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Municipal Derivatives Antitrust Litigation


           

On March 24, 2016, a Distribution Plan and Claim Form were mailed to potential Class Members, along with a Notice Packet.  These pertain to Settlements with the remaining six (6) defendants in this case, and, subject to Court approval, provide payments to Class Members who file valid claims. The final approval hearing for these Settlements will be held on July 8, 2016. Subject to Court apprvoal, payments will be based on the number of valid claims filed and a "Distribution Plan" (how the funds will be divided among eligible Class Members) that has been preliminarily approved by the Court. Subject to Court approval, the Claim Form is due July 28, 2016. If you do not wish to be a member of any or all of the Settlement Classes , the exclusion date is May 17, 2016.

To download a paper Claim Form, please click HERE

To File a Claim online, please click HERE

To download  the Remaining Six Settling Defendants Municipal Derivatives Settlement Notice,
please click HERE


WHAT THIS CASE IS ABOUT

This class action is about the sale of municipal derivatives in the United States and its territories from January 1, 1992 through August 18, 2011.  The lawsuit claims that there was bid-rigging in the sale of municipal derivative transactions by several companies including UBS AG, Société Générale S.A., Natixis Funding Corp., Piper Jaffray & Co., National Westminster Bank Plc, George K. Baum & Co., and other companies (which together are called the “remaining six defendants”). 

The Court has scheduled a Fairness Hearing on July 8, 2016, at 2:00 p.m. at the United States District Court for the Southern District of New York, 500 Pearl Street, New York, NY 10007. At the Fairness Hearing, Judge Marrero will consider whether the Settlements and plan of allocation are fair, reasonable and adequate. The Court will consider any objections and whether to approve Class Counsel’s request for reimbursement of litigation fees and expenses. The Court may change the time and date of the Fairness Hearing. If so, notice of any change will be posted at the courthouse or on the Court’s website. The change will also be posted in the Important Dates section of this website. You should confirm the time and location of the Fairness Hearing if you plan to attend.



HOW DO I KNOW IF I AM A MEMBER OF THE CLASS

Included in the Class are state, local, or municipal government entities, independent government agencies, and private entities that purchased municipal derivative transactions through negotiation, competitive bidding, or auction:

  • Directly from any Provider Defendant or Co-Conspirator or brokered by any Broker Defendant or Co-Conspirator listed below;
  • At any time from January 1, 1992 through August 18, 2011; and
  • In the United States and its territories or for delivery in the United States and its territories.

 

Alleged Provider Defendants

Bank of America, N.A.***

GE Funding Capital Market Services, Inc. Trinity Funding Co., LLC and Trinity Plus Funding Co., LLC***

 

 

Provider Alleged Co-Conspirators

AIG Financial Products Corp.

Financial Security Assurance Holding Ltd.

Financial Security Assurance Inc.

JP Morgan Chase & co., J.P. Morgan Securities, Inc., (n/k/a J.P. Morgan Securities LLC) and Bear Stearns & Co., Inc. (n/k/a J.P. Morgan Securities LLC)**

Morgan Stanley*

Lehman Brothers

Lehman Brothers

SunAmerica Life Assurance Co.

MG Financial Products Corp.

Wachovia Bank, N.A. (n/k/a Wells Fargo Bank, N.A.)**

XL Asset Funding Co. LLC

XL Capital Ltd.

XL Life Insurance & Annuity, Inc.

 

Alleged Broker Defendants

CDR Financial Products

George K. Baum & Co.

Investment Management Advisory Group, Inc.

Sound Capital Management, Inc.

Winters & Co. Advisors, LLC

Broker Alleged Co-Conspirators

Feld Winters Financial LLC

First Southwest Company

Kinsell Newcomb & De Dios Inc.

Mesirow Financial

Morgan Keegan & Co., Inc.


PackerKiss Securities Inc.

  * On November 23, 2011, the Court approved the Plaintiffs’ settlement with Morgan Stanley.
** On December 14, 2012, the Court approved the Plaintiffs’ settlement with Wells Fargo/Wachovia and JPMorgan.
*** On June 6, 2014, the Court approved the Plaintiffs' settlement with Bank of America and GE Funding Capital Market Services


OBTAINING MORE INFORMATION

On the left-hand side of this page you can find more information regarding this lawsuit by reviewing copies of the documents filed with the court including the Settlement Agreements.  You may also send an email to info@MunicipalDerivativesSettlement.com or write to the Settlement Administrator at:    

Municipal Derivatives Settlement
c/o Rust Consulting Inc.
P.O. Box 2500
Faribault, MN 55021-9500 

 

 

Disclaimer

THIS SITE IS NOT OPERATED BY MORGAN STANLEY, WELLS FARGO, JPMORGAN OR ANY OF ITS AFFILIATES. THIS SETTLEMENT IS SUPERVISED BY CLASS COUNSEL.  THIS IS THE AUTHORIZED WEBSITE FOR THIS SETTLEMENT.  PLEASE DO NOT RELY UPON OTHER SITES THAT SET OUT DIFFERENT AND UNAUTHORIZED INFORMATION.

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