FRT Insights


Case Spotlight: Mexican Government Bonds Antitrust Case Reaches Preliminary $20.7m Settlement

On June 1, 2020, JPMorgan Chase and Barclays PLC agreed to pay $20.7 million to resolve claims that the banks allegedly colluded to manipulate the Mexican government bond market. The proposed settlements put before the judge list JPMorgan paying $15m and Barclays $5.7m. These two banks are the first of nine defendants to agree to a settlement with the hopes that these settlements will serve as the catalysts for resolutions with other defendants in this case and lead to future settlement opportunities down the road.

The class action, filed in March 2018, by several pension funds alleges that defendant banks manipulated auctions by collusive bidding and information sharing during the period starting in January 2006 and running through April 2017. While these settlement amounts are still pending approval by New York Federal Court, defendants Banco Santander, Bank of America, BBVA, Citigroup, Deutsche Bank, HSBC and UBS still remain in litigation.

Currently the settlement is pending preliminary approval and there is no proposed claims filing date, however FRT will continue to monitor the progression of this action and keep the market informed of any meaningful updates.

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