EuroYen Settlement

Overview

Plaintiffs allege that Defendants, between January 1, 2006 and June 30, 2011, manipulated or helped manipulate Yen-LIBOR, EuroYen TIBOR, and the prices of EuroYen-Based Derivatives. Panel banks that made the daily Yen-LIBOR and/or Euroyen TIBOR submissions to the British Bankers’ Association and Japanese Bankers Association (collectively, “Contributor Bank Defendants”), such as Citi and HSBC, allegedly falsely reported their cost of borrowing in order to financially benefit their Euroyen-Based Derivatives positions. Contributor Bank Defendants also requested that other Contributor Bank Defendants make false Yen-LIBOR and Euroyen TIBOR submissions on their behalf to benefit their Euroyen-Based Derivatives positions. 

Plaintiffs further allege that inter-dealer brokers, intermediaries between buyers and sellers in the money markets and derivatives markets (the “Broker Defendants”), such as RP Martin, had knowledge of and assisted the Contributor Bank Defendants’ alleged manipulations of Euroyen-Based Derivatives, in violation of the Commodity Exchange Act. For example, Contributor Bank Defendants used the Broker Defendants to manipulate Yen-LIBOR, Euroyen TIBOR, and the prices of Euroyen-Based Derivatives by disseminating false “Suggested LIBORs,” publishing false market rates on broker screens, and publishing false bids and offers into the market.

EuroYen Based Derivatives Are

EuroYen TIBOR futures contract on the Chicago Mercantile Exchange (“CME”), Tokyo Financial Exchange (“TFX”), Singapore Exchange (“SGX”), or London International Financial Futures & Options Exchange (“LIFFE”) entered into by a US person, or by a person from or through a location within the US; a Japanese Yen currency futures contract on the CME; a Yen
​LIBOR-and/or EuroYen TIBOR-based interest rate swap entered into by a US person, or by a person from or through a location within the US; an option on a Yen LIBOR-and/or EuroYen TIBOR-based interest rate swap (“swaption”) entered into by a US person, or by a person from or through a location within the US; and a Yen LIBOR-and/or EuroYen TIBOR-based forward rate agreement entered into by a US person, or by a person from or through a location with the US.

Class

All Persons that purchased, sold, held, traded, or otherwise had any interest in any Euroyen-Based Derivatives during the period of January 1, 2006 through June 30, 2011 (“Class Period”). Excluded from the Class are Defendants and their parents, subsidiaries, affiliates, or agents; the Released Parties (as defined in the Agreements); and any Class Member who files a timely and valid request for exclusion.

Defendants

Contributor Bank Defendants

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​Broker Defendants

Filing Deadline: Contact SRG​

To learn more about this settlement and how SRG can help you in the recovery process, please contact us:​​

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​​​​​Settlement Recovery Group, LLC (“SRG”) is not the official claims administrator, class counsel or any party in the case. SRG is a third party claims filing service that can be hired to file and track claims.​ We specialize in helping companies and small businesses file claims to obtain their fair share of settlement money from class action lawsuits once a settlement has been reached. Our services are voluntary and are not required to file a claim; claimants may file a no-cost claim on their own. This summary is for informational purposes only and is based on SRG’s review of publicly available case documents. Official information can be found on the case website and on the court docket. This summary is not and should not be construed as legal, tax, or other professional advice.