Business Wire

Stichting ELCO Foundation Announces Lawsuit Filed in Dutch Court for Manipulation of Benchmark Interest Rates by a Number of International Banks:

Jaa

Stichting ELCO Foundation, a Dutch foundation, has filed a lawsuit in Dutch Court on behalf of institutional investors who executed more than $300 trillion in notional transaction value and who suffered losses in connection with alleged manipulation of LIBOR, EURIBOR and TIBOR interest rates during the period of 1 January 2001 until 30 June 2011.

On behalf of eligible market participants, the Foundation is asserting claims against UBS, Rabobank, Lloyds and ICAP (“Defendants”) and is seeking declaratory relief as the result of the alleged rate manipulation. The Foundation has decided to file this lawsuit after the Defendants rejected or ignored its invitation to discuss an amicable settlement.

Investors that traded LIBOR, EURIBOR and TIBOR related financial instruments can support the Foundation on “success fee only”, no up-front cost or risk, by contacting ELCO Investor Services LLC (EIS), who is retained to provide all administrative services, eligible claims evaluation and provide funding for the litigation.

Background

LIBOR, EURIBOR and TIBOR are interest rate benchmarks that are published daily at which banks are willing to borrow money from each other (without collateral). These rates are used worldwide as the basis for the value determination and settlement of various types of financial instruments and products, such as loans, options and interest rate derivatives.

In the lawsuit, the Claimants allege that the Defendants manipulated the EURIBOR, LIBOR and TIBOR interest rates (and a number of other interest rate benchmarks) for private gain and at the expense of unwitting trading partners, institutional investors and, collectively, market participants.

Rabobank, a Dutch company, has acknowledged the fraud by its employees and acknowledged that this fraud fell within the bandwidth of the work that these employees performed for Rabobank. It has escaped international prosecution by paying the Dutch public prosecution department and American and British authorities’ fines totalling EUR 774 million, including a fine of EUR 70 million paid to the Dutch Public Prosecutor; the highest fine ever paid to that regulator. The Dutch Public prosecutor established that the criminal offences were attributable to Rabobank and that Rabobank was responsible for its employees’ conduct and should have taken measures to prevent the criminal acts.

Regulatory Action

To date, 14 banks and brokers have paid regulatory fines of almost $10 billion related to manipulation of benchmark rates, including LIBOR, EURIBOR, and TIBOR.

US Civil Litigation

In the United States, civil/private antitrust litigation is proceeding on behalf of market participants damaged by the benchmark rates manipulations. The class action litigation covers damaged parties who transacted in impacted interest rate derivatives markets in the United States. Transactions that occurred outside of the US are not covered by the US class action and these transactions will not be eligible to receive any compensation pursuant to settlements and/or verdicts in the US class action litigations.

Objective and joining the Litigation

The Objective of the Foundation is to recover losses, suffered as a result of the Defendants’ alleged illegal rate manipulations, from the Defendants through settlement or court judgment.

Investors domiciled or with offices in Europe that traded Interest rate swaps, credit default swaps, forward rate agreements, swaptions, FX swaps, currency swaps, interest rate futures and other interest rate derivative products in different currencies in European Markets anytime from 1 January 2001 through 30 June 2011, should contact ELCO Investor Services (EIS) - for information, paperwork and evaluation of transaction eligibility.

About the Stichting ELCO Foundation

Stichting ELCO Foundation is an independent legal entity organized under Dutch law, established to protect the interests of stakeholders who suffered losses because of the benchmark rates manipulations orchestrated by the defendant banks and brokers for which the Dutch Courts have jurisdiction. The Foundation Chairman is Dick Bouma, a former Judge at the Court of Appeal in the Hague.

About the Law Firms representing the Foundation and Managing the Litigation

Lemstra Van der Korst is the Dutch law firm in charge of litigating this case on behalf of the Foundation and the investors supporting the Foundation. Lowey Dannenberg, PC, counsel in these matters in the United States, has unequaled expertise in commodity manipulation and derivatives antitrust litigation on behalf of market participants who were injured by the rigging of interbank lending rates.

About the ELCO Investor Services provider

ELCO Investor Services LLC (EIS) provides information, all administrative services, transaction evaluation and funding on behalf of the foundation.

Contact information

Media:
Lemstra Van der Korst N.V.
Flip Wijers, f.wijers@lvdk.com
Jurjen Lemstra, j.lemstra@lvdk.com
Phone: +31 (20) 2050567
or
ELCO Investor Services LLC (EIS):
Email: info@elcoinvestorservices.com
Website: www.elcoinvestorservices.com
Contact: Adam Foulke (EIS)
Phone: US +1 (203) 252-3820

Tietoja julkaisijasta

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Tilaa tiedotteet sähköpostiisi

Haluatko tietää asioista jo ennen kuin ne uutisoidaan? Kun tilaat tiedotteemme, saat ne sähköpostiisi yhtä aikaa suomalaisen median kanssa. Tilauksen voit halutessasi perua milloin tahansa.

