Lowey Dannenberg Wins $30 Million for Investors in Yen-LIBOR, Euroyen TIBOR

by | Feb 9, 2018 | Homepage, News | 0 comments

In March 2018, the Honorable George B. Daniels preliminarily approved a $30 million settlement for investors in Yen-LIBOR (the London Interbank Offered Rate for the Japanese yen), Euroyen TIBOR (the Tokyo Interbank Offered Rate), and the prices of Euroyen TIBOR derivative contracts. These recent settlements with the Bank of Tokyo-Mitsubishi UFJ Ltd. and Mitsubishi UFJ Trust and Banking Corp. follow previous settlements with Deutsche Bank AG, JP Morgan Chase & Co., Citi, HSBC, and R.P. Martin, who have collectively paid $206 million (for a combined total of $236 million) to settle suits alleging collusion among several major financial institutions to manipulate yen-dominated LIBOR and Euroyen TIBOR, profiting at the expense of consumers.

The Court named Lowey Dannenberg, P.C. as class counsel and preliminarily certified a class of investors which includes “All Persons who purchased, sold, held, traded, or otherwise had any interest in Euroyen-Based Derivatives during the period from January 1, 2006 through June 30, 2011.”

Litigation continues against additional defendants, including UBS, RBS, and others. The cases, pending in the U.S. District Court for the Southern District of New York, are Laydon v. Mizuho Bank Ltd. et al., case number 1:12-cv-03419, and Sonterra Capital Master Fund Ltd. et al. v. UBS AG et al., case number 1:15-cv-05844