If so, you may be entitled to compensation as a result of a settlement in an antitrust lawsuit.
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Plaintiffs allege that Defendants conspired to block buy-side investors from trading Interest Rate Swaps on anonymous electronic platforms, limiting transparency and competition. They also claim Defendants restricted trading between buy-side investors to ensure dealer banks remained involved in every trade. These actions allegedly violated the Sherman Act and allowed Defendants to earn inflated profits. Although Defendants deny wrongdoing and claim they would win at trial, they agreed to settle to avoid ongoing litigation. Credit Suisse will pay $25 million, and other Settling Defendants will pay $46 million. If approved, the settlement funds—minus court-approved fees and expenses—will be distributed to eligible class members who submit valid claims.
The case, In re: Interest Rate Swaps Antitrust Litigation, is being heard in the U.S. District Court for the Southern District of New York. Plaintiffs are the Los Angeles County Employees Retirement Association and the Public School Teachers’ Pension and Retirement Fund of Chicago.
An Interest Rate Swap is a financial contract where two parties exchange interest rate payments, typically swapping a fixed rate for a floating rate. They’re commonly used by institutions to manage interest rate risk.
The lawsuit claims that major banks conspired to block buy-side investors from trading Interest Rate Swaps on fair, transparent electronic platforms, keeping prices artificially high and reducing competition.
As a result, you could be eligible to participate in this settlement if you are:
In the Interest Rate Swaps Antitrust Litigation, there are two separate class definitions because each settlement agreement applies to a different group of defendants.
"All persons or entities who, directly or through an agent, entered into one or more U.S. IRS Transactions with any Defendant during the Settlement Class Period."
The meaning of defined terms differs slightly between the two Settlement Agreements.
The Credit Suisse Settlement Class Period is January 1, 2008 through January 21, 2022.
The New Settlement Class Period is January 1, 2008 through June 10, 2024.
The definition of “Investment Vehicles” also differs slightly between the two Settlement Agreements.
There are two separate settlement classes because two groups of banks settled at different times. The Credit Suisse settlement covers transactions with Credit Suisse from 2008 to early 2022 and involves $25 million. The other settlement covers several major banks for transactions from 2008 to the end of 2024, totaling $46 million. Depending on which banks you traded with and when, you may be part of one or both classes.
Settling Defendants have agreed to pay $71 million total. If the court approves the settlements, eligible class members who submit valid claims will receive a portion of the settlement funds.
The net settlement funds (after legal fees and costs) will be distributed to eligible claimants based on the volume and timing of their Interest Rate Swap transactions, as determined by a court-approved plan.
The “Settling Defendants” in the first settlement are: Credit Suisse Group AG; Credit Suisse AG; Credit Suisse Securities (USA) LLC; and Credit Suisse International.
The “Settling Defendants” in the New (second) Settlement are:
Bank of America Corporation
Bank of America, N.A.
Merrill Lynch, Pierce, Fenner & Smith Incorporated (n/k/a BofA Securities, Inc.)
Barclays Bank PLC
Barclays Capital Inc.
BNP Paribas, S.A.
BNP Paribas Securities Corp.
Citigroup Inc.; Citibank, N.A.
Citigroup Global Markets Inc.
Citigroup Global Markets Limited
Deutsche Bank AG; Deutsche Bank Securities Inc.
The Goldman Sachs Group, Inc.
Goldman, Sachs & Co. LLC
Goldman Sachs Bank USA
Goldman Sachs Financial Markets, LP
Goldman Sachs International
JPMorgan Chase & Co.
JPMorgan Chase Bank, N.A.
J.P. Morgan Securities LLC
J.P. Morgan Securities plc
Morgan Stanley; Morgan Stanley Bank, N.A.
Morgan Stanley & Co. LLC
Morgan Stanley Capital Services LLC
Morgan Stanley Derivative Products Inc.
Morgan Stanley & Co. International plc
Morgan Stanley Bank International Limited
NatWest Group plc (f/k/a The Royal Bank of Scotland Group plc)
NatWest Markets plc (f/k/a Royal Bank of Scotland plc)
NatWest Markets Securities Inc. (f/k/a RBS Securities Inc.)
UBS AG
UBS Securities LLC.
Disclaimer
Class members are not required to sign up with any third-party service in order to participate in the monetary relief but may instead file their claim directly with the Class Administrator. No-cost assistance will be available from the Class Administrator and Class Counsel during the claims-filing period. For additional information class members may visit the website for this case https://interestrateswapsantitrustlitigation.com/
Please note this website and its contents are not substitutes for legal advice, tax or financial advice. Nothing in this website should be construed as such. Class Action Settlement House, LLC works with companies to assist them in the filing of claims in various class action settlements. However, Class Action Settlement House, LLC is not a law firm, tax advisor or financial firm and cannot provide legal representation, legal advice or financial advice. If you are seeking legal, financial or tax advice, please contact a professional of your choice to do so.
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