ISDAfix Settlements

PLEASE NOTE: THE FILING DEADLINE TO SUBMIT A CLAIM TO THIS SETTLEMENT HAS PASSED. MCAG WILL UPDATE CLIENTS ACCORDINGLY ONCE INFORMATION IS AVAILABLE ON DISTRIBUTIONS FROM THIS SETTLEMENT.

Alaska Electrical Pension Fund vs. Bank of America, N.A., Lead Case No.: 14-cv-7126 (JMF)

Settlement Fund:                $408.5 million
Settlement Period:              January 1, 2006 – January 31, 2014
Claim Filing Deadline:         July 16, 2018

Settling Defendants:
Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Royal Bank of Scotland, UBS

Non-Settling Defendants:
BNP Paribas, HSBC Bank, Morgan Stanley, Momura Securities International, Wells Fargo


Overview

Ten large bank Defendants have agreed to settle class action litigation alleging that the banks colluded to rig the ISDAfix rate, a benchmark rate used to set pricing terms for interest rate derivative products.

Negotiations continue the Non-Settling Defendants. Settlement funds could increase if settlement agreements are reached with any of these parties.

To qualify for a claim, you must have entered into, received or made payment on, settled, terminated, transacted in, or held an ISDAfix Instrument during the Settlement Class Period. Excluded from the Settlement Class are Defendants and their employees, affiliates, parents, subsidiaries and co-conspirators, and the United States Government.


Eligible Instruments

For purposes of the Settlements, ISDAfix Instrument means:

  1. 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 structure notes, and digital and callable range accrual notes where denominated in USD or related to USD interest rates, and…
  2. Any other financial instruments, products, or transactions that are (i) related in any way to any ISDAfix Benchmark Rate, (ii) reference ISDAfix Benchmark Rates, or (iii) are relevant to the determination or calculation of ISDAfix Benchmark Rates.

Required Information

Basic terms and conditions for each eligible instrument and/or transaction are required to file a claim. The degree of information required will be specific to the type of instrument/transaction referenced.

Common terms include:

  • Notional Amount, Transaction Date, Tenor, Exercise Date, Strike Price, Counterparty, and CUSIP.

Typically, this information is maintained by your internal Treasury Department, or it can be found in:

  • Bank confirmations by individual trade
  • Bank transaction reports or statements
  • Trading venue transaction reports or statements
  • Prime broker reports or statements
  • Custodian reports or statements
  • Daily or monthly account statements, and/or
  • Other documents evidencing transactions in ISDAfix Instruments

With proper permission, MCAG can assist in communicating with your bank, broker, or custodian directly to obtain any information that is not readily available internally.