during the class period (August 1, 2007, to May 31, 2010): CUSIP, Date of purchase/acquisition (MMDDYY), (list chronologically), Face/Nominal Value of Amount Purchased, Maturity Date
Sales during the class period - List of all sales of Eligible Debt Securities, made within the class period (August 1, 2007, to May 31, 2010): CUSIP, Date of sales/conversion (MMDDYY), (list chronologically), Face/Nominal Value of Amount Sold, Maturity Date
Holdings at the end of the class period - List all Eligible Debt Securities, held as of the close of trading on May 31, 2010: CUSIP, Face/Nominal Value Held as of May 31, 2010, Maturity Date
LIBOR Non-Defendant / Green Pond Action
Settlement Fund
$21,775,000
Class Period
August 2007 – May 2010
Claim Filing Deadline
January 3, 2021
PLEASE NOTE: THE FILING DEADLINE TO SUBMIT A CLAIM TO THIS SETTLEMENT HAS PASSED. MCAG WILL UPDATE CLIENTS ACCORDINGLY ONCE INFORMATION IS AVAILABLE ON DISTRIBUTIONS FROM THIS SETTLEMENT.
Overview
This litigation claims that certain banks manipulated U.S. Dollar LIBOR during the financial crisis, artificially lowering the rate for their own profit, which resulted in purchasers receiving less interest than they otherwise would have. The Defendants deny all claims of wrongdoing.
Eligibility
All persons and entities who purchases a U.S. dollar LIBOR-Based Instrument from Non-Defendant OTC Financial Institutions and that owned the U.S. Dollar LIBOR-Based Instruments at any time during the period of August 2007 through May 2010.
Non Defendant OTC Financial Institutions
Ally, American Express, Bancwest, Bank of New York, BB&T, BBVA, BMO Harris, Capital One, Fifth Third, Goldman Sachs, Harris Financial, Keycorp, M&T, Metlife, Morgan Stanley, Northern Trust, PNC, Regions, State Street, Suntrust, TD Bank, Unionbancal, U.S. Bancorp or Wells Fargo, including their subsidiaries, affiliates, predecessors and successors.
Filing Requirements
MCAG clients must provide the Swap Agreements and/or Notes with the details noted below for MCAG to submit a complete and valid claim:
A. SWAPS AND FORWARD RATE AGREEMENTS
(Interest Rate Swaps, Amortizing Swaps, Basis Swaps, Asset Swaps, Inflation Swaps, Total Return Swaps, Currency Swaps)
Instrument Type
Non-Defendant OTC Financial Institution Paying Libor
Effective Date
Maturity/Cancellation Date
Tenor and Currency of LIBOR
Margin/Multiplier
Notional Amount
Frequency of LIBOR payment periods
Non-Standard Terms
Reference/Transaction ID
B. FLOATING RATE NOTES
Instrument Type
Non-Defendant OTC Financial Institution Paying Libor
Seller
Effective Date
Maturity/Cancellation Sale Date
Tenor and Currency of LIBOR
Margin/Multiplier
Amount (in $)
Frequency of LIBOR payment periods
Non-Standard Terms
Reference/Transaction ID
Need more information? Call MCAG at 1-800-355-0466 to learn more or CLICK HERE to complete our contact form and an MCAG representative will respond shortly.