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Client News Update

The Connecticut Health and Educational Facilities Authority is aware of a class action lawsuit named In re LIBOR-Based Financial Instruments Antitrust Litigation, MDL No. 2262, that is pending in the U.S. District Court for the Southern District of New York. The lawsuit claims that Barclays Bank plc and other defendants unlawfully manipulated the U.S. Dollar LIBOR rate, artificially lowering the rate to reduce payment to class members. 

A proposed settlement has been reached with Barclays Bank plc. Institutions who owned a U.S. Dollar LIBOR-Based Instrument between August 2007 and May 2010, purchased from Barclays Bank plc or any non-settling defendant, are included in the settlement and may file a proof of claim to seek payment from the proposed  $120 million settlement.

Examples of instruments covered by the settlement include, but are not limited to: Credit Default Swaps, Interest Rate Swaps, Total Return Swaps, and Floating Rate Notes.

If you think you should be included in the settlement or would like more information regarding the Class Action Lawsuit, additional information may be obtained at Proof of claims must be postmarked on or before December 21, 2017.

You should consult with legal counsel to determine whether you have an interest in this lawsuit.

If you have any questions regarding this update or your outstanding bond issues, please do not hesitate to contact us.