Stichting ELCO Foundation Announces Lawsuit Filed in Dutch Court for Manipulation of Benchmark Interest Rates by a Number of International Banks:
International Investors that executed more than $300 Trillion in Notional Value in transactions during the damage period have entered into participation agreements supporting the initiative of the Foundation.
In this Initial Filing, UBS, Rabobank, Lloyds and ICAP Have Been Named as Defendants in District Court in Amsterdam, the Netherlands.
Eligible Market Participants May Participate At No Up-Front Cost by Registering a Claim With ELCO Investor Services.
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.
Stichting Elco Foundation, an independent Dutch claims compensation foundation, has organized and initiated the litigation. Stichting Elco Foundation is the named plaintiff acting for the benefit of eligible damaged market participants. Elco Investor Services (EIS) supports the Foundation and facilitates all eligible transaction analysis, organizes the claims registration process, and provides all financing for the collective action so that eligible market participants may pursue a compensation claim at no upfront cost or counter-party risk.