Mexican Government Bond Antitrust Litigation

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SETTLED

Mexican Government Bond Antitrust Litigation

FILING DEADLINES:

($20.7 Million Barclays, JPMorgan Chase & Co.)

TBD (Non-Settling Defendants)

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CASE NUMBER:

18-CV-2830 U.S. District Court for the Southern District of New York

CLASS PERIOD:

January 1, 2006 – April 19, 2017

TOTAL SETTLEMENT FUND:

$20,700,000.00

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    SETTLING DEFENDANTS

    Barclays, JPMorgan Chase & Co.

Non-Settling Defendants

BBVA, Santander, HSBC, Citibanamex, Bank of America, & Deutsche Bank
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    ELIGIBLE CLASS

    All persons that entered into an MGB transaction with a Defendant or an affiliate of a Defendant between at least January 1, 2006, and April 19, 2017 (the “Class Period”), where such persons were either domiciled in the United States or its territories or, if domiciled outside the United States or its territories, transacted in the United States or its territories.

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    ELIGIBLE INSTRUMENTS

    Various types of Mexican Government Bonds (“MGB”), including CETES, BONOS, UDIBONOS, and BONDES D

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    Preliminary Allegations

    The complaint alleges that defendants conspired to fix MGB prices between January 1, 2006 and April 18, 2017 through at least three means: 1) rigging MGB auctions through collusive bidding and information sharing; 2) selling MGBs purchased at auction at artificially higher prices; and 3) agreeing to fix the “bid-ask spread” artificially wider, overcharging and underpaying customers in every MGB transaction by suppressing the “bid price” at which defendants offered to buy MGBs and increasing the “ask price” at which they offered to sell. The scheme resulted in inflated MGB prices, and lower yield for plaintiffs and the class while generating supra-competitive profits for defendants.

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    Case Summary

    Mexican Government Bond Antitrust:

    Class action on behalf of all persons that entered into a Mexican Government Bond (MGB) transaction between January 1, 2006 to April 19, 2017 where such persons were either domiciled in the United States, its territories or the District of Columbia, or if domiciled outside the United States or its territories, or the District of Columbia, transacted in the United States or its territories or the District of Columbia. Excluded from the Class are Defendants and their employees, agents, affiliates, parents, subsidiaries and co-conspirators, whether or not named in this complaint and the United States Government.

    The defendants allegedly conspired to fix MGB prices between January 1, 2006 and April 19, 2017 through at least three means:

    1. Rigging MGB auctions through collusive bidding and information sharing;
    2. Selling MGBs purchased at auction at artificially higher prices; and
    3. Agreeing to fix the ‘bid-ask spread” artificially wider, overcharging and underpaying customers in every MGB transaction by suppressing the “bid price” at which defendants offered to buy MGBs and increasing the “ask price” at which they offered to sell.

    The scheme resulted in inflated MGB prices, and lower yield for plaintiffs and the class while generating supra-competitive profits for defendants.

Case Updates

Note: Additional settlements are expected with some or ALL of the Non-Settling Defendants in the future, which will increase the settlement fund available to claimants. We will provide you with additional information on the claims filing process for this settlement as it becomes available.

Next Steps

Next Steps: Although a filing deadline has not yet been established, we are requesting that you provide ALL relevant transaction data to Battea right away. This will allow us to ensure that your data is tracked, analyzed, verified and timely filed with the Claims Administrator.

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    BRIEF COMPANY PROFILE

    Country: Mexico

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