On September 11, 2019 Judge George B. Daniels granted preliminary approval to an additional $71 million in settlements with banks allegedly involved in a conspiracy to manipulate the Yen London Interbank Offered Rate (“Yen LIBOR”) and Euroyen Tokyo Interbank Offered Rate (“Euroyen TIBOR”). These settlements resolve claims against Sumitomo Mitsui Trust Bank, The Bank of Yokohama Ltd., Shinkin Central Bank, The Shoko Chukin Bank Ltd., Resona Bank Ltd., Mizuho Bank Ltd., The Norinchukin Bank, and Sumitomo Mitsui Banking Corp., for the alleged manipulation of Yen LIBOR and Euroyen TIBOR in two related actions, Laydon v. Mizuho Bank Ltd. et al., No. 1:12-cv-03419 (S.D.N.Y.) and Sonterra Capital Master Fund Ltd. et al. v. UBS AG et al., No. 1:15-cv-05844 (S.D.N.Y.). Both Laydon and Sonterra continue against the remaining defendants the U.S. District Court for the Southern District of New York .

The $71 million in monetary compensation provided by these settlements brings the total amount recovered by Lowey for investors in Yen LIBOR and Euroyen TIBOR-based derivatives to $307 million.  Additional information about these settlements and others in the Laydon and Sonterra actions can be found at: http://www.euroyensettlement.com/.

Please contact Vincent Briganti (vbriganti@lowey.com) or Ray Girnys (rgirnys@lowey.com) with any questions.

You can learn more about Lowey’s pioneering commodities practice, including other benchmark rate manipulation cases, here: https://lowey.com/commodities/