ISDA Derivatives Antitrust Settlement

July 22, 2024
1:14-cv-07126 US District Court, Southern District of New York


Plaintiffs allege that the Defendants colluded to manipulate “ISDAfix,” a global benchmark reference rate used in the interest rate derivatives market. Defendants are 14 banks that dominate the market for interest rate derivatives, as well as ICAP, an interdealer broker that served as the administrator of the ISDAfix-setting process during the Class Period. ISDAfix rates are published daily and were designed to represent the current market rate for the fixed leg of a standard fixed-for-floating interest rate swap. ISDAfix rates are published for various currencies and maturities.

An ISDAfix Instrument Is:

Any and all interest rate derivatives, including but not limited to swaps, swap spreads, swap futures, and swaptions, denominated in USD or related to USD interest rates, and (ii) any financial instrument, product, or transaction related in any way to any ISDAfix Benchmark Rates, including but not limited to instruments, products, or transactions that reference ISDAfix Benchmark Rates and instruments, products, or transactions that are relevant to determining or calculating ISDAfix Benchmark Rates.

ISDAfix Benchmark Rates Are:

Any and all tenors of USD ISDAfix, including USD ISDAfix rates and USD ISDAfix spreads, and “reference rates” distributed as part of the USD ISDAfix submission process.


All persons and entities who, from January 1, 2006 to January 31, 2014, (the “Class Period”), entered into, received or made payments on, terminated, transacted in, or held an ISDAfix Instrument during the Settlement Class Period. Excluded from this Class are the Defendants and their employees, affiliates, parents and subsidiaries.


  • Bank of America Corporation
  • Barclays Bank
  • BNP Paribas
  • Citigroup
  • Credit Suisse, New York Branch
  • Deutsche Bank AG
  • Goldman Sachs Group, Inc.
  • HSBC Bank PLC
  • ICAP Capital Markets LLC
  • JPMorgan Chase & Company
  • Morgan Stanley & Company, LLC
  • Nomura Securities International, Inc.
  • Royal Bank of Scotland PLC
  • UBS AG
  • Wells Fargo Bank, N.A.
Settling Defendants
​Bank of America ​$50,000,000
​Barclays ​$30,000,000
​Citigroup ​$42,000,000
​Credit Suisse ​$50,000,000
​Deutsche Bank ​$50,000,000
​JPMorgan Chase ​$52,000,000
​Royal Bank of Scotland ​$50,000,000
​Goldman Sachs Group, Inc. ​$56,500,000
​HSBC Bank USA, N.A. ​$14,000,000
​UBS AG ​$14,000,000
Partial Settlements
Filing Deadline: Contact SRG​

Settlement Recovery Group, LLC (“SRG”) is not the official claims administrator, class counsel or any party in the case. SRG is a third party claims filing service that can be hired to file and track claims.​ We specialize in helping companies and small businesses file claims to obtain their fair share of settlement money from class action lawsuits once a settlement has been reached. Our services are voluntary and are not required to file a claim; claimants may file a no-cost claim on their own. This summary is for informational purposes only and is based on SRG’s review of publicly available case documents. Official information can be found on the case website and on the court docket. This summary is not and should not be construed as legal, tax, or other professional advice.

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