Credit Default Swaps Settlement

Overview

Participants in the CDS market 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. United States District Court Southern District of New York RE: CREDIT DEFAULT SWAPS ANTITRUST LITIGATION Case 13 MD 2476

Filing Deadline

May 27, 2016

Class

All persons or entities (together, “Persons”) who, during the period of January 1, 2008 through September 25, 2015, purchased CDS from or sold CDS to the Dealer Defendants, their respective affiliates, or any purported co-conspirator, in any Covered Transaction. The settlement agreements define a Covered Transaction as follows: “A purchase or sale of CDS shall be deemed to be a “Covered Transaction” in each of the following circumstances: (i) if the purchase or sale was by or on behalf of a Person either domiciled or located (e.g., had a principal place of business) in the United States or its territories at the time of such purchase or sale; (ii) if the Person was domiciled and located outside the United States and its territories at the time of any such purchase or sale, where such purchase or sale was in United States commerce; or (iii) where such purchase or sale otherwise falls within the scope of the U.S. antitrust laws.” Examples of a “Covered Transaction” include: (i) you are domiciled or located in the United States or its territories and you made a CDS Transaction with a Dealer Defendant or one of its affiliates; (ii) you are domiciled and located outside the United States or its territories and you made a CDS Transaction with a Dealer Defendant or one of its affiliates located in the United States or its territories; or (iii) you are domiciled and located outside the United States or its territories and you made a CDS Transaction with a Dealer Defendant or one of its affiliates that was executed through a desk located in the United States or its territories.

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.

Settlements: $1,864,650,000

(All defendants have settled)

 

 

Questions?

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