In Re: Credit Default Swaps Antitrust Litigation




“CDS” means any and all types of credit default swap(s) and CDS-based products, including, without limitation, single-name CDS, CDS on corporate, sovereign and municipal reference entities, tranche CDS, basket CDS, index CDS, and CDS futures. A “CDS Transaction” means (i) any purchase, sale, trade, assignment, novation, unwind, termination, or other exercise of rights or options with respect to any CDS, whether executed over-the-counter or via inter-dealer brokers, a centralized clearinghouse, a central limit order book, an exchange, a swap execution facility, or any other platform or trading facility; or (ii) any decision to withhold a bid or offer on, or to decline to purchase, sell, trade, assign, novate, unwind, terminate or otherwise exercise any rights or options with respect to any CDS.

This website is to alert you to settlements reached with defendants Bank of America Corporation and Bank of America, N.A.; Barclays Bank PLC; BNP Paribas; Citigroup Inc., Citibank, N.A., and Citigroup Global Markets Inc.; Credit Suisse AG; Deutsche Bank AG; Goldman, Sachs & Co.; HSBC Bank PLC and HSBC Bank USA, N.A.; JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A.; Morgan Stanley & Co. LLC; Royal Bank of Scotland PLC and Royal Bank of Scotland N.V.; UBS AG and UBS Securities LLC (collectively, “Dealer Defendants”); International Swaps and Derivatives Association (“ISDA”); Markit Group Holdings Ltd. and Markit Group Ltd. (“Markit”) (collectively, “Defendants”) in a class action.

The lawsuit alleges that Defendants engaged in anticompetitive acts that affected the price of CDS in violation of Section 1 of the Sherman Act, 15 U.S.C. § 1. The lawsuit also alleges that Defendants were unjustly enriched under common law by their anticompetitive acts. The lawsuit was brought by, and on behalf of, purchasers or sellers of CDS. The Defendants deny they did anything wrong.

Settlements have been reached with all Defendants. Defendants have collectively agreed to pay $1,864,650,000 (“Settlement Fund”).


On April 15, 2016, the Honorable Denise Cote, district judge of the Federal District Court for the Southern District of New York, held a hearing for final approval of the class action settlements reached with all fourteen defendants in the case of In re Credit Default Swaps Antitrust Litigation, 13-md-2476 (DLC). At that hearing, Judge Cote also considered Lead Plaintiffs’ motions for an award of attorneys’ fees and approval of the proposed Plan of Distribution to the Settlement Class. Finally, she also considered the objections to the Plan of Distribution made by four Settlement Class members. At the hearing, Judge Cote granted final approval to the fourteen settlements, awarded attorneys’ fees and reimbursement of Plaintiffs’ counsel’s litigation costs and approved the Plan of Distribution. In doing so she overruled all objections to the Plan of Distribution. On April 18, 2016, Judge Cote entered Final Judgments and Orders of Dismissal as to each of the fourteen defendants, entered an order approving payment of attorneys’ fees and reimbursement of litigation costs and entered a separate order approving the Plan of Distribution. Copies of the final judgments and the orders entered are found under the tab – “Important Documents.”

The deadline to submit a claim or additional transaction information passed on May 27, 2016. The claims administrator continues its work processing claims and responding to challenges Settlement Class members made by the May 27, 2016 deadline. At this time the claims administrator is not able to estimate when a distribution of the net settlement funds will be made. The claims administrator, in consultation with Lead Counsel, believes that distribution will occur in 2016. Please refer back to this settlement site as work is completed on claims administration for an update as to the expected date settlement funds will be distributed.

What Are Your Options?

Submit a Claim Form The deadline to submit a Claim Form passed on May 27, 2016. If a Claim Form was not submitted electronically or postmarked by the deadline, you will not receive a cash payment.
Exclude Yourself or “Opt Out” of the Settlements If you timely and properly excluded yourself, you will not receive a settlement payment. This is the only option that allows you to pursue any other lawsuit against Defendants about the legal claims in this case. The deadline to exclude yourself from the Settlements has passed.
Comment or Object Your comment or objection must have been filed with the Clerk of Court, and postmarked by the deadline to be considered by the Court. The deadline to object to the Settlements has passed.
Go to the Fairness Hearing The Fairness Hearing was held on April 15, 2016.
Do Nothing If you do nothing, you will not get any money from these settlements and will give up your right to sue Defendants separately about the legal issues in this case.

Please see the Class Notice for additional detail.

This website will be updated as additional information becomes available. Please check back periodically for important updates regarding the Settlements.