Eligible Class Members For Credit Default Swaps Rates Antitrust Settlement:
Class Members of the Credit Default Swaps (“CDS”) settlements include all persons or entities who (A) purchased CDS from or (B) sold CDS to the defendants, their affiliates or a purported co-conspirator in any Covered Transaction during the period of Jan. 1, 2008 through Sept. 25, 2015.
Under the terms of the class action settlement, a Covered Transaction is defined as follows:
“A purchase or sale of CDS shall be deemed to be a ‘Covered Transaction’ in each of the following circumstances: (i) if the purchase or sale was by or on behalf of a Person either domiciled or located (e.g., had a principal place of business) in the United States or its territories at the time of such purchase or sale; (ii) if the Person was domiciled and located outside the United States and its territories at the time of any such person or sale, where such purchase or sale was in United States commerce; or (iii) where such purchase or sale otherwise falls within the scope of the U.S. antitrust laws.”
Case History For Credit Default Swaps Rates Antitrust Class Action Settlement:
The Credit Default Swap Antitrust Litigation alleges defendants conspired to prevent exchange trading of credit default swaps starting in 2008. According to the class action lawsuit, the defendants participated in secret meetings, telephone calls and email communications to further their conspiracy.
This plaintiffs allege that the defendants agreed to clear nearly all transactions through ICE Clear Credit LLC (“ICE”) instead of any other central clearing platform that might allow CDS trading. ICE was allegedly the one clearinghouse the defendants could control, according to the class action lawsuit. The plaintiffs claim that the defendants’ conduct harmed Class Members by preventing competition, keeping the CDS market murky, and maintaining inflated spreads on CDS transactions.
Class Plaintiffs allege that the Dealer Defendants pressured Markit and ISDA not to grant any licenses that allowed CDS to trade via central limit order book or on an exchange platform, thus ensuring that some Dealer Defendant be on at least one side of every CDS transaction. According to Class Plaintiffs, Defendants’ conduct harmed Settlement Class Members by keeping the CDS market opaque, preventing competition, and maintaining inflated bid/ask spreads on CDS Transactions.
Who are the Defendants for the Credit Default Swaps Rates Antitrust Settlement?
The settling defendants include: Bank of America Corporation, Bank of America NA, Barclays Bank PLC, BNP Paribas, Citigroup Inc., Citibank NA, Citigroup Global Markets Inc., Credit Suisse AG, Deutsche Bank AG, Goldman Sachs & Co., HSBC Bank PLC, HSBC Bank USA NA, JPMorgan Chase & Co., JPMorgan Chase Bank NA, Morgan Stanley & Co. LLC, Royal Bank of Scotland PLC, Royal Bank of Scotland NV, UBS AG, UBS Securities LLC, International Swaps and Derivatives Association, Markit Group Holdings Ltd., Markit Group Ltd.
Our Class Action Settlement Services:
Our class action settlement services include:
- Identifying class action claims where businesses may be eligible to file
- Filing the class action claim with supporting documentation
- Interacting with the class action Claims Administrator
- Providing updates on class action claim settlements status
- Resolving Claims Administrator questions on claims
- Reviewing the recovery to assure the correct compensation claims amount has been received
Our Guarantee: We Get Paid When You Recover – No hidden charges or up-front fees. We provide our class action settlements services based on a contingency fee.
Getting Started is easy! If you represent a business we’ll first have you fill out our ‘Get Started‘ form and a CAC representative will contact you within 24 hours to review your eligibility and walk you through the claims process.