In Re: Credit Default Swaps Antitrust Litigation


IMPORTANT UPDATE: Per Court Order, all unclaimed funds, including funds from failed wires and uncashed & expired checks, will be donated to a cy pres beneficiary after the completion of the second and final distribution, before the end of the year. The Claims Administrator has set the following deadlines for receipt of requests to reissue all unclaimed award payments:

October 16, 2017 – Requests to reissue awards by check
November 10, 2017 – Requests to reissue awards by wire

These deadlines are final. Class Members that do not request the reissue of their awards by the above dates will forfeit their awards, which then will be donated to a cy pres beneficiary. Additionally, all reissued checks must be cashed by November 20, 2017. Class Members that do not cash their checks by November 20, 2017, will forfeit their awards, which also will be donated to a cy pres beneficiary.

We encourage you to submit your reissue request by email without delay to to ensure it is received by the appropriate deadline.


“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”).

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.