On July 16, 2020, a Manhattan federal judge preliminarily approved a $95.5 million settlement that investors reached with Deutsche Bank, Bank of America and HSBC in a suit alleging the banks rigged the market for bonds issued by foreign governments.
The Court recently announced a claim filing deadline of April 16, 2021 for impacted investors to file claims and recover their share of funds from the Settlement pool.
The lawsuit alleges that the Defendants engaged in anticompetitive acts that affected the market for SSA Bonds. “SSA Bonds” include supranational, sovereign, sub-sovereign, governmental, quasi-governmental, and agency bonds or debt instruments regardless of the structure, currency, or credit quality.
Collectively, the aggregated settlement values across all settling defendants total $95.5m:
- Bank of America – $17,00,000
- Deutsche Bank – $48,500,000
- HSBC – $30,000,000
If you believe you were active in the SSA Bond market between January 1, 2005 – March 6, 2019, you may be eligible to recover as a part of this action. FRT can assist you with evaluating your potential for eligibility and file the claims in these cases. If you have any questions, please reach out to your FRT representative or email us.
Important dates and deadlines
- Settlement Class Period: January 1, 2005 – March 6, 2019
- April 16, 2021: Claim Form Deadline
- April 2, 2021: Fairness Hearing
- February 1, 2021: Opt-Out Deadline
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