Japanese Banks OK'd To Announce $71M Libor Settlements

Law360, New York (September 11, 2019, 5:08 PM EDT) -- A Manhattan federal judge on Wednesday preliminarily approved $71 million of settlements for eight Japanese banks accused of fixing global interest rates, greenlighting a notification process for some 100,000 potential claimants in the class action litigation.

U.S. District Judge George B. Daniels scheduled a Dec. 19 hearing to take up objections, if any, to two groups of settlements, one valued at $32 million and one at $39 million.

“It appears to me at this stage that the settlement is fair, adequate and reasonable,” Judge Daniels said. “I believe that we should move forward.”

The $32 million settlement involves defendant banks Sumitomo...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS