Announcing a New and Additional Class Action Settlement Involving Consumers who Transacted in ISDAfix Instruments Between January 1, 2006, and January 31, 2014

Author: United States District Court for the Southern District of New York / 2023-07-27 23:35 / Source: United States District Court for the Southern District of New York

Announcing a New and Additional Class Action Settlement Involving Consumers who Transacted in ISDAfix Instruments Between January 1, 2006, and January 31, 2014

NEW YORK,Aug. 14,2018 --This is a new notice concerning an additional proposed settlement (the "Proposed Settlement") reached in the matter of Alaska Electrical Pension Fund,et al. v. Bank of America,N.A.,et al.,currently pending in the United States District Court for the Southern District of New York (the "Court"). It is to alert Settlement Class Members to a new and additional settlement with five Defendants: BNP Paribas (named in the Action as "B.N.P. Paribas SA"); ICAP Capital Markets LLC (now known as Intercapital Capital Markets LLC); Morgan Stanley & Co. LLC; Nomura Securities International,Inc.; and Wells Fargo Bank,N.A. (collectively,the "Newly Settling Defendants"),in a class action against Newly Settling Defendants and other Defendants who previously settled. The lawsuit alleges that Defendants,including the Newly Settling Defendants,engaged in anticompetitive acts that affected the market for ISDAfix Instruments,as defined below,in violation of Section 1 of the Sherman Act,15 U.S.C. § 1. The lawsuit also alleges that certain Defendants were unjustly enriched under common law and breached ISDA Master Agreements. The lawsuit was brought by persons who transacted in ISDAfix Instruments. All Defendants deny they did anything wrong.

A Proposed Settlement has been reached with the Newly Settling Defendants. This is separate from the settlements that have already been given final approval by the Court,which covered other Defendants in the same action (the "Approved Settlements"). The Newly Settling Defendants have agreed to pay $96 million (the "Settlement Fund"). This amount is in addition to the fund created from the $408.5 million paid in connection with the Approved Settlements. Before any money is paid,the Court will have a hearing to decide whether to approve the additional Proposed Settlement. Approval of the Proposed Settlement by the Court will resolve this lawsuit in its entirety.

Subject to certain exceptions,the Settlement Class includes all persons or entities (together,"Persons") who,from January 1,2006,through January 31,2014,entered into,received or made payments on,settled,terminated,transacted in,or held an ISDAfix Instrument. "ISDAfix Instrument" means (i) any and all interest rate derivatives,including,but not limited to,any swaps,swap spreads,swap futures,variance swaps,volatility swaps,range accrual swaps,constant maturity swaps,constant maturity swap options,digital options,cash-settled swaptions,physically settled swaptions,swapnote futures,cash-settled swap futures,steepeners,flatteners,inverse floaters,snowballs,interest rate-linked structured notes,and digital and callable range accrual notes,where denominated in USD or related to USD interest rates; and (ii) any financial instruments,products,or transactions related in any way to any USD ISDAfix Benchmark Rates,any instruments,or transactions that reference ISDAfix Benchmark Rates and any instruments,or transactions relevant to the determination or calculation of ISDAfix Benchmark Rates.

For anyone unsure whether they are a Settlement Class Member,they can find more information,including a detailed Notice of an Additional Proposed Settlement of Class Action (the "Notice"),at www.ISDAfixAntitrustSettlement.com,or by calling the Claims Administrator at 1-844-789-6862 (U.S.),or +1-503-597-5526 (Int.).

Settlement Class Members who do not opt out of the Settlement Class will be eligible to file a Proof of Claim and Release Form (the "Claim Form"). Claim Forms can be found at www.ISDAfixAntitrustSettlement.com. The amount of the payment will be determined by a Plan of Distribution to be approved by the Court. The proposed plan is functionally the same as the plan that was given final approval by the Court in connection with the Approved Settlements. Details are available at www.ISDAfixAntitrustSettlement.com. A date for distribution of the Settlement Fund has not been set. Claim Forms must be submitted by December 23,2018.

Settlement Class Members do not need to do anything if they submitted a timely and valid claim form in connection with the Approved Settlements. Any such submission will be treated as a valid and timely Claim Form with respect to this additional Proposed Settlement. Anyone unsure whether they did so can contact the Claims Administrator by calling 1-844-789-6862 (U.S.),or +1-503-597-5526 (Int.).

Settlement Class Members who do not opt out of the Settlement Class will release certain legal rights against the Newly Settling Defendants and the Released Defendant Parties,as explained in the detailed Notice and Settlement Agreement,available at www.ISDAfixAntitrustSettlement.com. Settlement Class Members who do not want to take part in the Proposed Settlement must opt out by October 13,2018.

Settlement Class Members may,but do not have to,comment on or object to the Proposed Settlement,or Lead Counsel's application to the Court for an award of attorneys' fees,expenses,and incentive awards to the Class Plaintiffs for representing the Settlement Class with respect to the Proposed Settlement. To do so,a Settlement Class Member must file any comment or objection with the Court by October 13,2018.

Further information on how to opt out of the Settlement Class,or file a comment or objection with the Court,is available at www.ISDAfixAntitrustSettlement.com.

The Court will hold a hearing on November 8,2018,at the United States District Court for the Southern District of New York,Thurgood Marshall United States Courthouse,40 Foley Square,Courtroom 1105,New York,NY 10007,to consider whether to approve the Proposed Settlement,and Lead Counsel's application for an award of attorneys' fees,and incentive awards to the Class Plaintiffs. Settlement Class Members or their lawyers may ask to appear and speak at the hearing at their own expense,but do not have to.

The Court has appointed the lawyers listed below as Lead Counsel to represent the Settlement Class in this Action:

Daniel L. Brockett

Quinn Emanuel Urquhart &

Sullivan,LLP

51 Madison Avenue,22nd Floor

New York,NY 10010

David W. Mitchell

Robbins Geller Rudman

& Dowd,LLP

655 West Broadway,Suite 1900

San Diego,CA 92101

Christopher M. Burke