Name: Mexican Government Bonds Antitrust Litigation
defendants: Barclays: $5.7 million; JPMorgan $15 million. For full list of
defendants, more of whom may settle in the future, see bottom of this post.)
Filing Deadline: November 29, 2021
Period: 1/1/2006 -- 4/19/2017
bonds: Over 1100
JPMorgan and Barclays have settled an antitrust litigation
over allegations they took part in a price-fixing scheme of Mexican Governement
bonds that were issued the Mexican government through the Bank of Mexico, also
know as Banxico. The settlement notice lists three major counts:
- *****"First, Defendants allegedly rigged MGB primary market auctions
through collusive bidding and information sharing to control the flow of MGB
- *****"Second, Defendants allegedly sold newly issued MGBs
purchased at auction into the secondary market at artificially high, price-fixed
- *****"Third, Defendants allegedly agreed to fix the “bid-ask
spread” artificially wider when offering to buy or sell MGBs in secondary
market trading with Plaintiffs and the Class…”
Thee result, according to the plaintiffs, is that class members ended up paying more for newly issued MGBs than they
otherwise would have. They further allege the defendants pulled-off their scheme
through various secret back-channels including through interbank chatrooms,
telephone calls, and in-person meetings.
Many who read the financial news, and indeed, everyone who
participated in early antitrust cases such as the GSE Bonds, LIBOR, and FX
litigations, among others, are familiar with these kinds of allegations by now.
They are also familiar with the exceedingly complicated nature of antitrust litigation.
In this settlement, over 1,100 unique ISINs qualify-- and the class period spans 11
The team at Chicago Clearing has filed claims in every
single financial antitrust litigation settlement. For example we filed tens of thousands of
claims in the recent GSE Bonds litigation, and that case had over 60,000 eligible
bonds. We will not be daunted by the mere 1,100 identifiers in this case, nor
will we be troubled by retrieving old trade data from any system, format, or trading
Chicago Clearing Corporation helps investors in three key ways:
- *****We help you keep up with the flow of every new class action
that appears, including every last detail for each case.
- *****We help you file timely, comprehensive claims for each and
every eligible account for your firm and for all your clients.
- *****We help you forget about claim filing so you can focus on
the real work of investing.
So if the idea of looking up hundreds upon hundreds of
ISINs, some of which may have been purchased in 2006, leaves you cold, then
call us today at 312-204-6970. We’d be happy to help.
Full list of defendants:
Banco Bilbao Vizcaya Argentaria, S.A., BBVA
Securities, Inc., BBVA Compass Bancshares, Inc., BBVA Bancomer S.A.,
Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer, Grupo Financiero
BBVA Bancomer, S.A. de C.V., Banco Santander S.A., Santander Investment
Securities, Inc., Santander Holdings USA, Inc., Banco Santander (Mexico) S.A.
Institución de Banca Múltiple, Grupo Financiero Santander Mexico, Santander
Investment Bolsa, Sociedad de Valores, S.A.U., Bank of America N.A., Bank of
America Corporation, BankAmerica International Financial Corporation, Bank of
America Mexico, S.A., Institución de Banca Múltiple, Grupo Financiero Bank of
America, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup
Inc., Barclays Bank Mexico, S.A., Barclays Bank PLC, Barclays Capital
Securities Limited, Grupo Financiero Barclays Mexico, S.A.