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ISDAfix

Battea will work with class counsel and the claims administrator to justify all claims and defend any deficiencies.

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A settlement in the ISDAfix Antitrust case has been established.  The filing deadline for this settlement is December 23, 2018.  

Overview

This settlement fund has been established to compensate all persons who entered into, received or made payments on, settled, terminated, transacted in, or held an ISDAfix Instrument during the period of January 1, 2006 through January 31, 2014 ("Class Period"). The Plaintiffs have alleged that each of 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.

Status:Settled Not Disbursed
Claims Filing Deadline:December 23, 2018
Preliminarily Approved Settlement Fund:$504,500,000
Class Period:January 1, 2006 through January 31, 2014

Complexities of Transaction Data

Most, if not all of these instruments do not have uniform securities identifiers and many traded over the counter. These factors complicate the process for filing claims against this settlement fund and any related future settlement funds that are established.  Battea will utilize its extensive experience gained through years of developing the software and infrastructure used in the trading of derivative financial instruments, together with its proprietary search methods, to analyze all transaction data and identify eligible transactions and perfect claim filings on behalf of our clients. As we do in all cases, Battea will work with class counsel and the claims administrator to justify all claims and defend any deficiencies.

Battea's Depth of Derivatives Knowledge

As a result of the Battea team's deep expertise in derivatives and foreign exchange transaction data and systems, we have been consulted as experts by lead counsel in derivatives and foreign exchange-based litigation.  Prior to joining Battea, our leadership developed and deployed a leading foreign exchange (FX) trading system for use by proprietary trading desks at global banks and interbank brokers.  With several patents under their belts, our product and software development team have unparalleled skill in dealing with complex financial data involved in this case.  Our team also includes a former CFO of a leading foreign exchange interbank brokerage firm and former bank FX trader.  This combination of leading FX business and technical professionals gives Battea clients an edge in achieving accurate and defendable claims filings in complex cases like the ISDAfix settlement.

Eligible Transactions:

The settlements relate to U.S. Dollar (“USD”) ISDAfix Instruments, which for the Approved Settlements (and the Proposed Settlement as well) include, but are not limited to, the following:

  • Any of the following where denominated in USD or related to USD interest rates: 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.
  • Any other financial instruments, products, or transactions related in any way to any ISDAfix Benchmark Rates, including, but not limited to, any instruments, products, or transactions that reference ISDAfix Benchmark Rates and any instruments, products, or transactions relevant to the determination or calculation of ISDAfix Benchmark Rates.

ISDAfix Benchmark Rates are defined as any and all tenors of USD ISDAfix, including any and all USD ISDAfix rates and USD ISDAfix spreads, and any and all “reference rates” distributed as part of the USD ISDAfix submission process.

Eligible Parties:

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. Excluded from the Settlement Class are Defendants and their employees, affiliates, parents, subsidiaries, and co-conspirators, should any exist, whether or not named in the Amended Complaint, and the United States Government, and all of the Released Parties provided, however, that Investment Vehicles shall not be excluded from the definition of the Settlement Class.

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