Lowey Dannenberg secured New York U.S. District Judge George B. Daniels’ preliminarily approved $58 million in class settlements between investors and HSBC Holdings PLC, Citigroup and brokerage firm RP Martin Holdings Ltd., the first settlements of the antitrust suit accusing several large financial institutions of fixing yen-denominated Libor rates.
The Court named Lowey Dannenberg Cohen & Hart PC as class counsel and scheduled a final fairness hearing for Nov. 10 on HSBC’s proposed $35 million settlement, Citigroup’s proposed $23 million settlement and RP Martin’s non-monetary agreement, and certified a class of investors for the purpose of the deals. “The Court finds that the settlement agreements were entered into at arm's length by experienced counsel and are sufficiently within the range of reasonableness, fairness, and adequacy, and that notice of the settlements should be given as provided in this order,” Judge Daniels said.
The class includes those who “sold, held, traded or otherwise had any interest in any Euroyen-based derivatives” between Jan. 1, 2006 and June 30, 2011, with exceptions for affiliates, parents, subsidiaries or agents of the defendants, released parties and class members who opt-out.
Litigation continues additional banks that sit on the Libor and Tibor panels, Deutsche Bank AG, JPMorgan & Chase Co., Societe Generale, Sumitomo Mitsui Banking Corp., Mizuho Corporate Bank Ltd. and other banks, accused of conspiring to fix the rates by submitting agreed-upon estimates. The case, pending in in the U.S. District Court for the Southern District of New York, is Laydon v. Mizuho Bank Ltd. et al., case number 1:12-cv-03419