Lessons Learned from the $500+ Million ISDAfix Antitrust Case

Jenn Rothenberg
August 9, 2018

On the heels of the Forex Antitrust Case (read our blog: Forex Antitrust Case’s Projected Recovery Rate is Estimated to be 94%-123%), FRT filed claims for more than 25,000 client accounts in the ISDAfix Antitrust Case ahead of the July 16, 2018 deadline. Here are some lessons learned from that matter:

  • If you traded any USD denominated interest rate derivatives between January 2006 and January 2014, you were eligible: While the class description in the claims form was lengthy and detailed, reduced to its essence, any investor that traded any interest rate Treasuries and/or securities between the class period end dates was eligible.
  • You did not have to be a member of ISDA to file in this case: Many clients mistakenly thought they needed to be members of ISDA to be eligible. You do not.
  • You may still be able to file in ISDAfix (and Forex): While there are no guarantees, it appears the administrators may still be accepting late claims. If you haven’t yet filed for ISDAfix or Forex, contact FRT to see how we can help.
  • As in Forex, we expect the ISDAfix participation rate to be low: Class Counsel for the Forex case has estimated a ~35% participation rate by class members, which could yield 100% recovery rates. Given the high-profile nature of the Forex litigation and the significant size of that settlement, filing rates were expected to be higher. For less high profile matters like ISDAfix and Euribor, we expect similarly low participation rates and higher than expected recovery rates. If you haven’t yet filed, you should.

With another $850 million to be distributed in the coming months from other settled antitrust class actions and 50+ cases in litigation, fiduciaries should be implementing systems for filing claims in these matters. While claim filing in this area can be challenging, FRT has developed efficient processes to maximize recoveries while minimizing client efforts.

Contact FRT at learnmore@frtservices.com to leverage our experience and technology to help you through the process.

Learn More

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 learnmore@frtservices.com.

About FRT

U.S. CLAIMS  I  GLOBAL GROUP LITIGATION  I  ANTITRUST  I  LITIGATION MONITORING  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

ABOUT FINANCIAL RECOVERY TECHNOLOGIES
SETTLED  I  NON-US GLOBAL OPT-IN  I  ANTITRUST  I  GLOBAL PASSIVE  I  DIRECT OPT-OUT  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

 

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.