ISDAfix Case Update (June 2018): Settlements for the Remaining Five Defendants Have Received Preliminary Approval

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June 27, 2018

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.

Read the Law360 article ‘$96M Deal With Last 5 Firms In ISDAfix Suit Gets 1st OK’ to learn more.

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

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.