By Andrew Lasky, Legal Product Specialist, Financial Recovery Technologies
On Tuesday, June 26, 2018, U.S. District Judge Jesse M. Furman preliminarily approved the final proposed $96 million settlement with the remaining 5 defendants in the Alaska Electrical Pension Fund v. Bank of America Corp. et al (ISDAfix) antitrust class action lawsuit. The 5 remaining defendants include: BNP Paribas, Wells Fargo, ICAP Capital Markets, Morgan Stanley and Nomura Securities International. ISDAfix is the leading benchmark for fixed rates on interest-rate swaps.
These 5 defendants join the other 10 settling defendant banks who had previously settled with affected investors for a total of $408.5 million. Newly Settling Defendants have agreed to contribute to the Settlement Fund as follows:
- BNP Paribas $33,500,000
- ICAP Capital Markets LLC $11,500,000
- Morgan Stanley & Co. LLC $33,500,000
- Nomura Securities International, Inc. $8,750,000
- Wells Fargo Bank, N.A. $8,750,000
This brings the settlement pool to over $500 million. Class counsel has proposed a claims filing date in late fall of 2018, with the current claims filing date for the $408.5 settlement pool set for July 16, 2018.
FRT will continue to monitor this matter for key dates that impact this Antitrust case.
Important dates and deadlines
- Settlement Class Period: January 1, 2016 – January 31, 2014
- July 16, 2018: Claims Filing Deadline – deadline for submitting Claim Forms
- May 30, 2018: Fairness Hearing
- April 30, 2018: Opt-Out Deadline
For more details including case background, timing and how to file for this case or FRT Antitrust service, please contact your FRT representative or email us at firstname.lastname@example.org.
- Case Spotlight: ISDAfix antitrust class action another example of market rate manipulation
- What’s after FOREX? ISDAfix, Euribor, and several other antitrust class action settlements with money already in escrow
U.S. CLAIMS I GLOBAL GROUP LITIGATION I ANTITRUST I LITIGATION MONITORING I BUYOUTS
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