Plaintiffs allege that the Defendants (see below) engaged in anticompetitive acts that affected the price of Credit Default Swaps in violation of the Sherman Act. The lawsuit also alleges that Defendants were unjustly enriched under common law by their anticompetitive acts.
Definition of a CDS Transaction
“CDS” means any and all types of credit default swap(s) and CDS-based products, including, without limitation, single-name CDS, CDS on corporate, sovereign and municipal reference entities, tranche CDS, basket CDS, index CDS, and CDS futures. A “CDS Transaction” means (i) any purchase, sale, trade, assignment, novation, unwind, termination, or other exercise of rights or options with respect to any CDS, whether executed over-the-counter or via inter-dealer brokers, a centralized clearinghouse, a central limit order book, an exchange, a swap execution facility, or any other platform or trading facility; or (ii) any decision to withhold a bid or offer on, or to decline to purchase, sell, trade, assign, novate, unwind, terminate or otherwise exercise any rights or options with respect to any CDS.
All persons or entities (“Persons”) who, during the period of January 1, 2008 through September 25, 2015, purchased CDS from or sold CDS to the Dealer Defendants, their respective affiliates, or any purported co-conspirator, in any Covered Transaction.
The settlement agreements define a Covered Transaction as follows: “A purchase or sale of CDS shall be deemed to be a “Covered Transaction” in each of the following circumstances: (i) if the purchase or sale was by or on behalf of a Person either domiciled or located (e.g., had a principal place of business) in the United States or its territories at the time of such purchase or sale; (ii) if the Person was domiciled and located outside the United States and its territories at the time of any such purchase or sale, where such purchase or sale was in United States commerce; or (iii) where such purchase or sale otherwise falls within the scope of the U.S. antitrust laws.” Examples of a “Covered Transaction” include: (i) you are domiciled or located in the United States or its territories and you made a CDS Transaction with a Dealer Defendant or one of its affiliates; (ii) you are domiciled and located outside the United States or its territories and you made a CDS Transaction with a Dealer Defendant or one of its affiliates located in the United States or its territories; or (iii) you are domiciled and located outside the United States or its territories and you made a CDS Transaction with a Dealer Defendant or one of its affiliates that was executed through a desk located in the United States or its territories.
- Bank of America Corporation & Bank of America, N.A.
- Barclays Bank PLC
- BNP Paribas
- Citigroup Inc., Citibank, N.A. & Citigroup Global Markets Inc.
- Credit Suisse AG
- Deutsche Bank AG
- Goldman, Sachs & Co.
- HSBC Bank PLC & HSBC Bank USA, N.A.
- International Swaps and Derivatives Association
- JPMorgan Chase & Co. & J.P. Morgan Chase Bank, N.A.
- Markit Group Holdings Ltd. & Markit Group Ltd.
- Morgan Stanley & Co. LLC
- Royal Bank of Scotland PLC
- UBS AG & UBS Securities LLC
Total Settlements: $1,864,650,000
Filing Deadline: Contact SRG
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