If You Are a U.S. 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 U.S. Dollar LIBOR, Which Rates Adjusted At Any Time Between August 1, 2007 and May 31, 2010, You May Be Eligible for a Payment from a Settlement Totaling $4 Million
SEATTLE, Feb. 10, 2020 /PRNewswire/ -- JND Legal Administration
There are Settlements with JPMorgan, Bank of America and UBS 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. JPMorgan, Bank of America, and UBS and the other defendants deny all claims of wrongdoing. The Court denied a motion to dismiss the fraud claims asserted by one of the plaintiffs, The Berkshire Bank, the Court has denied the plaintiff'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. Aside from this Class Settlement, the Berkshire Bank is continuing to pursue only its individual claims.
Am I included?
You are included in the Settlements 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 do the Settlements provide? The Settlements will create a $4 million 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 April 21, 2020. 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 JPMorgan, Bank of America and UBS for the alleged conduct and will be bound by the Court's decisions concerning the Settlements. The Settlements will not result in a release of your claims against any Non-Settling Defendant, and the litigation against Non-Settling Defendants is ongoing. If you want to keep your right to sue JPMorgan, Bank of America or UBS, you must exclude yourself from the Settlement Class by April 21, 2020. If you stay in the Settlement Class, you may object to the Settlements by May 5, 2020.
The Court will hold a hearing on May 26, 2020 to consider whether to approve the Settlements 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.
1-833-609-9716 www.LendersLiborSettlements.com
SOURCE JND Legal Administration
Related Links
http://www.lendersliborsettlements.com
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article