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First Two GSE Bond Antitrust Litigation Settlements provide $29.5 Million to Investors

Government Sponsored Enterprised Litigation Settlements Arrive



Did you trade debt securities of government sponsored enterprises (aka GSE bonds) between 2009 and 2019? If so, you may be eligible to participate in an antitrust settlement.

Plaintiffs allege that the defendants (see full list below) conspired to fix prices of unsecured GSE bonds issued by Federal National Mortgage Association, Federal Home Loan Mortgage, Federal Farm Credit Banks, and Federal Home Loan Banks. The current settlement for $29.5 million includes the defendants Deutsche Bank and First Tennessee Bank/FTN Financial Securities. Goldman Sachs has also settled for $20 million, though the current settlement notice was issued before Goldman's settlement was announced. In other words, it is possible this case will unfold with rolling settlements over the coming months and years.

How CCC Can Help:

As you might guess, given the nature of GSEs, this litigation affects a lot of securities. Indeed, there are tens of thousands. Chicago Clearing can find every last eligible security for this settlement and ensure that no eligible bond is missed.

Case Name: GSE Bonds Antitrust Litigation

Settlement Fund: $29,500,000

Claim Filing Deadline: February 5, 2020

Class Period: 1/1/2009 – 1/1/2019

Class description: "All persons and entities who or which entered into a GSE Bond Transaction with one or more Defendants or a direct or indirect parent, subsidiary, affiliate, or division of a Defendant during the Settlement Class Period."

Settling Defendants: First Tennessee Bank and FTN Financial Securities Corp., $14.5 Million; Deutsche Bank, $15 Million.

Non-Settling Defendants: Barclays Capital Inc.; BNP Paribas Securities Corp.; Citigroup Global Markets Inc.; Credit Suisse Securities (USA) LLC; Goldman Sachs & Co. LLC; J. P. Morgan Securities LLC; Merrill Lynch, Pierce, Fenner & Smith Inc.; TD Securities (USA) LLC; Nomura Securities International, Inc.; HSBC Securities (USA) Inc.; Cantor Fitzgerald & Co.; SG Americas Securities LLC; Morgan Stanley & Co., LLC; and UBS Securities LLC.

Please note: Goldman Sachs has also settled for $20 million, but this amount has not yet been included in the gross settlement fund; it is likely a later notice will announce this settlement.


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