TORONTO, May 4, 2024
/CNW/ - Settlements have been reached with Deutsche Bank, TD,
Nomura, Credit Suisse, RBC, Barclays, BNP, Citigroup, and Credit
Agricole (the "Settling Defendants") in a proposed class
action relating to supranational, sovereign, sub-sovereign,
governmental, quasi-governmental, and agency bonds or debt
instruments regardless of the structure, currency, or credit
quality (collectively referred to as "SSA Bonds").
The action alleges that, beginning at least as
early as 2005 and continuing through 2015, the Defendants conspired
with each other to fix prices in the SSA Bond market. The
Defendants do not admit any wrongdoing or liability and disagree
with the allegations in the lawsuit.
Who is affected by the settlements?
The settlements apply to persons in Canada who directly or indirectly (including
through an intermediary or through an investment or equity fund,
mutual fund, hedge fund, pension fund or other investment vehicle)
entered into an SSA Bond Transaction between January 1, 2005 and December 31, 2015. An "SSA Bond
Transaction" is any purchase, sale, trade, assignment,
novation, unwind, termination, or other exercise of rights or
options with respect to any SSA Bond.
What are the settlement benefits?
Pursuant to the settlements, Deutsche Bank has agreed to pay
US$1,600,500; TD has agreed to pay
CAD$250,000; Nomura has agreed
to pay CAD$350,000; Credit Suisse has
agreed to pay CAD$500,000; RBC has
agreed to pay CAD$250,000; Barclays
has agreed to pay CAD$150,000; BNP
has agreed to pay CAD$150,000;
Citigroup has agreed to pay CAD$200,000; and Credit Agricole has agreed to
pay CAD$400,000. In exchange, the
claims raised in the class action against the Settling Defendants
and their related entities will be released. The settlements are
compromises of disputed claims and are not an admission of
liability, fault, or wrongdoing. If approved, the settlements will
resolve the litigation in its entirety.
What happens to the money paid under the
settlements?
The Federal Court will be asked to approve a process for
distributing all settlement funds achieved in this litigation (plus
interest and less approved fees and expenses).
Under the proposed administration protocol, Settlement Class
Members with total SSA Bond Transactions of CAD $10,000,000 or greater will be eligible for
compensation.
For more information about the proposed distribution, visit
www.siskinds.com/ssa-bonds.
When will the settlements, proposed distribution, and
Class Counsel fees be approved?
The settlements and proposed distribution must be approved by
the Federal Court. A motion to approve the settlements and proposed
distribution has been set for August 15,
2024. At the hearing, the Federal Court will also address
Class Counsel's fee request of 25% of the settlement amounts, plus
disbursements and taxes. Persons who wish to object to the
proposed settlements, distribution or Class Counsel's fee request
may do so by setting out their objection in writing. Objections
must be sent to Class Counsel by July 31,
2024.
For information about the lawsuit, your rights, and how to
exercise your rights, see the long-form notice and related
documents available online at www.siskinds.com/ssa-bonds.
SOURCE Siskinds LLP