News

In the proceedings initiated by the Foundation before the Amsterdam District Court, the Court rendered an interim judgment on 14 August 2019. The motion to stay the proceedings lodged by defendant Coöperatieve Rabobank U.A. (and supported by the other defendants) was dismissed. The proceedings will continue in full against Coöperatieve Rabobank U.A. Furthermore, the Court has partially accepted jurisdiction over the claims that the Foundation brought against the non-Dutch defendants Lloyds Bank PLC, UBS AG, UBS Securities Japan Co. LTD and ICAP Europe LTD, but only insofar as these claims pertain to Yen LIBOR manipulation. Claims against holding companies Lloyds Banking Group PLC and ICAP PLC have been dismissed. The interim verdict can be found here, in Dutch: https://uitspraken.rechtspraak.nl/inziendocument?id=ECLI:NL:RBAMS:2019:5827. An unofficial English translation of the interim verdict can be found here. As a next step, court will review the standing of the Foundation as well as the law to be applied to the claims as presented in the writ.