Mexican Government Bonds Antitrust Litigation

Frequently Asked Questions


Why did I get this Notice?

You received the Notice because you requested it, or records indicated that you may have transacted in one or more Mexican Government Bond Transactions during the Class Period and may be a Settlement Class Member in this class action. As a potential Settlement Class Member, you have a right to know about the proposed Settlements with Barclays and JPMorgan before the Court decides whether to approve the Settlements.

The Notice advises you of your rights and options with respect to this Action, what benefits are available, who is eligible for them, and what you must do to receive your portion of the benefits if you are eligible. The purpose of the Notice is also to inform you of the Fairness Hearing to be held by the Court to determine, among other things, whether the Settlements, the Distribution Plan, and the application by Plaintiffs’ Lead Counsel for attorneys’ fees and payment of expenses are fair, reasonable, and adequate.


What is the lawsuit about?

Plaintiffs allege that each Defendant, from January 1, 2006 through April 19, 2017, inclusive, conspired to fix the prices for Mexican Government Bonds (“MGBs”) issued by the Mexican government through the Bank of Mexico. Plaintiffs allege that each Defendant transacted in price-fixed MGBs at artificial prices with market participants like Plaintiffs and the Class. Plaintiffs’ lawsuit contends that Defendants fixed MGB prices through several interrelated means.

Additional details can be found in the Long-Form Notice.


What are the Definitions Used in the Notice?

The Notice and this website incorporate by reference the definitions in the Stipulation and Agreement of Settlement with Barclays and the Stipulation and Agreement of Settlement with JPMorgan (collectively, the “Stipulations”).

The Stipulations and the Court’s Preliminary Approval Orders can be found here.

All capitalized terms used, but not defined, shall have the same meanings as in the Stipulations and the Court’s Preliminary Approval Orders.


Why Are There Settlements?

Plaintiffs and Plaintiffs’ Lead Counsel believe that Settlement Class Members have been damaged by Defendants’ alleged conduct. Barclays and JPMorgan (collectively, the “Settling Defendants”) do not agree with the allegations made by Plaintiffs, believe that they have meritorious defenses to Plaintiffs’ allegations, and believe that Plaintiffs’ claims would have been rejected prior to trial, at trial (had Plaintiffs successfully certified a class and survived summary judgment motions), or on appeal. As a result, Settling Defendants believe Settlement Class Members would have received nothing if the litigation had continued to trial.


What Are The Settlements?

Barclays has agreed to pay a total of $5.7 million and JPMorgan has agreed to pay a total of $15 million (the “Settlement Funds”) in cash for the benefit of the proposed Settlement Class. If the Settlements are approved, the Settlement Funds, plus interest earned from the date it was established, less any Taxes, any Notice and Administration Costs, any Court-awarded attorneys’ fees, litigation costs and expenses, and service awards for Plaintiffs, and any other costs or fees approved by the Court (the “Net Settlement Funds”), will be divided among all Settlement Class Members who file timely and valid Claim Forms.

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.

How Do I Know if I Am a Settlement Class Member?

In the Preliminary Approval Order, the Court preliminarily approved the following Settlement Class, defined as:

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, provided that if, prior to moving for Final Approval of the Settlement, Plaintiffs expand the Class in any subsequent amended complaint, class motion or in any other stipulation or settlement agreement Plaintiffs reach with any other Defendant involving this Action, the defined Class in this Settlement Agreement shall be expanded so as to be coterminous with such expansion.

Not everyone who fits this description will be a Settlement Class Member.

Additional details can be found in the Long-Form Notice.

Who are the Defendants?

The Settling Defendants are 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”).

Are There Exceptions to Being Included in the Settlement Class?

Yes. 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 purposes of this Settlement and this Settlement Class, Investment Vehicles shall not be 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.

How Will I Get a Payment?

If you are a Settlement Class Member and do not exclude yourself, you are eligible to file a Claim to receive your share of money from the Net Settlement Funds.

To participate in and receive your share of the Net Settlement Funds, you must submit a valid and timely Claim Form demonstrating that you are an Authorized Claimant as set forth in the Settlement Agreements. You may obtain a Claim Form on this website, and submit your Claim Form online no later than 11:59 P.M. Eastern Time on October 13, 2021 via this page [link to online Claim Form]. Claim Forms, if sent by mail, must be addressed to the Settlement Administrator (see address below in How Do I Get More Information?) and postmarked no later than October 13, 2021.

