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This settlement is closed!
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A number of financial institutions have agreed to settle antitrust class action lawsuits that allege they engaged in anticompetitive acts that affected the price of credit default swaps in violation of federal antitrust laws. If you or your company entered into a credit default swap transaction between Jan. 1, 2008 and Sept. 25, 2015, you may be eligible to claim compensation from the class action settlements.
The credit default swap class action lawsuit (In re: Credit Default Swaps Antitrust Litigation) was brought by and on behalf of purchasers and sellers of credit default swaps (CDS). The plaintiffs allege that the defendants conspired to prevent exchange trading of credit default swaps starting in 2008. According to the CDS class action lawsuit, the defendants participated in secret meetings, telephone calls and email communications to further their conspiracy.
The plaintiffs allege that the defendants agreed to clear nearly all transactions through ICE Clear Credit LLC instead of any other central clearing platform that might allow CDS trading. ICE was allegedly the one clearinghouse the defendants could control, according to the credit default swaps class action lawsuit. The plaintiffs claim that the defendants’ conduct harmed Class Members by stifling competition, keeping the CDS market opaque, and maintaining inflated spreads on CDS transactions.
The defendants deny any wrongdoing but agreed to settle the CDS class action lawsuit to avoid the expense and uncertainty associated with ongoing litigation.
The settling defendants include:
- Bank of America Corporation
- Bank of America NA
- Barclays Bank PLC
- BNP Paribas
- Citigroup Inc.
- Citibank NA
- Citigroup Global Markets Inc.
- Credit Suisse AG
- Deutsche Bank AG
- Goldman Sachs & Co.
- HSBC Bank PLC
- HSBC Bank USA NA
- JPMorgan Chase & Co.
- JPMorgan Chase Bank NA
- Morgan Stanley & Co. LLC
- Royal Bank of Scotland PLC
- Royal Bank of Scotland NV
- UBS AG
- UBS Securities LLC
- International Swaps and Derivatives Association
- Markit Group Holdings Ltd.
- Markit Group Ltd.
Collectively, these defendants have agreed to pay nearly $2 billion to resolve the litigation.
Class Members who wish to opt out of or object to the credit default swap class action settlement must do so no later than Feb. 29, 2016.
Who’s Eligible
Class Members of the CDS settlements include all persons or entities who purchased credit default swaps from or sold CDS to the defendants, their affiliates or a purported co-conspirator in any Covered Transaction during the period of Jan. 1, 2008 through Sept. 25, 2015.
Under the terms of the class action settlement, a Covered Transaction is defined 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 person 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.”
Potential Award
Varies.
The distribution of settlement funds will be based on the percentage of each Class Member’s allowed claim as compared to all other Class Members’ allowed claims. The funds will be distributed on a pro rata basis.
Proof of Purchase
N/A. To file a claim for the CDS class action settlement, you must provide your Claimant ID and Control Number (available on the Claim Form that was mailed to you).
If you do not have your Claimant ID and Control Number, contact the Settlement Administrator at 1-888-744-0531.
Claim Form
Claim Form Deadline
05/27/2016
Case Name
In re: Credit Default Swaps Antitrust Litigation, Case No. 1:13-md-02476-DLC, in the U.S. District Court for the Southern District of New York
Final Hearing
04/15/2016
Settlement Website
Claims Administrator
Credit Default Swaps Antitrust Litigation
c/o GCG
P.O. Box 10254
Dublin, OH 43017-5754
1-888-744-0531
info@CDSAntitrustSettlement.com
Class Counsel
Daniel L. Brockett
QUINN EMANUEL URQUHART & SULLIVAN LLP
Bruce L. Simon
PEARSON SIMON & WARSHAW LLP
Defense Counsel
N/A
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3 thoughts onCredit Default Swaps Antitrust Class Action Settlement
I received a notice in regards to the claim, but I haven’t received anything else in years.
never received a claim number, anyone know how to file without one? thanks.
If you purchased one of these credit default swaps then you need to contact the Settlement Administrator at the 888 number they give you up above.