If You Owned a U.S. Dollar LIBOR-Based Instrument Between August 2007 and May 2010
You May Be Eligible for a Payment from a $130 Million Settlement
There is a Settlement with Citibank that impacts individuals and institutions that entered into overthe-counter financial derivative and non-derivative instruments directly with Citibank, Barclays, or a Non-Settling Defendant that received payments tied to U.S. Dollar LIBOR. Citibank, Barclays, and the Non-Settling Defendants (Credit Suisse, Bank of America, JPMorgan, HSBC, Lloyds, WestLB, UBS, RBS, Deutsche Bank, Rabobank, Norinchukin, Bank of Tokyo-Mitsubishi UFJ, HBOS, SocGen, and RBC) are U.S. Dollar LIBOR Panel Banks. The instruments include certain interest rate swaps, forward rate agreements, asset swaps, collateralized debt obligations, credit default swaps, inflation swaps, total return swaps, options, and floating rate notes.
The litigation claims that the banks manipulated the U.S. Dollar LIBOR rate during the financial crisis, artificially lowering the rate for their own profit, which resulted in purchasers receiving less interest payments for their U.S. Dollar LIBOR-based instruments from the banks as they should have. Plaintiffs assert antitrust, breach of contract, and unjust enrichment claims. Citibank denies all claims of wrongdoing.
Am I included?
You are included in the Settlement if you (individual or entity): Directly purchased certain U.S. Dollar LIBOR-based instruments from Citibank, Barclays, or any Non-Settling Defendant (or their subsidiaries or affiliates) in the United States; and owned the instruments at any time between August 2007 and May 2010.
What does the Settlement provide?
The Settlement will create a $130 million Settlement Fund that will be used to pay eligible Class Members who submit valid claims. Additionally, Citibank will cooperate with the Plaintiffs in their ongoing litigation against the Non-Settling Defendants.
How can I get a payment?
You must submit a Proof of Claim to get a payment. You can submit a Proof of Claim online or by mail. The deadline to submit a Proof of Claim is March 29, 2018. You are entitled to receive a payment if you have a qualifying transaction with Citibank, Barclays or a Non-Settling Defendant. At this time, it is unknown how much each Class Member who submits a valid claim will receive.
What are my rights?
Even if you do nothing, you will lose your right to sue Citibank for the alleged conduct and will be bound by the Court’s decisions concerning the Settlement. This Settlement will not result in a release of your claims against any Non-Settling Defendant, and the litigation against Non-Settling Defendants is ongoing. If you want to keep your right to sue Citibank, you must exclude yourself from the Settlement Class by January 2, 2018. If you stay in the Settlement Class, you may object to the Settlement by January 2, 2018.
The Court will hold a hearing on January 23, 2018 to consider whether to approve the Settlement and approve Class Counsel’s request of attorneys’ fees of up to one-third of the Settlement Fund, plus reimbursement of costs and expenses. You or your own lawyer may appear and speak at the hearing at your own expense.