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.
- Law360 (subscription required): JPMorgan, Barclays To Pay Mexican Bond Investors $20.7M
- Reuters: JPMorgan, Barclays settle Mexican bond rigging litigation
- Nasdaq: JPMorgan, Barclays to Pay $20.7M to Settle Bond-Rigging Claims
- [Blog] Case Spotlight: FX Europe
- [Blog] Proposed Class Action for ‘Odd-Lot’ U.S. Corporate Bonds Offers Promise of Future Antitrust Payouts
- [Blog] Euroyen Case Update (April 2020): 2nd Circuit Reverses Court Decision to Dismiss Previous Suit
- [Blog] Lessons Learned from the First Settlement of the GSE Bonds Antitrust Case ($49.5M)
- [Blog] GSE Bond Case Update (December 2019): More Banks Settle Bringing Total Recovery to $386.5M
- [Report] A Primer on Antitrust Class Litigation
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