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The LIBOR Bondholder Settlement: Several Big Problems and One Simple Solution

45,000 CUSIPs to search AND a confidentiality agreement to sign? CCC can help



Case name: LIBOR Bondholder Settlement

Settlement fund: $68,625,000

Claim filing deadline: 12/28/2020

Class period: 8/1/2007 - 5/31/2010

Securities and antitrust settlements are a tricky, tedious distraction for most investment managers, and unfortunately the upcoming $68.625 Million LIBOR Bondholder settlement is trickier than most. Whether you are providing notice for your clients or filing claims for them, (or both), you will face several hurdles unique to this settlement:

  • --There are over 45,000 eligible CUSIPs "not limited to" bonds, corporate bonds, municipal bonds, government bonds, asset backed securities, residential mortgage backed securities, commercial mortgage backed securities, collateralized debt obligations, and collateralized loan obligations;

  • --A confidentiality agreement is required to view or use this CUSIP list in any way. Whether you are a broker trying to comply with a court direction to provide notice or an investment manager filing claims for your clients, everyone in your firm who might use this list in any way-- from data management to customer service--could be obliged to sign a separate agreement;

  • --The claim form requires you to identify each of the 45,000 eligible bonds in each claim "that have been the subject of a release of claims" and that "have received any payment in connection with the litigation or settlement of any actions or claims."

  • --The relevant data is old: the class period begins nearly 13 years ago.

Chicago Clearing Corporation can help. All of our relevant team members have signed confidentiality agreements and can search your data for all potentially eligible claimants, provide notice, file claims, resolve deficiencies, contest rejections, and allocate the eventual settlement awards-- entirely eliminating this hassle from your workload.

A complicated litigation like this case is right up our alley. The GSE Bonds Antitrust litigation from earlier this year had nearly 60,000 CUSIPs. For that settlement, we filed claims for 661 institutional investors representing over 108,000 accounts. Our filing ran to over 155 million lines of data.

If you would like to discuss how we can relieve you of all of the burdens of this case, from providing notice to filing claims, then please give us a call today at 312-204-6970.



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