The plaintiffs in a LIBOR manipulation lawsuit targeting several of the world’s biggest banks have filed a letter with the New York Southern District Court providing an update on the status of settlements.

The letter, seen by FX News Group, reports of some progress on the settlement front with Deutsche Bank and Credit Suisse.

This action is but one in a series of cases in which investment funds, financial services companies, and individuals accuse major financial institutions of colluding to artificially impact benchmark interest rates for a variety of currencies. The plaintiffs have brought a putative class action against large banks and interdealer brokers for purportedly working together to manipulate the prices of derivatives based on the Swiss franc London InterBank Offered Rate (CHF LIBOR) -a daily interest rate benchmark designed to reflect the cost at which banks can borrow Swiss francs.

In February 2015, Sonterra Capital Master Fund Ltd, an investment fund, initiated this putative class action against multiple major banks, alleging manipulation and price-fixing of the CHF LIBOR and CHF LIBOR-based derivatives. Sonterra was a Cayman exempted company with its principal place of business in New York.

In their letter submitted at the Cpurt on March 15, 2022, the plaintiffs say they have executed binding settlement term sheets with Defendants Deutsche Bank AG and DB Group Services (UK) Ltd and Defendants Credit Suisse Group AG and Credit Suisse AG and are working to finalize stipulations and agreements of settlement. Plaintiffs have made substantial progress in negotiations with Deutsche Bank and Credit Suisse and anticipate finalizing the stipulations and agreements of settlement shortly.

Plaintiffs previously reached a settlement with JPMorgan Chase & Co that the Court preliminarily approved. Plaintiffs and Defendant NatWest Markets Plc (f/k/a The Royal Bank of Scotland plc) have also executed a stipulation and agreement of settlement.

The plaintiffs anticipate filing a motion on or before April 15, 2022 that seeks (1) preliminary approval of their settlements with Credit Suisse, Deutsche Bank, and RBS; and (2) approval to send notice of Plaintiffs’ settlements with Credit Suisse, Deutsche Bank, JPMorgan, and RBS.