When Will I Receive a Payment?

The Court has scheduled a Fairness Hearing for September 13, 2021 at 3:00 P.M., to be held at the Thurgood Marshall United States Courthouse, 40 Foley Square, New York, New York, Courtroom 706. At the Fairness Hearing, the Court will determine, among other things, if the proposed Settlements are fair, reasonable, and adequate. The Court will also consider Plaintiffs’ Lead Counsel’s request for attorneys’ fees and reimbursement of litigation expenses.

The time and date of the Fairness Hearing may be changed from time to time without further notice and you are advised to confirm the time and location if you wish to attend; as soon as practicable after any change in the scheduled date and time, such change will be posted on the Settlement Website.

What Am I Giving Up to Receive a Payment?

Unless you exclude yourself, you remain a Settlement Class Member. That means you can’t sue, continue to sue, or be part of any other lawsuit about the Released Claims in this Action against Settling Defendants or any of the Released Parties. Upon the Effective Date, the Releasing Parties shall release and be deemed to release and forever discharge and shall be forever enjoined from prosecuting the Released Claims against the Released Parties, regardless of whether such Releasing Party executes and delivers a Claim Form.

Additional details can be found in the Long-Form Notice.

What if I Do Nothing?

You are automatically a Settlement Class Member if you fit the Settlement Class description. However, if you do not submit a timely and valid Claim Form, you will not receive any payment from the Settlements. You will be bound by past and any future Court rulings, including rulings on the Settlements and Released Claims. Unless you exclude yourself, you will not be able to start a lawsuit, continue with a lawsuit, or be a part of any other lawsuit against Settling Defendants or any of the other Released Parties on the basis of the Released Claims.

How Do I Exclude Myself?

You can exclude yourself by sending a written “Request for Exclusion.” You cannot exclude yourself by telephone or email. Your written Request for Exclusion must contain:

(a) the name, address, and telephone number of the Settlement Class Member;
(b) a list of all trade names or business names that the Settlement Class Member requests to be excluded;
(c) the name of this Action (In re Mexican Government Bonds Antitrust Litigation, No. 18-cv-02830 (JPO) (S.D.N.Y.));
(d) a statement certifying such person is a member of the Settlement Class;
(e) a description of the Mexican Government Bonds Transactions entered into by the member of the Settlement Class that fall within the Settlement Class definition (including, for each transaction, the identity of the broker, the date of the transaction, the type of the transaction, the counterparty (if any), any transaction identification numbers, the rate, and the notional amount of the transaction);
(f) a statement that “I/we hereby request that I/we be excluded from the Settlement Class”; and
(g) a statement specifying whether such person is requesting exclusion from the Settlement Class as it relates to the Barclays Settlement or JPMorgan Settlement or both.

Requests for exclusion from the Settlement Class for the Settlement Agreement(s) must be sent by U.S. first class mail (preferably certified mail) (or, if sent from outside the U.S., by a service that provides for guaranteed delivery within five (5) or fewer calendar days of mailing) to the Settlement Administrator at:

Mexican Government Bonds Antitrust Settlement
Exclusions
c/o A.B. Data, Ltd.
P.O. Box 173123
Milwaukee, WI 53217

Requests for exclusion must be postmarked by August 9, 2021 to be considered timely. Additional details can be found in the Long-Form Notice.

How Do I Tell the Court What I Think About the Settlements?

If you are a Settlement Class Member and you do not exclude yourself, you can tell the Court what you think about the Settlements. You can object to all or any part of the Settlements, Distribution Plan, and/or application for attorneys’ fees, reimbursement of litigation costs and expenses, and any service awards for Plaintiffs. You can give reasons why you think the Court should approve them or not. The Court will consider your views. You may also ask to intervene in the Action.

