Sullivan v. Barclays PLC et al., No. 13-cv-2811
On January 18, 2017, the Honorable P. Kevin Castel preliminarily approved Plaintiffs’ proposed settlement for $45 million and substantial cooperation with Defendants HSBC Holdings plc and HSBC Bank plc (together, “HSBC”). This proposed settlement is contingent upon Plaintiffs’ review of discovery relating to certain representations made by HSBC. If, after review of such discovery, Plaintiffs go forward with this settlement, then a program of notice of the settlement to members of the class will be formulated and notice will be sent out thereafter. Plaintiffs have alleged that HSBC and other defendants manipulated the prices of certain Euribor-based derivatives and financial instruments that reference Euribor.
The definition of the Settlement Class with HSBC is: All persons who purchased, sold, held, traded or otherwise had any interest in Euribor Products from June 1, 2005 through and including March 31, 2011, who were either domiciled in the United States or its territories or, if domiciled outside the United States or its territories, transacted Euribor Products in the United States or its territories from June 1, 2005 through and including March 31, 2011, including, but not limited to, all persons who traded CME Euro currency futures contracts, all persons who transacted in NYSE LIFFE Euribor futures and options from a location within the United States, and all persons who traded any other Euribor Product from a location within the United States. “Euribor Products” means any and all interest rate swaps, forward rate agreements, futures, options, structured products, and any other instrument or transaction related in any way to Euribor, including but not limited to, NYSE LIFFE Euribor futures contracts and options, CME Euro currency futures contracts and options, Euro currency forward agreements, Euribor-based swaps, Euribor-based forward rate agreements and/or any other financial instruments that reference Euribor.
Lovell Stewart is Co-Lead Counsel for the Class. Please contact Benjamin M. Jaccarino, Esq. (bjaccarino@lshllp.com) for more information.
