SEATTLE, July 8, 2024
/PRNewswire/ -- JND Legal Administration
There is a Settlement with The Royal Bank of Scotland Group plc
(n/k/a NatWest Group plc), British Bankers' Association, BBA
Enterprises Ltd., BBA Trent Ltd. (f/k/a BBA LIBOR Ltd.),
Coöperatieve Rabobank U.A. (f/k/a Coöperatieve Centrale
Raiffeisen-Boerenleenbank B.A.), Lloyds Banking Group plc and HBOS
plc (together, "Lloyds"), The Norinchukin Bank, Portigon AG (f/k/a
WestLB AG), Westdeutsche Immobilien Servicing AG (f/k/a
Westdeutsche ImmobilienBank AG), and Royal Bank of Canada (collectively, "Settling Defendants")
that impact lending institutions headquartered in the United States, including its fifty (50)
states and United States
territories, 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.
The litigation alleges that certain banks
(see list of Defendant banks on settlement website)
unlawfully suppressed U.S. Dollar LIBOR, which caused lending
institutions to lose money in connection with loans they held and
their loan transactions. Plaintiffs assert claims for common-law
fraud and conspiracy to commit fraud.
Settling Defendants deny all claims of wrongdoing. The Court denied
a motion to dismiss the fraud claims asserted by the
plaintiffs, the Court has denied the plaintiff The Berkshire Bank's
motion to certify a litigation class, and the Court of Appeals has
denied the plaintiff's petition to review the Court's denial of
class certification prior to a final judgment. At the time this
Class Settlement was reached, the plaintiffs were continuing to
pursue their individual claims.
Am I included?
You are included in the Settlement if you (lending institution)
are:
- Headquartered in the United
States; and
- 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 based upon U.S. Dollar LIBOR, which rate adjusted at any
time between August 1, 2007, and
May 31, 2010.
What does the Settlement provide?
The Settlement will create a $1,900,000 Settlement Fund that will be used to
pay eligible Class Members who submit valid claims.
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 September 12, 2024. You
are entitled to receive a payment if you have a qualifying U.S.
Dollar LIBOR-based loan. 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 Settling
Defendants for the alleged conduct and will be bound
by the Court's decisions concerning the Settlement. If you want to
keep your right to sue Settling Defendants you must exclude
yourself from the Settlement Class by
September 26, 2024. If you stay in the Settlement
Class, you may object to the Settlement by
September 26, 2024.
The Court will hold a hearing on
October 17, 2024, 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.
For more information about the Settlement, visit
www.LendersLiborSettlements.com or call 1-833-609-9716.
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content:https://www.prnewswire.com/news-releases/if-you-are-a-us-headquartered-lending-institution-that-owned-held-purchased-or-sold-a-loan-or-interest-in-a-loan-with-interest-payable-to-you-at-a-rate-based-upon-us-dollar-libor-which-rates-adjusted-at-any-time-between-au-302185232.html
SOURCE JND Legal Administration