SEATTLE, Nov. 27, 2020 /PRNewswire/ — There is a Settlement with Deutsche Bank AG that impacts 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. Deutsche Bank 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, and the Court has denied the plaintiff’s motion to certify a litigation class. Plaintiffs have appealed certain orders of the Court.
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 $425,000 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 February 8, 2021. 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 Deutsche Bank AG for the alleged conduct and will be bound by the Court’s decisions concerning the Settlement. The Settlement 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 Deutsche Bank AG, you must exclude yourself from the Settlement Class by February 8, 2021. If you stay in the Settlement Class, you may object to the Settlement by February 22, 2021.
The Court will hold a hearing on March 15, 2021 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 call 1-833-609-9716 or visit www.LendersLiborSettlements.com.
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SOURCE JND Legal Administration