Mexican Government Bonds Antitrust Litigation

This website is maintained by the Settlement Administrator retained by and under the supervision of Plaintiffs’ Lead Counsel in the action titled In re Mexican Government Bonds Antitrust Litigation, Case No. 18-cv-02830 (JPO), which is pending in the United States District Court for the Southern District of New York.




The information contained on this website is only a summary. You may download a copy of the Notice of Proposed Class Action Settlements, September 13, 2021 Fairness Hearing Thereon, and Class Members’ Rights (the “Notice”) by clicking here and the Proof of Claim and Release (the “Claim Form”) by clicking here. Because this website is just a summary, you should review the Notice for additional details.


If you entered into a Mexican Government Bond Transaction from January 1, 2006 through and including April 19, 2017 (“ Class Period” ), your rights may be affected by pending class action settlements and you may be entitled to a portion of the settlement fund.

“Mexican Government Bond Transaction” means any purchase, sale, or exchange of Mexican Government Bonds, whether in the primary, secondary, or any other market. “Mexican Government Bonds” means any debt securities issued by the United Mexican States (“ Mexico” ), that are Mexican Peso-denominated, including, but not limited to, CETES, Bondes D, UDIBONOS, and BONOS.


This website has been created to alert you to proposed settlements totaling $20,700,000.00 reached with Barclays PLC, Barclays Bank PLC, Barclays Capital Inc., Barclays Capital Securities Limited, Barclays Bank México, S.A., Institución de Banca Múltiple, Grupo Financiero Barclays México, and Grupo Financiero Barclays México, S.A. de C.V. (collectively “ Barclays” ) and JPMorgan Chase & Co., J.P. Morgan Broker-Dealer Holdings Inc., J.P. Morgan Securities LLC, JPMorgan Chase Bank, National Association, Banco J.P. Morgan, S.A. Institución de Banca Múltiple, J.P. Morgan Grupo Financiero, and J.P. Morgan Securities plc (collectively “ JPMorgan,” and with Barclays, the “ Settling Defendants”).

The other capitalized terms used here are defined in the Stipulation and Agreement of Settlement with Barclays, the Stipulation and Agreement of Settlement with JPMorgan (collectively, the “Settlement Agreements”) and the Notice, which are available on this website.

What is this case about?
Plaintiffs allege that each Defendant, from January 1, 2006 through April 19, 2017, inclusive, conspired to fix the prices for Mexican Government Bonds issued by the Mexican government through the Bank of Mexico (“Banxico”). Each Defendant transacted in price-fixed MGBs at artificial prices with uninformed market participants like Plaintiffs and the Class. Defendants allegedly did so through several interrelated means of manipulation.

Plaintiffs and Plaintiffs’ Lead Counsel believe that Settlement Class Members have been damaged by Defendants’ conduct. Barclays and JPMorgan do not agree with the allegations made by Plaintiffs, believe that they have meritorious defenses to Plaintiffs’ allegations, and believe that certain of Plaintiffs’ claims would have been rejected prior to trial, at trial, or on appeal. The Court has not decided in favor of Plaintiffs, Barclays or JPMorgan. Instead, Plaintiffs’ Lead Counsel engaged in separate negotiations with Barclays and JPMorgan to reach negotiated resolutions of the claims against Settling Defendants in this Action. The Settlements allow Plaintiffs, Barclays and JPMorgan to avoid the risks and costs of lengthy litigation and the uncertainty of pre-trial proceedings, a trial, and appeals, and, if approved, would permit eligible Settlement Class Members, who file timely and valid Claim Forms, to receive some compensation, rather than risk ultimately receiving nothing. Plaintiffs and Plaintiffs’ Lead Counsel believe the Settlements are in the best interest of all Settlement Class Members.

If the Settlements are approved, the Action will conclude against the Settling Defendants. If the Settlements are not approved, Settling Defendants will remain as defendants in the Action, and Plaintiffs will continue to pursue their claims against Settling Defendants.

The Court granted Preliminary Approval of the Settlements with Barclays and JPMorgan on December 16, 2020.

The Settlement Class:
The proposed Settlements affect the rights of the members of the Settlement Class. The Settlement Class consists of:

All persons that entered into a Mexican Government Bond Transaction at any time between at least January 1, 2006, and April 19, 2017, where such persons were either domiciled in the United States or its territories or, if domiciled outside the United States or its territories, transacted in the United States or its territories.

