On July 11, 2018, Judge Daniels granted final approval to Plaintiffs’ $30 million settlement with The Bank of Tokyo-Mitsubishi UFJ Ltd. and Mitsubishi UFJ Trust and Banking Corp, resolving claims in two related cases 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.), regarding their alleged participation in a conspiracy to manipulate the Yen-LIBOR and Euroyen TIBOR benchmark interest rates.
The settlement raises Lowey’s recovery for investors in the Yen-LIBOR- and Euroyen TIBOR-based derivatives market to $236 million. Both the Laydon and Sonterra actions continue against the remaining Defendants in the Southern District of New York.