#United States #New York #Class Action #Settlements #Interest Rate Swap

Overview of Proposed Settlements in Interest Rate Swap Class Action

A significant legal development has emerged concerning class actions linked to Interest Rate Swap (IRS) transactions that occurred in the United States between January 1, 2008, and June 10, 2024. This notice aims to update individuals and entities who participated in such transactions—either directly or through an agent—regarding the settlements reached with key financial institutions.

What Happened?

The class action lawsuit, initiated by aggrieved parties, alleged anti-competitive behaviors among prominent financial institutions. Plaintiffs claim that these banks colluded to inhibit investors from using anonymous electronic platforms for trading IRS, an action they believe would have encouraged transparency and competition. Furthermore, the plaintiffs assert that this collusion ensured that dealer banks maintained a strategic advantage by being involved in every transaction. This, they argue, violated the Sherman Act, which governs competitive practices in U.S. markets.

In response, the court has reached settlements with two groups of defendants:
1. Credit Suisse Settling Defendants: This group includes Credit Suisse Group AG, Credit Suisse AG, Credit Suisse Securities (USA) LLC, and Credit Suisse International, who agreed to a settlement period from January 1, 2008, to January 21, 2022.
2. Newly Settling Defendants: This broader group includes major players such as Bank of America, Barclays, Citigroup, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and UBS, with the settlement period extending to June 10, 2024.

Financial Implications

As part of the agreement, the Credit Suisse Settling Defendants are to pay $25 million, while the Newly Settling Defendants will contribute $46 million. These funds aim to resolve claims made against all defendants involved and provide compensation to affected class members who, by not opting out, will relinquish their future legal rights to pursue claims against these defendants.

Rights and Options for Class Members

Class members—those who entered into IRS transactions within the specified periods—should carefully consider their options:

• - Do Nothing: Remaining inactive means you will not receive compensation nor will you have claims against the settling defendants in future rulings.
• - File a Claim Form: Class members seeking remuneration must submit a form by June 16, 2025. Failure to do so will exclude individuals from receiving payments, though they will still be bound by court rulings.
• - Exclude Yourself: If you do not wish to participate in the settlement, requests for exclusion must be sent by May 16, 2025. Opting out means you retain the right to take separate legal action but will forfeit any settlement compensation.
• - Object to the Settlements: Members can file written objections with the court by May 16, 2025. All objections will be reviewed at a Fairness Hearing scheduled for July 16, 2025, where the court will assess the settlements' adequacy.

Next Steps

For those involved, it's crucial to stay informed about the proceedings and understand your options. More information, including settlement documents, can be found on the official settlement website: Interest Rate Swaps Antitrust Litigation. More inquiries can also be addressed through a toll-free hotline (1-888-597-6416).

Conclusion

These proposed settlements mark a substantial financial resolution for participants of the class action. As the process unfolds, the implications for both the financial institutions involved and class members will become clearer, emphasizing the importance of awareness regarding rights and legal options in collective lawsuits.