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.

Kehoe Law Firm, court appointed lead counsel in the securities litigation captioned Deora v. NantHealth, Inc., No. 2:17-cv-01825-TJH-MRW, pending in the United States District Court for the Central District of California, announces the successful resolution of the class action. The case concerns the pricing of NantHealth stock, and the proposed settlement, valued at $16.5 million, is set to address claims by investors who purchased NantHealth common stock between June 1, 2016, and May 1, 2017. 

Partner John A. Kehoe expressed satisfaction with the outcome, stating, “We are pleased to have represented Southeastern Pennsylvania Transportation Authority and to have achieved this extraordinary settlement in light of the risks of continued litigation.” 

Investors who acquired NantHealth stock between June 1, 2016, and May 1, 2017, are eligible for benefits, provided they bought the shares individually and not through a mutual fund. Certain individuals, including NantHealth officers, directors, and their families, are not considered Class Members.

The lawsuit alleged that NantHealth and officers and directors misled investors about the demand for its services. The settlement, while not admitting wrongdoing, aims to provide benefits to investors. The disagreement between the parties on potential trial outcomes led to the decision to settle.

NantHealth will establish a $16.5 million settlement fund to address claims by all Class Members. Payments will be determined based on the number of valid claim forms, the quantity of NantHealth stock purchased, and the timing of transactions. The settlement also includes attorneys’ fees, cost reimbursements, and a compensatory award for the Class Representative. 

Class Members can qualify for payment by submitting a claim form or doing so online by May 22, 2020. The detailed notice package, available through the website or by calling 1-844-975-1779, contains all necessary information. 

Class Members have the option to exclude themselves from the settlement by May 22, 2020, to retain the ability to pursue individual legal actions. Alternatively, they can object to the settlement by the same date. The Court will hold a hearing on June 15, 2020, to decide on the settlement’s approval.

For more information, visit www.NantHealthSecuritiesLitigation.com, call 1-844-975-1779, or write to the Settlement Administrator, NantHealth, Inc. Securities Litigation, c/o JND Legal Administration, PO Box 91125, Seattle, WA 98111.​

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.

In a significant turn of events, NantHealth investors received a major victory as United States District Judge Terry J. Hatter, in an order dated July 30, 2019, granted the motion for class certification. This ruling allows all NantHealth investors meeting the class definition to collectively pursue their claims against the company.​

The class certification, sought by plaintiffs represented by the Kehoe Law Firm, establishes two distinct classes – the Securities Act Class, consisting of those who purchased or acquired NantHealth common stock in or traceable to the Initial Public Offering (IPO), and the Exchange Act Class, comprising individuals or entities who purchased any NantHealth common stock between June 1, 2016, and May 1, 2017.​

John A. Kehoe, Partner with the Kehoe Law Firm, and court-appointed co-lead counsel for the investors, expressed the significance of this development: “The grant of class certification is a crucial step towards achieving justice for NantHealth investors who suffered financial losses. This ruling enables them to join forces and pursue their claims collectively, streamlining the legal process and ensuring that their voices are heard.”​

In response to the class certification, NantHealth has filed a petition with the Ninth Circuit Court of Appeals to review the opinion. Plaintiffs, represented by the Kehoe Law Firm, have vehemently opposed this petition, defending the hard-won class certification as a fair and just representation of the collective interests of affected investors.​

John Kehoe emphasized the commitment to representing the investors: “We will continue to vigorously oppose any challenges to the class certification. Our clients deserve the opportunity to seek redress collectively, and we will fight to ensure that their rights are protected throughout this legal process.” This recent development sets the stage for potential further legal proceedings and reinforces the Kehoe Law Firm’s dedication to pursuing justice on behalf of NantHealth investors.​

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.

Kehoe Law Firm Announces that the Court Preliminarily Approved a $9,950,000 Partial Settlement with Citigroup in the FX Indirect Purchaser Litigation

Kehoe Law Firm, on behalf of its client, FX Primus Ltd., announced today that the District Court for the Southern District of New York gave preliminary approval to a partial settlement with Citigroup Inc., Citibank, N.A., Citicorp, and Citigroup Global Markets Inc. (collectively, “Citigroup”), partially settling claims in Contant, et al. v. Bank of America Corp., et al., No. 1:17-cv-03139 (LGS) (S.D.N.Y.)  and consolidated actions.​

Pursuant to terms of the settlement, Citigroup agreed to pay $9,950,000 and provide “reasonable cooperation” in the continued prosecution of the Action against the non-settling defendant banks, as set forth in the Settlement Agreement.​

The lawsuit alleges that prominent financial institutions, including Citigroup, Standard Chartered, Société Générale, Bank of America, Barclays, BNP Paribas, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, RBC, RBS, and UBS (the “Defendants”), conspired to fix foreign currency (“FX”) instrument prices.

According to Mr. Kehoe, “as we continue to prosecute the action against other defendants, the cooperation secured from Citigroup stands as a formidable tool, empowering us to pursue justice and fair compensation for those who may have been affected by the manipulation of foreign currency instrument prices.”  

The court scheduled a final fairness hearing on a future date to be determined by the court. For more information about the case and settlements, please visit the Claims Administrator’s website at: https://www.fxindirectantitrustsettlement.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.

In a significant development, the United States District Court for the Southern District of New York has denied motions to dismiss for lack of personal jurisdiction filed by several defendant banks in the antitrust class action lawsuit. The case involves allegations of a conspiracy among some of the world’s largest banks to manipulate prices in the foreign exchange (“FX”) market. 

Kehoe Law Firm represents FX Primus Ltd., which asserts that it purchased FX instruments from retail FX dealers at artificially inflated prices due to the alleged manipulation of the FX market by the defendants. The complaint, which alleges violations of state antitrust and consumer protection laws, implicates major financial institutions, including Barclays, BNP Paribas, HSBC, MUFG, RBS, Société Générale, Standard Chartered, UBS AG, and UBS Group AG. 

The court’s decision, outlined in a comprehensive opinion and order, determined that specific jurisdiction could be established for Barclays, BNP Paribas, HSBC, Standard Chartered, and UBS AG, as they were found to have sufficient minimum contacts with the forum state. The same could not be established for MUFG, RBS, and Société Générale. 

The ruling was based on the court’s evaluation of the minimum contacts and reasonableness criteria for establishing personal jurisdiction over the foreign defendants. The court found that none of the factors considered for reasonableness weighed against the exercise of jurisdiction over the defendants who failed to secure dismissal. Factors such as the burden on the defendants, the interests of the forum state, the plaintiff’s interest in obtaining relief, the judicial system’s interest in efficiency, and shared state interests did not render the exercise of jurisdiction unreasonable. 

The court’s decision marks a pivotal development in the ongoing litigation, with some foreign defendants successfully securing dismissal on jurisdictional grounds with the remaining defendants having to continue to face legal proceedings in the Southern District of New York. The case underscores the complexity of jurisdictional challenges in multinational financial litigation, with potential implications for similar lawsuits in the future.​

Kehoe Law Firm partner, John A. Kehoe, expressed satisfaction with the Court’s decision, emphasizing the importance of keeping some of the claims intact. “The ruling acknowledges the validity of certain claims against major banks involved in the alleged FX market manipulation conspiracy. We are pleased that the Court recognizes the merit of our clients’ case, allowing the litigation to proceed against those responsible for potential wrongdoing,” said Kehoe.​

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.