Lue lisää julkaisijalta Business Wire

Spiolto® Respimat® enables greater physical activity in people living with Chronic Obstructive Pulmonary Disease  23.5.2018 10:00Tiedote

For media excluding US/Canada and UK This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180523005102/en/ Boehringer Ingelheim announced data which add to the growing body of evidence that show Spiolto® (tiotropium/olodaterol) Respimat® enables greater physical activity in patients living with COPD. VESUTO® and OTIVATO® data were presented during the American Thoracic Society meeting (ATS) and PHYSACTO® data was recently published in the American Journal of Respiratory and Critical Care Medicine.1,2,3 Activity-related breathlessness is a characteristic feature of COPD.5 It limits patients’ exercise tolerance and has an impact on their daily activities, which can lead to a downward spiral of exercise avoidance and physical decline.5,6 Decreased activity results in patients experiencing further breathlessness during even lower levels of physical activity, leading to further worsening of their condition, and increasing the risk of d

eLichens Raises EUR 7 Million to Boost its Growth in France and Internationally23.5.2018 09:00Tiedote

Designer of patented gas sensors and the first comprehensive air quality analysis and prediction platform, eLichens today announced a new EUR 7 million capital increase with its historical investors and two new entrants. This operation, which follows the success of the first raising of capital of over 4 million euros in July 2016, aims to market large volumes of its micro gas sensors to serve the needs of its industrial customers as well as the large-scale deployment of its platform that performs intelligent indoor and outdoor air quality analysis for the smart city, smart home and smart building markets. The eLichens team relies on patented technologies developed jointly with renowned laboratories such as CEA-Leti and MIT. In addition to the renewed and strengthened support from current shareholders, including DEMETER, SOFIMAC Innovation, Business Angels networks (members of France Angels) and Aereco, eLichens is delighted to welcome the Fonds Ville de Demain managed by Bpifrance as p

Greenbird Named a Gartner Cool Vendor in Application Architecture, Infrastructure and Integration23.5.2018 08:05Tiedote

Greenbird, the company delivering Metercloud to accelerate the energy revolution, today announced that it has been named a Gartner “Cool Vendor” in Application Architecture, Infrastructure and Integration. Greenbird empowers utilities by delivering Metercloud to manage the data flow faster and smoother than traditional system integration models. With prebuilt Metercloud integration applications and connectors, software solutions can be connected and updated in a few days instead of months of custom coding. Every year Gartner identifies Cool Vendors with innovative offerings for application leaders responsible for architecture, infrastructure and integration. Thorsten Heller, CEO and Co-Founder at Greenbird, said that “In the Cool Vendor report, Gartner recommends ‘application leaders responsible for modernizing application architecture, infrastructure and integration should exploit service mesh capabilities in portable, resilient and incrementally extensible microservices implementatio

Hilton Commits to Cutting Environmental Footprint in Half and Doubling Social Impact Investment23.5.2018 07:01Tiedote

Hilton today announced it will cut its environmental footprint in half and double its social impact investment by 2030. With this commitment, Hilton will become the first major hotel company to institute science-based targets to reduce carbon emissions and send zero soap to landfill. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180522006472/en/ Hilton Commits to Cutting Environmental Footprint in Half and Doubling Social Impact Investment (Photo: Business Wire) The company will also double the amount it spends with local and minority-owned suppliers, and double its investment in programs to help women and youth around the world. These goals are part of Hilton’s Travel with Purpose corporate responsibility strategy to further the United Nation’s 2030 Sustainable Development Agenda. New consumer research reaffirms Hilton’s corporate responsibility strategy. According to a survey of 72,000 Hilton guests, social, environmental

General Cable Responds to Speculation Regarding Alleged Investigation23.5.2018 06:05Tiedote

General Cable Corporation (NYSE: BGC) (“General Cable” or “the Company”) today issued the following statement in response to a recent press report about an alleged new investigation by the United States Department of Justice (DOJ): We are aware of a recent press report regarding an alleged new DOJ investigation under the United States Foreign Corrupt Practices Act (FCPA) involving General Cable. To the best of our knowledge, we have been and remain in compliance with the terms of our December 2016 Non-Prosecution Agreement (NPA) entered into with the DOJ. We periodically communicate with the DOJ as required by the NPA, and we are not aware of any new DOJ enforcement action or investigation against the Company at this time. Cautionary Statement Regarding Forward-Looking Statements Certain statements in this communication, including, without limitation, statements regarding the Company’s compliance with the NPA and any enforcement action or investigation against the Company, and manageme

Zephyr Endobronchial Valves Improve Breathing, Quality of Life and Activity for Severe Emphysema Patients in US Pivotal Trial22.5.2018 20:19Tiedote

Pulmonx® Corp. today announced positive one-year results from the U.S. LIBERATE pivotal trial of the Zephyr® Endobronchial Valve, a minimally-invasive treatment for severe emphysema, an advanced form of chronic obstructive pulmonary disease (COPD). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180522006139/en/ Zephyr Endobronchial Valves (Photo: Business Wire) “The LIBERATE Study definitively proves that Zephyr Valves offer clinically meaningful improvements in three important areas for patients – the ability to breathe better, be more active, and enjoy an improved quality of life,” said the study’s lead investigator, Gerard Criner, MD, FACP, FACCP, Chair and Professor of Thoracic Medicine and Surgery, Lewis Katz School of Medicine at Temple University. He continued, “All primary and secondary endpoints were met, with Zephyr Valve treatment showing significant improvement for patients across multiple measures of breathing a

Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.

Tutustu uutishuoneeseemme