Alaska Electrical Pension Fund vs. Bank of America, N.A., Lead Case No.: 14-cv-7126 (JMF)
This website contains information about proposed settlements 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 AG (collectively, “Settling Defendants”) in a class action against the Settling Defendants and B.N.P. Paribas SA, ICAP Capital Markets LLC, Morgan Stanley & Co. LLC, Nomura Securities International, Inc., and Wells Fargo Bank, N.A. (“Non-Settling Defendants,” and together with Settling Defendants, “Defendants”).
The lawsuit alleges that the 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.
Proposed settlements have been reached with the ten Settling Defendants. The lawsuit continues against the five Non-Settling Defendants. The Settling Defendants have agreed to pay a total of $408.5 million (the “Settlement Fund”). Before any money is paid, the Court will have a hearing to decide whether to approve the settlements. Court approval of these settlements will resolve all relevant claims against the Settling Defendants.
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 must decide whether to approve the settlements. Payments will be made if the Court approves the settlements and, if there are any appeals, after appeals are resolved.
|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
San Diego, CA 92101
|YOUR LEGAL RIGHTS AND OPTIONS IN THESE SETTLEMENTS|
|SUBMIT A CLAIM FORM||The only way to receive your share of the Settlement Fund. Claim Forms can be submitted electronically through the settlement website here, and must be submitted by July 16, 2018.|
|EXCLUDE YOURSELF||Get no payment. This is the only option that allows you to ever be part of any other lawsuit against the Settling Defendants about the legal claims in this case. To be valid, your Request for Exclusion must be mailed to the Claims Administrator and postmarked by April 30, 2018.|
|COMMENT OR OBJECT||Write to the Court about why you do or do not like the settlements. To be considered, you must file your comment or objection with the Court by mailing it to the Court by April 30, 2018.|
|GO TO A HEARING||Ask to speak in Court about the fairness of the settlements. The Court will hold a Fairness Hearing on May 30, 2018 at 3:30 p.m. EST.|
|DO NOTHING||Get no payment and give up your rights to be part of any other lawsuit against the Settling Defendants about the legal claims in this case.|
Alaska Electrical Pension Fund vs. Bank of America, N.A.
c/o Epiq Systems Inc.
P.O. Box 3775
Portland, OR 97208-3775
The Honorable Jesse M. Furman
United States Courthouse
40 Foley Square
New York, NY 10007