Bondholder LIBOR Settlements

In 2022, the Court granted final approval to seven settlements in the Bondholder Action with an aggregate dollar value of $68.625 million (the “initial Settlements”). Bondholder Plaintiffs have reached new proposed settlements with three additional banks: Bank of Tokyo-Mitsubishi UFJ Ltd. (now known as MUFG Bank, Ltd. (“MUFG”)), Credit Suisse Group AG (“Credit Suisse”) and The Norinchukin Bank (“Norinchukin”) (the “Subsequent Settlements”). These banks are known collectively as the “Settling Defendants.” The Subsequent Settlements, if each is approved, will create an aggregate Settlement Fund of $1.749 million.

In December 2021, the Court of Appeals upheld the District Court’s dismissal of the Bondholder Action on the merits, ending the case as to the remaining non-settling defendants. That dismissal is now final, and as a result, the Subsequent Settlements are the only remaining opportunity for members of the Bondholder Class to recover on the claims in the litigation. The only aspects of the Bondholder Action remaining before the District Court are the preliminary and final approval of the Subsequent Settlements and the ultimate distribution of the total aggregate of Settlement Funds from the Initial and Subsequent Settlements to members of the Bondholder Settlement Classes, and any related ancillary matters.

If you are a member of the Subsequent Settlement Classes, your rights will be affected, and you may be eligible for a payment from the Subsequent Settlements. The Subsequent Settlement Classes consist of:

All persons and entities who, during the period from August 1, 2007, through May 31, 2010, inclusive (the “Class Period”), owned (including beneficially in “street name”) any bond or other debt security:

• that has a CUSIP identification number;
• on which interest was payable at any time between August 1, 2007, and May 31, 2010;
• where that interest was payable at a rate expressly tied to U.S. Dollar LIBOR; and
• that was not issued by any of the Defendants, their subsidiaries or affiliates as obligor.

Claims submitted in the Initial Settlements will automatically be considered for recovery in the Subsequent Settlements and should NOT be re-submitted in the Subsequent Settlements. Recovery for new claims submitted in the Subsequent Settlements will be limited to the net settlement funds in the Subsequent Settlements. The time to file claims in connection with the Initial Settlements has expired.

If you are a member of the Settlement Classes, and you did not submit a claim in the Initial Settlements, in order to be potentially eligible to receive payment from the Subsequent Settlements, you must submit a Proof of Claim Form (“Claim Form”) postmarked or electronically filed no later than February 27, 2023.

Your Legal Rights and Options in This Settlement

Submit a Claim Form

If you did not submit a claim in the Initial Settlements, to be eligible to receive a payment from the Subsequent Settlements, you must mail the Claim Form and supporting documentation, postmarked no later than February 27, 2023 in accordance with the instructions in FAQ 17 and the Claim Form.

Do Nothing

As noted above, claims submitted in the Initial Settlements will automatically be considered for recovery in the Subsequent Settlements. However, if no claim was submitted in the Initial Settlements, and you do nothing, you will both forfeit your right to receive a monetary benefit from the Subsequent Settlements and give up your right to assert claims released by these Settlements against the Settling Defendants about the U.S. Dollar LIBOR manipulation claims at issue in the Bondholder Action.

The Frequently Asked Questions page of this website has more information on your rights as Member of the Settlement Class in this Action.