BBSW Settlement

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BBSW Settlement
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Lowey Dannenberg, P.C. and Lovell Stewart Halebian Jacobson LLP Announce a Settlement for Those Who Have Transacted in BBSW-Based Derivatives between January 1, 2003 through December 31, 2012

Notice of Class Action Settlement

If you transacted in BBSW-Based Derivatives1 from January 1, 2003 through December 30, 2012, inclusive, then your rights will be affected and you may be entitled to a benefit.  This Notice is only a summary of the Settlement and is subject to the terms of the Settlement Agreement2 and other relevant documents (available as set forth below).

This website has been established to inform people and institutions who transacted in BBSW-Based Derivatives of a proposed settlement (the “Settlement”) with Settling Defendants JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A. (collectively, “JPMorgan”) in the action titled Dennis et al. v. JPMorgan Chase & Co. et al. and their rights in connection with the Settlement. The Settlement is not a settlement with any other Defendant in the action and thus is not dispositive of any of Plaintiffs’ claims against the remaining Defendants.

The Settlement has been proposed to resolve a class action lawsuit concerning the alleged manipulation of the Bank Bill Swap Rate (“BBSW”) and the prices of BBSW-Based Derivatives from January 1, 2003 through December 31, 2012, inclusive. The Settlement will provide $7,000,000 to pay claims from persons who transacted in BBSW-Based Derivatives from January 1, 2003 through December 31, 2012, inclusive. If you qualify, you may send in a Proof of Claim and Release form to potentially get benefits. Or you can exclude yourself from the Settlement, or object to it.

The United States District Court for the Southern District of New York (500 Pearl St., New York, NY 10007-1312) authorized establishment of this website. Before any money is paid, a formal notice of the Settlement will be issued, and the Court will hold a Fairness Hearing to decide whether to approve the Settlement.

Who Is Included?

You are a member of the “Settlement Class” if you purchased, sold, held, traded, or otherwise had any interest in BBSW-Based Derivatives at any time from January 1, 2003 through December 31, 2012, inclusive. Excluded from the Settlement Class are (i) the Defendants and any parent, subsidiary, affiliate or agent of any Defendant or any co-conspirator whether or not named as a Defendant; and (ii) the United States Government.

Contact your brokerage firm to see if you purchased, sold, held, traded, or otherwise had any interest in BBSW-Based Derivatives. For more information about the Settlement, including the Settlement Agreement and other important documents, please visit this Settlement Website.

What Is This Litigation About?

Plaintiffs allege that each Defendant, from January 1, 2003 through December 31, 2012, inclusive, manipulated or aided and abetted the manipulation of BBSW and the prices of BBSW-Based Derivatives. Defendants allegedly did so by using several means of manipulation. For example, Defendants coordinated manipulative, uneconomic transactions of Prime Bank Bills during the daily BBSW “Fixing Window” in order to move the published BBSW rate in a direction that benefitted their BBSW-Based Derivatives trading positions. Defendants on the BBSW Panel also submitted false BBSW rates—not reflecting observed rates in the Prime Bank Bill market—to the Australian Financial Markets Association in order to move BBSW in direction profitable for them.

Plaintiffs further allege that inter-dealer brokers, intermediaries between buyers and sellers in the money markets and derivatives markets (the “Broker Defendants”) assisted the Bank Defendants’ effort to manipulate BBSW by facilitating manipulative Prime Bank Bill transactions that moved BBSW in the direction preferred by Bank Defendants on a particular day. Broker Defendants were rewarded for their participation in the conspiracy with outsized commission payments.

Plaintiffs have asserted legal claims under various theories, including federal antitrust law, the Commodity Exchange Act, the Racketeering Influenced and Corrupt Organizations Act, and common law.

JPMorgan has consistently and vigorously denied Plaintiffs’ allegations.  JPMorgan entered into the Settlement Agreement with Plaintiffs, despite believing that it is not liable for the claims asserted against it, to avoid the further expense, inconvenience, and distraction of burdensome and protracted litigation, thereby putting this controversy to rest and avoiding the risks inherent in complex litigation.

What Do I Need to Do Now?

People or institutions who may be members of the Settlement Class should preserve all data and information that may be relevant to their transactions in BBSW-Derivatives to use in filing a claim from the Settlement when formal notice of the Settlement is issued.  The Court will separate issue an order directing the issuance of the formal notice of the Settlement. At that time, further instructions will be provided concerning, among other things, filing a claim, objecting to the Settlement or requesting exclusion from the Settlement.  If you wish to receive the formal notice of the Settlement, please email the Settlement Administrator at info@BBSWSettlement.com. Please check this website regularly for updated information.

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1 “BBSW-Based Derivatives” means (i) a BBSW-based interest rate swap entered into by a U.S. Person, or by a Person from or through a location within the U.S.; (ii) an option on a BBSW-based interest rate swap (“swaption”) entered into by a U.S. Person, or by a Person from or through a location within the U.S.; (iii) a BBSW-based forward rate agreement entered into by a U.S. Person, or by a Person from or through a location within the U.S; (iv) an Australian dollar currency forward agreement entered into by a U.S. Person, or by a Person from or through a location within the U.S.; (v) an Australian dollar futures contract on the Chicago Mercantile Exchange (“CME”); (vi) an Australian dollar foreign exchange forward entered into by a U.S. Person, or by a Person from or through a location within the U.S.; and/or (vii) 90-day Bank Accepted Bill futures contracts on the Australian Securities Exchange entered into by a U.S. Person, or by a Person from or through a location within the U.S.

2 The “Settlement Agreement” means the Stipulation and Agreement of Settlement with JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A. entered into on November 20, 2018.

 
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