If You Transacted in ISDAfix Instruments Between January 1, 2006 and January 31, 2014, You May Be Affected by Class Action Settlements.

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 (the “Proposed Settlement”) has been 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 must decide whether to give final approval to the Proposed Settlement. Lead Counsel will administer both the Approved Settlements and Proposed 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 Proposed Settlement.


The Court has appointed the lawyers listed below to represent you and the Settlement Class:

Daniel L. Brockett
Quinn Emanuel Urquhart & Sullivan, LLP
51 Madison Avenue
22nd Floor
New York, NY 10010
David W. Mitchell
Robbins Geller Rudman & Dowd, LLP
655 West Broadway
Suite 1900
San Diego, CA 92101
Christopher M. Burke
Scott+Scott, Attorneys at Law, LLP
600 W. Broadway
Suite 3300
San Diego, CA 92101

YOUR LEGAL RIGHTS AND OPTIONS IN THESE SETTLEMENTS
SUBMIT A CLAIM FORM
By December 23, 2018
Unless you already submitted a timely and valid claim form in connection with the previously Approved Settlements, the only way to receive your share of the Proposed Settlement fund is to submit a Claim Form by December 23, 2018. Claim Forms can be submitted electronically through this settlement website here.
EXCLUDE YOURSELF
By October 13, 2018
Get no payment. This is the only option that allows you to ever be part of any other lawsuit against the Newly 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 October 13, 2018.
COMMENT OR OBJECT
By October 13, 2018
Write to the Court about why you do or do not like the Proposed Settlement. To be considered, you must file your comment or objection with the Court by mailing it to the Court by October 13, 2018.
GO TO A HEARING
On November 8, 2018
Ask to speak in Court about the fairness of the Proposed Settlement. The Court will hold a Fairness Hearing on November 8, 2018 at 3:30 p.m. EST.
DO NOTHING

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 this new, Proposed Settlement. Thus, you will receive your share of the settlement funds in connection with both the Approved Settlements and the Proposed Settlement.

If you did not submit a timely and valid claim form in connection with the previously Approved Settlements, doing nothing in connection with this new, Proposed 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.


You may contact the Claims Administrator at:

Alaska Electrical Pension Fund, et al. v. Bank of America, N.A., et al.
c/o Epiq
P.O. Box 3775
Portland, OR 97208-3775
U.S.A.

You may contact the Court at:

The Honorable Jesse M. Furman
Thurgood Marshall
United States Courthouse
40 Foley Square, Courtroom 1105
New York, NY 10007
U.S.A.


Important Dates

  • January 1, 2006 through January 31, 2014
    Settlement Class Period
  • July 16, 2018
    Deadline in Approved Settlements to Submit a Claim Form and Required Data
  • September 28, 2018
    Deadline in Proposed Settlement for Motion in Support of Final Approval and Fee/Expense Application
  • October 13, 2018
    Deadline in Proposed Settlement to Postmark a Request for Exclusion
  • October 13, 2018
    Deadline in Proposed Settlement for a Comment or an Objection to Be Filed with the Court
  • October 23, 2018
    Deadline in Proposed Settlement for Reply Papers in Support of Final Approval and Fee/Expense Application
  • November 8, 2018 at 3:30 p.m. EST
    Fairness Hearing for the Proposed Settlement
  • December 23, 2018
    Deadline in Proposed Settlement to Submit a Claim Form and Required Data