ISDAfix Antitrust Settlement: $408.5 Million; Deadline July 16, 2018

Tuesday June 5th 2018

The ISDAfix Antitrust Settlement offers a great recovery opportunity to anyone who transacted instruments tied to ISDAfix rates, which is the principal global benchmark for swap rates and spreads for interest rate swaps market. The class period spans January 1, 2006 and January 31, 2014, and claim forms are due on July 16, 2018.

Given both the esoteric nature of the eligible instruments (see mind-blowing word-soup below for a complete list) and the fact that much of this information will not be in a typical data set, savvy investors turn to Chicago Clearing Corporation (CCC) to help. Outsourcing claim filing to CCC ensures you file for every trade that qualifies. Our team of legal and financial experts have filed in hundreds of financial class action settlements in recent years, and over a thousand since 2005.

Financial antitrust settlements can be particularly thorny, even for seasoned traders. With CCC on your team, you have a pathfinder cutting through thickets of data to find all of your eligible transactions. Meanwhile, you are free to focus on markets.

Plaintiffs allege that the defendants (complete list is below) colluded to manipulate ISDAfix to their advantage, and thereby damaged anyone who traded ISDAfix based instruments. This case is similar to other benchmark rate antitrust litigations that are both pending in the court system now and that have entered into settlements, such as FOREX, LIBOR, Euroyen, and Euribor. (CCC is filing claims in each of these settlements.)

If you think you may qualify for the ISDAfix Antitrust Settlement, or any other financial settlement, please give us a call. We would be happy to discuss this case and many others with you today.

ISDAfix Antitrust Settlement Quick Facts:

Class Period: January 1, 2006 – January 31, 2014

Qualifying Instruments:

  • 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
  • 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. (For more on this, see the settlement website)

Claim Filing Deadline: 

July 16, 2018

Settlement Fund: 

$408.5 million

Defendants: The settling defendants are Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Royal Bank of Scotland, and UBS. Non-settling defendants remaining in litigation are B.N.P. Paribas SA, ICAP Capital Markets, Morgan Stanley, Nomura Securities International, and Wells Fargo.

In all there are ten settling defendants and five non-settling defendants, so it is possible that the $408.5 million settlement pool could increase substantially if more settlements follow.

Chicago Clearing team of experts can be reached at 312-204-6970.


Tags
ISDAfix; antitrust settlement

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