Excluded from the Class are the Defendants and their employees, agents, affiliates, parents, subsidiaries, and co-conspirators - whether or not named in the Complaint in this Action - and the United States and Mexican governments. Solely for the purposes of this Settlement and this Settlement Class, Investment Vehicles are not excluded from the Settlement Class solely on the basis of being deemed to be Defendants or affiliates or subsidiaries of Defendants; provided, however, that under no circumstances may a Defendant (or any of its direct or indirect parents, subsidiaries, affiliates, or divisions) receive a distribution from the Settlement Fund through an Investment Vehicle.

The Settlements Size and Benefits:
On behalf of the Settlement Class, Plaintiffs entered into the Settlement Agreement with Barclays on March 27, 2020 and entered into a separate Settlement Agreement with JPMorgan on March 27, 2020. The two settlements contained in the Settlement Agreements are referred to as the “Settlements,” and are jointly addressed for efficiency and convenience. The following description of the proposed Settlements is only a summary.

To resolve all Released Claims against all Released Parties, Barclays has agreed to pay a total of $5.7 million dollars and JPMorgan has agreed to pay a total of $15 million dollars.

The Settlement Agreements do not provide Barclays or JPMorgan with a right of reversion. That is, no matter how many Settlement Class Members fail to file a Claim Form or choose to opt-out, if the Settlements are not terminated and are finally approved by the Court, none of the Settlement monies will revert to Barclays or JPMorgan. This is not a claims-made settlement; there will be no reversion.

Sections 21 and 23 of the Settlement Agreements describe Barclays’ and JPMorgan’s respective right to terminate if certain events occur. With respect to each such event, Barclays and JPMorgan each has the right (as qualified in their respective Settlement Agreement), but not the obligation, to determine to exercise, in its sole discretion, its right to terminate if the event occurs.

Only Members of the Settlement Class Who Submit a Timely and Valid Claim Form Will Be Eligible to Receive a Portion of the Net Settlement Funds. Assuming final approval by the Court, the twenty million seven-hundred thousand dollars ($20,700,000), plus interest, in Settlement Funds obtained from the Settling Defendants, net of such attorneys’ fees, costs, taxes, and other deductions as are approved by the Court (the “Net Settlement Funds”), will be distributed to the members of the Settlement Class who properly complete and timely return a valid Claim Form, and are entitled to distribution under the Distribution Plan. This Distribution Plan is available here.

For all details of the Settlements, read the Settlement Agreement with Barclays, the Settlement Agreement with JPMorgan, and the Notice.


Your Rights as a Class Member
If you fit the description of a Class Member, you have a choice whether to remain a member of the Settlement Class in this Action.

More information regarding your rights as a Class Member in the Action is contained in the Notice and the Settlement Agreements. You may download a copy of the Notice by clicking here. You may download a copy of the Settlement Agreement with Barclays by clicking here and the Settlement Agreement with JPMorgan by clicking here.

The Claim Form may be completed online by clicking here or downloaded by clicking Proof of Claim and Release. General Instructions and more information regarding the claim process are contained in the Claim Form.



IMPORTANT DATES REGARDING SETTLEMENTS WITH BARCLAYS AND JPMORGAN
Wednesday, October 13, 2021 Claim Filing Deadline. Claim Forms must be completed and filed no later than Wednesday, October 13, 2021 to be eligible for a payment from the Settlements with Barclays and JPMorgan. Claims can be filed online by clicking here or can be mailed if postmarked no later than Wednesday, October 13, 2021.
Monday, August 9, 2021 Exclusion Deadline. To exclude yourself from the Barclays and JPMorgan Class, you must submit a written request for exclusion so that it is received no later than Monday, August 9, 2021, in accordance with the instructions in the Notice. Copies of your objection must be served on Plaintiffs’ Lead Counsel, Counsel for Barclays, and Counsel for JPMorgan by Monday, August 9, 2021.
Monday, August 9, 2021 Objection Deadline. Any objections to the proposed Settlements with Barclays and JPMorgan, the Distribution Plan, and/or the request for attorneys’ fees, reimbursement of Litigation Expenses, and any service awards for Plaintiffs must be filed no later than Monday, August 9, 2021 in accordance with the instructions in the Notice.
Monday, September 13, 2021 The Settlement Hearing. The Settlement Hearing will be held on Monday, September 13, 2021 at 3:00 p.m., before the Honorable J. Paul Oetken. The Court will consider whether the Settlements, the Distribution Plan, and the application by Plaintiffs’ Lead Counsel for attorneys’ fees and payment of expenses, and any service awards for Plaintiffs are fair, reasonable, and adequate.


Questions?
Contact the Settlement Administrator at info@MGBAntitrustSettlement.com or 1-877-829-2941