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, 218: Fairness Hearing
- April 30, 2018: Opt-Out Deadline
For more details including case background, timing and how to file for this case or FRT Global Group Litigation 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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