Barclays is a global financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking, and wealth and investment management services. During the Class Period, Barclays manipulated the rates it submitted to the British Bankers' Association, a trade association which establishes the rate for the influential London Interbank Offered Rate. The complaint alleges that, as a result of Defendants' false and misleading statements and omissions regarding its LIBOR submission practices, Barclays’ stock price plummeted, and Plaintiff and other Class members suffered significant losses and damages as a result. On April 25, 2014, the Second Circuit Court of Appeals vacated the district court’s dismissal of the case, and remanded for further proceedings.
On October 20, 2014, the district court denied the Defendants’ renewed motion to dismiss. On August 20, 2015, the Court certified a plaintiff class in the litigation. On November 24, 2015, the parties agreed to a $14,000,000 settlement to resolve the claims brought forth in the action. The Court held a fairness hearing on March 14, 2016 to determine whether the preliminarily-approved Settlement was fair, adequate and reasonable to Settlement Class Members. At the fairness hearing, Judge Shira Scheindlin approved of the Settlement as fair, adequate and reasonable and granted final approval of the Settlement in all respects. On this same date, the Court entered the Final Judgment and Order of Dismissal With Prejudice, the Order Approving Plan of Allocation, and the Order Awarding Attorneys’ Fees and Expenses.