SETTLED
European Government Bond Antitrust Settlement
FILING DEADLINES:
11/27/2024 ($80,000,000 Bank of America, Merrill Lynch, NatWest Markets, Nomura International, UBS, Citigroup, & Jefferies)
03/24/2024 ($40,000,000 JPMorgan Chase Bank, State Street Bank, Natixis, UniCredit Bank)
CASE NUMBER:
1:19-cv-2601
CLASS PERIOD:
January 1, 2005 — December 31, 2016
TOTAL SETTLEMENT FUND:
$120,000,000.00
SETTLING DEFENDANTS
JPMorgan Chase Bank, State Street Bank, Natixis, UniCredit Bank, Bank of America, Merrill Lynch, NatWest Markets, Nomura International, UBS, Citigroup, & Jefferies
ELIGIBLE CLASS
All persons and entities who or which purchased or sold one or more European Government Bond(s) in the United States directly from a Defendant or a direct or indirect parent, subsidiary, affiliate, or division of a Defendant, or any of their alleged co-conspirators, from January 1, 2005 through December 31, 2016 (the “Class Period”).
ELIGIBLE INSTRUMENTS
“European Government Bonds” means euro-denominated sovereign debt or bonds issued by European governments (e.g., Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain).
Preliminary Allegations
Defendants conspired to fix the prices of European Government Bonds in both the primary and secondary markets. Plaintiffs allege that this conduct, designed to raise European Government Bond prices and to depress yields, was carried out through several interrelated means. In the primary market, Plaintiffs allege that Defendants furthered this conspiracy by agreeing to artificially inflate European Government Bond prices at auction through a process known as “overbidding” and to otherwise coordinate their bidding strategies, thereby outbidding rivals and raising the benchmark for resale in the secondary market. In the secondary market, Plaintiffs allege that Defendants, in control of the supply of newly issued European Government Bonds, agreed to fix bid-ask spreads. This includes, Plaintiffs allege, agreeing on higher prices to charge investors for European Government Bonds. Defendants are alleged to have coordinated this scheme via online chatroom communications, where they explicitly fixed prices and bids and exchanged other sensitive, confidential information necessary to carry out the scheme.
Case Summary
Class action of all persons and entities who or which purchased or sold one or more European Government Bond(s) in the United States directly from a Defendant or a direct or indirect parent, subsidiary, affiliate, or division of a Defendant, or any of their alleged co-conspirators, from January 1, 2005, through December 31, 2016.
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Case UpdatesPlaintiffs reached separate Settlements with UniCredit and Natixis for $27 million and cooperation, bringing the total settlements on the Class’s behalf to $40 million. On June 27, 2023, the Court ordered Plaintiffs, UniCredit, and Natixis to amend the terms of their Settlement Agreements. Although the deadlines below continue to apply for all settlements reached to date (with State Street, JPMorgan, UniCredit, and Natixis), certain details in the eligibility criteria for each settlement are subject to change. The claims filing deadline has been extended to March 24, 2024. |
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Next StepsAll persons and entities who or which purchased or sold one or more European Government Bond(s) in the United States directly from a Defendant or a direct or indirect parent, subsidiary, affiliate, or division of a Defendant, or any of their alleged co-conspirators, from January 1, 2005, through December 31, 2016, should contact Battea Class Action Services today. |
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