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 $1,900,000

SEATTLE, July 8, 2024 /PRNewswire/ -- JND Legal Administration

There is a Settlement with The Royal Bank of Scotland Group plc (n/k/a NatWest Group plc), British Bankers' Association, BBA Enterprises Ltd., BBA Trent Ltd. (f/k/a BBA LIBOR Ltd.), Coöperatieve Rabobank U.A. (f/k/a Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.), Lloyds Banking Group plc and HBOS plc (together, "Lloyds"), The Norinchukin Bank, Portigon AG (f/k/a WestLB AG), Westdeutsche Immobilien Servicing AG (f/k/a Westdeutsche ImmobilienBank AG), and Royal Bank of Canada (collectively, "Settling Defendants") 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. Settling Defendants deny all claims of wrongdoing. The Court denied a motion to dismiss the fraud claims asserted by the plaintiffs, the Court has denied the plaintiff The Berkshire Bank'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. At the time this Class Settlement was reached, the plaintiffs were continuing to pursue their individual claims.

Am I included?

You are included in the Settlement 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 does the Settlement provide?

The Settlement will create a $1,900,000 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 September 12, 2024. 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 Settling Defendants for the alleged conduct and will be bound by the Court's decisions concerning the Settlement. If you want to keep your right to sue Settling Defendants you must exclude yourself from the Settlement Class by September 26, 2024. If you stay in the Settlement Class, you may object to the Settlement by September 26, 2024.

The Court will hold a hearing on October 17, 2024, to consider whether to approve the Settlement 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.

For more information about the Settlement, visit www.LendersLiborSettlements.com or call 1-833-609-9716.

SOURCE JND Legal Administration