Kehoe Law Firm is pleased to announce that a partial settlement has been reached with two defendants in the Mexican Government Bonds antitrust litigation. The settlements total $20,700,000 and were reached with Barclays PLC (and related entities) and JPMorgan Chase & Co. (and related entities), on behalf of our client, Southeastern Pennsylvania Transportation Authority Pension Plan (“SEPTA”), and additional plaintiffs.
The settlement addresses allegations that the settling defendants, and others, conspired to fix the prices for Mexican Government Bonds issued by the Mexican government through the Bank of Mexico (“Banxico”). As alleged in the complaint, 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.
SEPTA and plaintiffs’ lead counsel engaged in separate negotiations with Barclays and JPMorgan to reach negotiated resolutions of the claims against them. The Settlements allow SEPTA, 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 compensation rather than risk ultimately receiving nothing.
SEPTA and plaintiffs’ lead counsel believe the $20,700,000 partial settlements are in the best interest of all settlement class members. Notably, the settlement does not include many other defendants that have chosen to not participate at this time. These defendants include entities related to Bank of America, Citibank, Deutsche Bank, HSBC, and others.
For more information about the case and the partial settlement, see a website maintained by the Mexican Government Bonds at: https://www.mgbantitrustsettlement.com/
For more information about Kehoe Law Firm and its involvement in this matter, please contact John A. Kehoe at [email protected] or call (215) 792-6676.