This official website is maintained by the Settlement Administrator retained and supervised by Class Counsel the action entitled, Fund Liquidation Holdings LLC. v. Citibank, N.A., et al., 1:16-cv-5263 (AKH) (S.D.N.Y.) pending in the United States District Court for the Southern District of New York.
**IMPORTANT UPDATE**
The Plaintiffs’ motion for distribution was filed with the Court on July 14, 2023. The documents related to that filing can be found on the
Court Documents page of this website.
The Plaintiffs’ motion for distribution was filed with the Court on July 14, 2023. The documents related to that filing can be found on the
Court Documents page of this website.
The information contained on this web page is only a summary of information presented in more detail in the Notice of Proposed Class
Action Settlements, November 29, 2022 Fairness Hearing Thereon, And Class Members’ Rights (the “Notice”), which you can access by
clicking here. Since this website is just a summary,
you should review the Notice and Settlement Agreements for additional details.
The Claims Filing deadline has been extended to January 20, 2023.
Your Legal Rights Could Be Affected Whether You Act Or Do Not Act. Please Read The Notice Carefully.
IF YOU TRANSACTED IN SIBOR- AND/OR SOR-BASED DERIVATIVES DURING THE PERIOD FROM JANUARY 1, 2007 THROUGH DECEMBER 31, 2011, (THE “CLASS PERIOD”), YOUR RIGHTS MAY BE AFFECTED BY PENDING CLASS ACTION SETTLEMENTS, AND YOU MAY BE ENTITLED TO A PAYMENT FROM THE CLASS ACTION SETTLEMENT FUND.
| YOUR LEGAL RIGHTS AND OPTIONS IN THESE SETTLEMENTS | |
|---|---|
| DO NOTHING | If you do nothing in connection with the Settlements, you will receive no payment from the Settlements and you will be bound by past and any future Court rulings, including rulings on the Settlements, if approved, and the settlement release. See question 18 of the Notice. |
| FILE A CLAIM FORM | The only way to receive your share of the Net Settlement Fund is to complete and electronically submit a valid Claim Form to the Settlement Administrator online no later than JANUARY 20, 2023, or to mail your completed Claim Form so that it is postmarked no later than JANUARY 20, 2023. See question 12 of the Notice. |
| EXCLUDE YOURSELF FROM THE SETTLEMENT(S) | If you wish to exclude yourself from the Settlement Class for any of the Settlements, you must submit by U.S. First-Class Mail (or, if sent from outside the U.S., by a service that provides for guaranteed delivery within five (5) or fewer calendar days of mailing) or deliver a written request to the Settlement Administrator so that it is received by OCTOBER 31, 2022. If you exclude yourself, you will not be bound by the Settlements, if approved, or settlement releases, and you will not be eligible for any payment from the Settlements. See questions 19 – 23 of the Notice. |
| OBJECT TO THE SETTLEMENT(S) | If you wish to object to any of the Settlements, you must file a written objection with the Court and serve copies on Plaintiffs’ Counsel and Settling Defendants’ counsel so that the written objection is received by OCTOBER 31, 2022. You must be and remain within the Settlement Class in order to object. See questions 24 and 25 of the Notice. |
| PARTICIPATE AT THE FAIRNESS HEARING | You may ask the Court for permission to speak about the Settlements at the Fairness Hearing by including such a request in your written objection, which you must file with the Court and serve on Plaintiffs’ Counsel and Settling Defendants’ counsel so that it is received by OCTOBER 17, 2022. The Fairness Hearing is scheduled for NOVEMBER 29, 2022. See questions 28 – 30 of the Notice |
| APPEAR THROUGH AN ATTORNEY | You may enter an appearance through your own counsel at your own expense. See question 30 of the Notice. |
Any change by the Court to the Distribution Plan, the time and place of the Fairness Hearing, or any other matter and all further
orders or requirements by the Court will be posted on this website as soon as practicable.
It is important that you refer to this website as no other notice may be published of any such changes.
It is important that you refer to this website as no other notice may be published of any such changes.
What is this action about?
