In Re: Credit Default Swaps Antitrust Litigation
THE DEADLINE TO FILE A CLAIM, AS WELL AS TO SUBMIT ADDITIONAL CLAIMS INFORMATION SUCH AS ADDITIONAL TRANSACTIONS FOR CONSIDERATION, PASSED ON MAY 27, 2016 at 11:59 PM EDT.
“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”).
Payment was issued to all eligible class members on December 28, 2016. Consistent with the Court’s Distribution Order, a portion of the funds was set aside as a reserve to cover Class Member appeals of the challenge process. The amount of the reserve was $120 million, plus interest earned on the settlement funds. A second distribution will be made once the remaining appeal has been resolved, likely in the second quarter of 2017.
What Are Your Options?
|YOUR LEGAL RIGHTS AND OPTIONS IN THESE SETTLEMENTS|
|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.
Passed on February 29, 2016
Passed on February 29, 2016
Comment or Objection Deadline
(filing and postmarked)
Held on April 15, 2016
Passed on May 27, 2016 at 11:59 PM (EDT)
Claim Form Deadline
(postmarked or submitted electronically)
December 28, 2016
Payment was issued to all eligible Class Members