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Municipal Derivatives Antitrust Settlement

PLEASE NOTE: THE FILING DEADLINE TO SUBMIT A CLAIM TO THIS SETTLEMENT HAS PASSED. MCAG IS NO LONGER ACCEPTING ENROLLMENTS IN OUR SERVICE FOR THIS SETTLEMENT.  MCAG WILL UPDATE CLIENTS ACCORDINGLY ONCE INFORMATION IS AVAILABLE ON DISTRIBUTIONS FROM THIS SETTLEMENT.

The Municipal Derivatives Settlement [In re: Municipal Derivatives Antitrust Litigation], with funds of $100 million to compensate eligible Class Members, concerns 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”).

Class Members include purchasers of municipal derivative transactions (defined as financial products used by issuers of tax-exempt municipal bonds) such as states, cities, counties, or their agencies, and tax-exempt, non-profit entities. The derivatives were used to invest the money received from such bond offerings while they are waiting to spend it or to hedge or manage the interest rate risk associated with such offerings.

Municipal derivative transactions come in many varieties.  Some of the common types are:

  • Guaranteed Investment Contracts
  • Interest-Rate SWAPS
  • Options
  • “Swaptions” (a combination of a swap and an option)
  • Interest Rate Floors
  • Collars

If you are interested in MCAG pursuing a claim to this settlement on your behalf, please contact one of our representatives at 800-355-0466.  There are no upfront fees for this service. MCAG aligns its incentives with yours and charges a percentage of any recoveries obtained on your behalf.  Services include all the data analysis necessary to determine eligibility, document preparation, claims filing, recovery and reconciliation for enrolled customers.  If no money is recovered for your organization from the Settlement(s), then MCAG will not charge or retain a fee.

MCAG is not the Settlement/Class Administrator, and this is not the official settlement website. You may visit the official settlement website by clicking the link below. The settlement filing deadline is July 28, 2016.