SSA Bond Antitrust Litigation

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SETTLED

SSA Bond Antitrust Litigation

FILING DEADLINES:

04/16/2021

TBD (Non-Settling Defendants)

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CASE NUMBER:

16-cv-3711 U.S. District Court for the Southern District of New York

CLASS PERIOD:

January 1, 2005 – September 30, 2017

TOTAL SETTLEMENT FUND:

$95,500,000.00

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    SETTLING DEFENDANTS

    HSBC, Deutsche, Bank of America

Non-Settling Defendants

Barclays, BNP Paribas, Citigroup, Crédit Agricole, Credit Suisse, Nomura, RBC, and TD Bank
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    ELIGIBLE CLASS

    All entities who, from January 1, 2005 to March 6, 2019, entered into an SSA bond transaction with a Defendant; a direct or indirect parent, subsidiary, affiliate, or division of a Defendant; a Released Party; or an alleged co-conspirator, where such Persons were either domiciled in the United States or its territories or, if domiciled outside of the United States or its territories, entered into an SSA bond transaction in the United States or its territories or that otherwise involved United States trade or commerce.

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    ELIGIBLE INSTRUMENTS

    Battea’s filing team has identified tens of thousands of eligible CUSIPs based on information provided by the Claims Administrator, but we request that you provide your trading data that meets the eligibility requirements defined below:

    -In order to qualify for the Settlements, you must have transacted in SSA Bonds with a Defendant. Transacted means you purchased, sold, traded, assigned, novated, unwound, terminated, or exercised rights or options with respect to an SSA Bond. “SSA Bonds” include supranational, sovereign, sub-sovereign, governmental, quasi-governmental, and agency bonds or debt instruments regardless of the structure, currency, or credit quality, excluding sovereign bonds issued by governments in the sovereign’s domestic currency (e.g., U.S. Treasuries and U.K. Gilts) and bonds issued by U.S. GSEs (e.g., Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Farm Credit Banks, and Federal Agricultural Mortgage Corporation).

    -Within Bloomberg, Class Members can find bonds likely to qualify for claims as those with “Asset Class” equal to “Corporates” and “Market Classification” equal to “Supranational, Sovereign and Agency (SSA)”.

    -Within Refinitiv Eikon (formerly ThomsonOne), Class Members can find bonds likely to qualify for claims as those with “Issue Type” equal to “Agency, Supranational, Sovereign”.

    -In all instances, however, a final determination of what bonds qualify is reserved as part of the final administration process. And in all instances, regardless of the search results of any or all of the above techniques, the Settlement Class excludes sovereign bonds issued by governments in the sovereign’s domestic currency (e.g., U.S. Treasuries and U.K. Gilts) and bonds issued by U.S. GSEs (e.g., Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Farm Credit Banks, and Federal Agricultural Mortgage Corporation.

    -Threshold Requirement for Eligibility: All persons who, during the Class Period, entered into an SSA Bond Transaction with a defendant or a related party, where such persons were either domiciled in the United States or its territories or, if domiciled outside the United States or its territories, entered into an SSA Bond Transaction in the United States or its territories or that otherwise involved United States trade or commerce.

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    Preliminary Allegations

    This antitrust class action concerns Defendants collusive activities to fix the prices of SSA bonds sold to and purchased from investors in the secondary market.

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    Case Summary

    This antitrust class action concerns Defendants collusive activities to fix the prices of SSA bonds sold to and purchased from investors in the secondary market. SSA bonds are issued by a variety of international entities, including, among others: provinces and states; regional development banks; infrastructure borrowers such as highway and bridge authorities; social security funds; export creditors; and rail sector entities. International issuers sometimes issue their debt in currencies different from their local currency, including U.S. dollars, to take advantage of potentially lower all-in funding costs, as well as to broaden the potential pool of investors to which these bonds can be sold.

Case Updates

Three of the eleven defendants (Deutsche Bank, Bank of America-Merrill Lynch, and HSBC) have settled in the $95,500,000 SSA Bonds Antitrust Litigation settlement. As there are eight remaining non-settling defendants (Barclays, BNP Paribas, Citigroup, Crédit Agricole, Credit Suisse, Nomura, RBC, and TD Bank) there is an opportunity for the net settlement fund to grow.

However, with an imminent filing deadline of April 16, 2021, and due to the extensive class period and complexity of the financial instruments involved, it is in your best interest to send your trade data to Battea.

Next Steps

Contact your Battea Customer Service Representative directly. info@battea.com or +1-203-987-4949.

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    BRIEF COMPANY PROFILE

    Country: United States

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