SETTLED
SSA Bond Antitrust Litigation
FILING DEADLINES:
04/16/2021
TBD (Non-Settling Defendants)
CASE NUMBER:
16-cv-3711 U.S. District Court for the Southern District of New York
CLASS PERIOD:
January 1, 2005 – December 31, 2015
TOTAL SETTLEMENT FUND:
$95,500,000.00
SETTLING DEFENDANTS
HSBC, Deutsche, Bank of America
Non-Settling DefendantsBarclays, BNP Paribas, Citigroup, Crédit Agricole, Credit Suisse, Nomura, RBC, and TD Bank |
ELIGIBLE CLASS
All persons or entities who, during the class period, directly entered into U.S. dollar-denominated SSA bond transactions with Defendants, or their respective subsidiaries or affiliates, in the United States or its territories or otherwise involving U.S. trade or commerce.
ELIGIBLE INSTRUMENTS
Any and all supranational, sovereign, sub-sovereign, governmental, quasigovernmental, and agency bonds or debt instruments regardless of the structure, currency, or credit quality. The term “SSA Bonds” excludes bonds issued by sovereign nations in the sovereign’s domestic currency, including, but not limited to, U.S. Treasury bonds or U.K. gilts.
Preliminary Allegations
This antitrust class action concerns Defendants collusive activities to fix the prices of SSA bonds sold to and purchased from investors in the secondary market.
Case Summary
This antitrust class action concerns Defendants collusive activities to fix the prices of SSA bonds sold to and purchased from investors in the secondary market. SSA bonds are issued by a variety of international entities, including, among others: provinces and states; regional development banks; infrastructure borrowers such as highway and bridge authorities; social security funds; export creditors; and rail sector entities. International issuers sometimes issue their debt in currencies different from their local currency, including U.S. dollars, to take advantage of potentially lower all-in funding costs, as well as to broaden the potential pool of investors to which these bonds can be sold.
Case UpdatesThree of the eleven defendants (Deutsche Bank, Bank of America-Merrill Lynch, and HSBC) have settled in the $95,500,000 SSA Bonds Antitrust Litigation settlement. As there are eight remaining non-settling defendants (Barclays, BNP Paribas, Citigroup, Crédit Agricole, Credit Suisse, Nomura, RBC, and TD Bank) there is an opportunity for the net settlement fund to grow. Due to the extensive class period and complexity of the financial instruments involved, it is in your best interest to send your trade data to Battea. |
Next StepsContact your Battea Customer Service Representative directly. info@battea.com or +1-203-987-4949. |
BRIEF COMPANY PROFILE
Country: United States