If you want to make an objection or intervene in the Action, you may enter an appearance in the Action, at your own expense, individually or through counsel of your own choice, by filing with the Clerk of Court a notice of appearance and your objection, and serving copies of your objection on Plaintiffs’ Lead Counsel, Counsel for Barclays, and Counsel for JPMorgan by August 9, 2021 to the following mailing addresses:

Plaintiffs’ Lead Counsel Counsel for Barclays Counsel for JPMorgan
Vincent Briganti
LOWEY DANNENBERG, P.C.
44 S. Broadway, Suite 1100
White Plains, NY 10601-2310
Jeffrey T. Scott
SULLIVAN & CROMWELL LLP
31 West 52nd Street
New York, NY 10019
Robert D. Wick
COVINGTON & BURLING LLP
250 West 55th Street
New York, NY 10019
If you choose to object, you must file a written objection with the Clerk of the Court. You cannot file an objection by telephone or email.

Your written objection must include a statement of the objection or motion to intervene, as well as the specific legal and factual reasons for each objection or motion to intervene, including all support that the objecting Settlement Class Member or the governmental entity wishes to bring to the Court’s attention and all evidence the objecting member of the Settlement Class or governmental entity wishes to introduce in support of his, her, or its objection or motion. The submission must contain:

(i) a heading that refers to this Action by case name and case number (In re Mexican Government Bonds Antitrust Litigation, No. 18-cv-02830 (JPO) (S.D.N.Y.));

(ii) a statement of the specific legal and factual basis for each objection or intervention argument, including whether the objection applies only to the objecting person, a specific subset of the Class or the entire Class;

(iii) a statement of whether the objecting or intervening person or entity intends to appear at the Fairness Hearing, either in person or through counsel and, if through counsel, a statement identifying that counsel by name, address, and telephone number;

(iv) a description of any and all evidence the objecting person or entity may offer at the Fairness Hearing, including but not limited to the names, addresses, and expected testimony of any witnesses; all exhibits intended to be introduced at the Fairness Hearing; and documentary proof of the objecting person’s membership in the Settlement Class;

(v) a description of the Mexican Government Bond Transactions entered into by the member of the Settlement Class that fall within the Settlement Class definition (including, for each transaction, the identity of the broker, the date of the transaction, the type of the transaction, the counterparty (if any), any transaction identification numbers, the rate, and the notional amount of the transaction); and

(vi) a list of other cases in which the objector or intervenor or counsel for the objector or intervenor has appeared either as an objector or counsel for an objector in the last five years.

Persons who have timely submitted a valid Request for Exclusion are not members of the Settlement Class and are not entitled to object. All written objections must be signed by the Settlement Class Member (or his, her, or its legally authorized representative), even if the Settlement Class Member is represented by counsel, filed with the Court and served on Plaintiffs’ Lead Counsel, Counsel for Barclays and Counsel for JPMorgan no later than August 9, 2021.

What is the Difference Between Objecting and Excluding Myself?

Objecting is telling the Court that you do not like something about the Settlements. You can object to the Settlements only if you remain a Settlement Class Member and do not exclude yourself from the Settlements. Excluding yourself from the Settlements is telling the Court that you do not want to be a part of the Settlement Class. If you exclude yourself, you have no right to object to the Settlements because they no longer affect you.

Do I Have to Come to the Settlement Hearing?

No. Plaintiffs’ Lead Counsel will answer any questions the Court may have. You are, however, welcome to come at your own expense. If you send an objection, you do not have to come to Court to talk about it. As long as you file and serve your written objection on time, the Court will consider it. You may also hire your own lawyer to attend, but you are not required to do so.

May I Speak At the Settlement Hearing?

If you are a Settlement Class Member, you are entitled to appear, in person or through duly authorized attorneys, and to show cause why the Settlement or other applications should or should not be approved. However, if you wish to appear, you must submit a written statement, along with any materials you wish the Court to consider. This written statement must be received by the Court no later than, August 9, 2021 or it will not be considered. Such materials must also be served on Plaintiffs’ Lead Counsel and counsel of record for the Settling Defendants by overnight mail or by hand or they will not be considered.

Additional details can be found in the Long-Form Notice.

How Do I Get More Information?

More details are included in the Stipulations and Distribution Plan (Including Multiplier Table), which are available for your review in the Court Documents section of this website. You may also call toll-free 1-877-829-2941 (if calling from outside the United States or Canada, call 1-414-961-6592) or write to the Settlement Administrator at:

Mexican Government Bonds Antitrust Settlement
c/o A.B. Data, Ltd.
P.O. Box 173123
Milwaukee, WI 53217