Alaska Electrical Pension Fund v. Bank of America, N.A., Lead Case No.: 14-cv-7126 (JMF)
Update: On Wednesday, February 26, 2020, the Court entered an Order granting authorization to distribute the Net Settlement Funds to Authorized Claimants. Click here to view the February 26, 2020 Order.
This website contains information about settlements reached in a class action with Defendants: Bank of America, N.A.; Barclays Bank PLC and Barclays Capital Inc.; Citigroup Inc.; Credit Suisse AG, New York Branch; Deutsche Bank AG; The Goldman Sachs Group, Inc.; HSBC Bank USA, N.A.; JPMorgan Chase & Co.; Royal Bank of Scotland PLC; UBS AG; BNP Paribas (named in the Action as “B.N.P. Paribas SA”); ICAP Capital Markets LLC (now known as Intercapital Capital Markets LLC); Morgan Stanley & Co. LLC; Nomura Securities International, Inc.; and Wells Fargo Bank, N.A.
Earlier settlements recovering a combined total of $408.5 million were reached with certain defendants, and those settlements have been given final approval by the Court (the “Approved Settlements”). The Approved Settlements were reached with Defendants: Bank of America, N.A.; Barclays Bank PLC and Barclays Capital Inc.; Citigroup Inc.; Credit Suisse AG, New York Branch; Deutsche Bank AG; The Goldman Sachs Group, Inc.; HSBC Bank USA, N.A.; JPMorgan Chase & Co.; Royal Bank of Scotland PLC; and UBS A.G.
A new and additional proposed settlement (previously referenced as the “Proposed Settlement” herein and in the Court approved Notice) has been reached with five Defendants. The Proposed Settlement was given final approval by the Court on November 13, 2018 (and is now referenced herein as the “Newly Approved Settlement”). The Newly Approved Settlement was reached with Defendants BNP Paribas (named in the Action as “B.N.P. Paribas SA”); ICAP Capital Markets LLC (now known as Intercapital Capital Markets LLC); Morgan Stanley & Co. LLC; Nomura Securities International, Inc.; and Wells Fargo Bank, N.A. (collectively, the “Newly Settling Defendants”). The Newly Settling Defendants have agreed to pay a total of $96 million to settle the case. This amount is in addition to the settlement fund created from the $408.5 million paid in connection with the Approved Settlements.
The lawsuit alleges that the Defendants, including the Newly Settling Defendants, engaged in anticompetitive acts that affected the market for ISDAfix Instruments in violation of Section 1 of the Sherman Act, 15 U.S.C. § 1. The lawsuit also alleges that the Defendants were unjustly enriched under common law and breached ISDA Master Agreements. The lawsuit was brought by, and on behalf of, Persons who transacted in ISDAfix Instruments. The Defendants deny doing anything wrong.
Your legal rights will be affected whether or not you act, as described on this website. Subject to certain exceptions, the Settlement Class includes all persons or entities (together, “Persons”) who, from January 1, 2006 through January 31, 2014, entered into, received or made payments on, settled, terminated, transacted in, or held an ISDAfix Instrument.
For the purposes of the settlements, “ISDAfix Instrument” means (i) any and all interest rate derivatives, including, but not limited to, any swaps, swap spreads, swap futures, variance swaps, volatility swaps, range accrual swaps, constant maturity swaps, constant maturity swap options, digital options, cash-settled swaptions, physically-settled swaptions, swapnote futures, cash-settled swap futures, steepeners, flatteners, inverse floaters, snowballs, interest rate-linked structured notes, and digital and callable range accrual notes where denominated in U.S. Dollar (“USD”) or related to USD interest rates; and (ii) any financial instruments, products, or transactions related in any way to any USD ISDAfix Benchmark Rates, including, but not limited to, any instruments, products, or transactions that reference USD ISDAfix Benchmark Rates and any instruments, products, or transactions relevant to the determination or calculation of USD ISDAfix Benchmark Rates.
The Court in charge of this case has given final approval to the Approved Settlements and the Newly Approved Settlement. Lead Counsel will administer both the Approved Settlements and the Newly Approved Settlement with an eye toward efficiency and lowering the burden on Settlement Class Members. Given that the Settlement Class definitions are substantially the same and the claims administrations will overlap, Lead Counsel have reserved the right to move for a single distribution order covering the Approved Settlements and Newly Approved Settlement.
Daniel L. Brockett
Quinn Emanuel Urquhart & Sullivan, LLP
51 Madison Avenue
New York, NY 10010
David W. Mitchell
Robbins Geller Rudman & Dowd, LLP
655 West Broadway
San Diego, CA 92101
Christopher M. Burke
Scott+Scott, Attorneys at Law, LLP
600 W. Broadway
San Diego, CA 92101
|YOUR LEGAL RIGHTS AND OPTIONS IN THESE SETTLEMENTS|
|SUBMIT A CLAIM FORM
By December 23, 2018
|The deadline to submit a timely and valid claim form in connection with the Approved Settlement and the Newly Approved Settlement has passed.|
By October 13, 2018
|The deadline to exclude yourself from, or “opt out” of, the Approved Settlements and Newly Approved Settlement has passed.|
|COMMENT OR OBJECT
By October 13, 2018
|The deadline to comment or object to the Approved Settlement and Newly Approved Settlement has passed.|
|GO TO A HEARING
On November 8, 2018
The Court granted Final Approval of the Approved Settlements on May 30, 2018.
The Court granted Final Approval of the Proposed Settlement on November 13, 2018.
If you already submitted a timely and valid claim form in connection with the previously Approved Settlements, that claim form will be applied to both the Approved Settlements and the Newly Approved Settlement. Thus, you will receive your share of the settlement funds in connection with both the Approved Settlements and the Newly Approved Settlement.
If you did not submit a timely and valid claim form in connection with the previously Approved Settlements, doing nothing in connection with the Newly Approved Settlement means you will receive no payment and forever give up your rights to be part of any other lawsuit against the Newly Settling Defendants about the legal claims in this case.
Alaska Electrical Pension Fund, et al. v. Bank of America, N.A., et al.
P.O. Box 3775
Portland, OR 97208-3775
The Honorable Jesse M. Furman
United States Courthouse
40 Foley Square, Courtroom 1105
New York, NY 10007