Representative Plaintiffs allege that Defendants, including the Settling Defendants, unlawfully and intentionally manipulated two benchmark interest rates, the Singapore Interbank Offered Rate (“SIBOR”) and the Singapore Swap Offer Rate (“SOR”), to fix the prices of SIBOR- and SOR-Based Derivatives in violation of the Sherman Act, 15 U.S.C. § 1, et seq., Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. §§ 1961-1968 (“RICO”), and common law from at least January 1, 2007 through December 31, 2011 (the “Class Period”).
Representative Plaintiffs allege that Settling Defendants, as members of the panels that set SIBOR and SOR, made submissions to set these rates that did not reflect the true cost of borrowing funds in the Singapore market. Representative Plaintiffs allege that the submissions were instead intended to fix SIBOR- and SOR-Based Derivatives at prices that would increase the profitability of Defendants’ SIBOR- and/or SOR-Based Derivatives positions and caused investors located in or trading through the United States to be overcharged or underpaid in their SIBOR- and SOR-Based Derivatives transactions. Representative Plaintiffs transacted in SIBOR- and/or SOR-Based Derivatives during the Class Period.
The Settling Defendants maintain that they have good and meritorious defenses to Representative Plaintiffs’ claims and would prevail if the case were to proceed. Nevertheless, to settle the claims in this lawsuit, and thereby avoid the expense and uncertainty of further litigation, the Settling Defendants have agreed to pay a total of $155,458,000 in cash for the benefit of the proposed Settlement Class. If the Settlements are approved, the respective Settlement Amounts, plus any interest (the “Settlement Funds”), less any Taxes, the reasonable costs of Class Notice and administration, any Court-awarded attorneys’ fees, litigation expenses and costs, Incentive Awards for Representative Plaintiffs, and any other costs or fees approved by the Court (the “Net Settlement Funds”) will be divided among all Class Members who file timely and valid Claim Forms.
If the Settlements are not approved, the Defendants will remain as defendants in the Action, and Representative Plaintiffs will continue to pursue their claims against Defendants.
Commodities Brokers and other Nominees: Please visit the Institutional E-Filing page of this website.
Representative Plaintiffs allege that Defendants, including the Settling Defendants, unlawfully and intentionally manipulated two benchmark interest rates, the Singapore Interbank Offered Rate (“SIBOR”) and the Singapore Swap Offer Rate (“SOR”), to fix the prices of SIBOR- and SOR-Based Derivatives in violation of the Sherman Act, 15 U.S.C. § 1, et seq., Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. §§ 1961-1968 (“RICO”), and common law from at least January 1, 2007 through December 31, 2011 (the “Class Period”).
Representative Plaintiffs allege that Settling Defendants, as members of the panels that set SIBOR and SOR, made submissions to set these rates that did not reflect the true cost of borrowing funds in the Singapore market. Representative Plaintiffs allege that the submissions were instead intended to fix SIBOR- and SOR-Based Derivatives at prices that would increase the profitability of Defendants’ SIBOR- and/or SOR-Based Derivatives positions and caused investors located in or trading through the United States to be overcharged or underpaid in their SIBOR- and SOR-Based Derivatives transactions. Representative Plaintiffs transacted in SIBOR- and/or SOR-Based Derivatives during the Class Period.
The Settling Defendants maintain that they have good and meritorious defenses to Representative Plaintiffs’ claims and would prevail if the case were to proceed. Nevertheless, to settle the claims in this lawsuit, and thereby avoid the expense and uncertainty of further litigation, the Settling Defendants have agreed to pay a total of $155,458,000 in cash for the benefit of the proposed Settlement Class. If the Settlements are approved, the respective Settlement Amounts, plus any interest (the “Settlement Funds”), less any Taxes, the reasonable costs of Class Notice and administration, any Court-awarded attorneys’ fees, litigation expenses and costs, Incentive Awards for Representative Plaintiffs, and any other costs or fees approved by the Court (the “Net Settlement Funds”) will be divided among all Class Members who file timely and valid Claim Forms.
If the Settlements are not approved, the Defendants will remain as defendants in the Action, and Representative Plaintiffs will continue to pursue their claims against Defendants.
Commodities Brokers and other Nominees: Please visit the Institutional E-Filing page of this website.
If you have questions, you may call the Settlement Help Line at 877-777-9321,
or email info@siborsettlement.com
or email info@siborsettlement.com
