ISDAfix Antitrust Litigation—Over $400 Million in Settlement Funds

The ISDAfix Antitrust Litigation was brought on behalf of “all persons or entities who entered into, received or made payments on, settled, terminated, transacted in, or held an ISDAfix instrument during the settlement class period of January 1, 2006, to January 31, 2014.” 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 by their anticompetitive acts.

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, swap note futures, cash-settled swap futures, steepeners, flatteners, inverse floaters, snowballs, interest rate-linked structured notes, and digital and callable range accrual notes were 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.

Defendants are 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; B.N.P. Paribas SA; ICAP Capital Markets LLC; Morgan Stanley & Co. LLC; Nomura Securities International, Inc.; and Wells Fargo Bank, N.A.

The current claim filing deadline is July 16, 2018.

Contact Claims Monitoring & Recovery if you would like to discuss the ISDAfix Antitrust Litigation or other potential claims. We help businesses recover the money that is due to them from class action settlements, which total billions of dollars every year.

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