On January 15, 2025, Judge J. Paul Oetken denied Defendants’ motion to dismiss, marking a resounding win for our client, Southeastern Pennsylvania Transportation Authority (“SEPTA”), and the class members that SEPTA seeks to represent. Judge Oetken found that SEPTA’s complaint properly alleged antitrust and unjust enrichment claims.
Notably, Judge Oetken found that SEPTA properly alleged that between 2010 and 2014, the Defendants—nine large Mexican banks—colluded to sell Mexican Government Bonds (“MGB”) at artificially high prices. He referenced numerous chatroom transcripts alleged within the complaint that showed the improper communications between the Defendants to explicitly discuss and coordinate MGB prices. He also considered statistical data that showed increased bid-ask spreads and price inflation in the MGB secondary market.
Judge Oetken found the complaint set forth allegations that “read as explicit agreements between Defendants to raise the price of certain MGBs in concert,” and adequately allege the existence of a conspiracy in violation of the Sherman Act.
Further, he found that SEPTA and the other Plaintiffs “have shown that they experienced an antitrust injury and that they are the proper parties to bring this enforcement suit” and that while investment contracts must have existed between Plaintiffs and Defendants for the MGBs exchanged, because such contracts would not “clearly cover … whether Defendants were permitted to collude on MGB resale prices in the secondary market,” the unjust enrichment claims may also proceed.
Importantly, he also found that the statute of limitations was tolled due to Defendants’ fraudulent concealment, as the conspiracy was inherently secret and only became apparent after regulatory investigations were announced.
This decision occurs after an earlier partial $20.7 million settlement was reached with various affiliates of Barclays and JPMorgan Chase & Co., which required their cooperation against the non-settling Defendants.
More information on that partial settlement is available by clicking here:
We look forward to continuing to prosecute this case on behalf of SEPTA and class members.
Questions About the Mexican Government Bonds Antitrust Class Action Lawsuit?
To learn more about the class action lawsuit, please contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], [email protected].
About Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff-side class action law firm specializing in securities fraud, breaches of fiduciary duties, and corporate misconduct. The firm’s partners have collectively served as Lead Counsel or Co-Lead Counsel in high-profile cases, recovering over $10 billion for institutional and individual investors.