SUMMARY NOTICE OF PROPOSED CLASS ACTION SETTLEMENTS
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.
This Summary Notice is 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”). Barclays and JPMorgan deny any liability, fault, or wrongdoing of any kind in connection with the allegations in the Action.
The United States District Court for the Southern District of New York (the “Court”) authorized this Notice. The Court has appointed the lawyers listed below to represent the Settlement Class in this Action:
Lowey Dannenberg, P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Telephone: (914) 733-7221
Who Is a Member of the Settlement Class?
Subject to certain exceptions, the proposed 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.
“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.
The other capitalized terms used in this Summary Notice are defined in the detailed Notice of Proposed Class Action Settlements, September 13, 2021 Fairness Hearing Thereon and Class Members’ Rights (“Notice”) and the Settlement Agreements, which are available at www.MGBAntitrustSettlement.com.
If you are not sure if you are included in the Settlement Class, you can get more information, including the detailed Notice, at www.MGBAntitrustSettlement.com or by calling toll-free 1-877-829-2941 (if calling from outside the United States or Canada, call 1-414-961-6592).
What Is This Lawsuit About and What Do the Settlements Provide?
Plaintiffs allege that each Defendant, including Barclays and JPMorgan, conspired during the Class Period to fix the prices for Mexican Government Bonds (“MGBs”). Defendants allegedly rigged MGB primary market auctions to buy large volumes of newly issued MGBs at artificially low prices. Each Defendant then allegedly sold these newly issued MGBs into the secondary market at artificially high, price-fixed terms to uninformed market participants like Plaintiffs and the Settlement Class. Defendants also allegedly agreed to fix the “bid-ask spread,” suppressing the price at which Defendants offered to buy MGBs from market participants and increasing the price at which Defendants offered to sell MGBs to market participants. Plaintiffs have asserted legal claims under the federal antitrust law and the common law. Barclays and JPMorgan deny each and every allegation and claim asserted by Plaintiffs in this lawsuit and believe they would have prevailed if the case were to proceed against them.
To settle the claims in this lawsuit, 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, payment of litigation costs and expenses, and service awards for Plaintiffs, and any other costs or fees approved by the Court (the “Net Settlement Fund”) will be divided among all Settlement Class Members who file valid Proofs of Claim and Release.
Will I Get a Payment?
If you are a member of the Settlement Class and do not opt out, you will be eligible for a payment under the Settlements if you file a Proof of Claim and Release (“Claim Form”). You also may obtain more information at www.MGBAntitrustSettlement.com or by calling toll-free 1-877-829-2941 (if calling from outside the United States or Canada, call 1-414-961-6592).
Claim Forms must be submitted online at www.MGBAntitrustSettlement.com on or before 11:59 p.m. Eastern time on October 13, 2021 OR mailed and postmarked by October 13, 2021.
What Are My Rights?
If you are a member of the Settlement Class and do not opt out, you will release certain legal rights against Settling Defendants and the other Released Parties, as explained in the detailed Notice and Settlement Agreements, which are available at www.MGBAntitrustSettlement.com. If you do not want to take part in these Settlements, you must opt out by August 9, 2021. You may object to these Settlements, Distribution Plan, and/or application for an award of attorneys’ fees, payment of litigation costs and expenses, and/or service awards for Plaintiffs. If you want to object, you must do so by August 9, 2021. Information on how to opt out or object is contained in the detailed Notice, which is available at www.MGBAntitrustSettlement.com.
When Is the Fairness Hearing?
The Court will hold a hearing at the United States District Court for the Southern District of New York, Thurgood Marshall United States Courthouse, 40 Foley Square, Courtroom 706, New York, NY 10007, on September 13 at 3 P.M. to consider whether to finally approve these Settlements, Distribution Plan, and application for an award of attorneys’ fees, payment of litigation costs and expenses, and any service awards for Plaintiffs. You or your lawyer may ask to appear and speak at the hearing at your own expense, but you do not have to.
For more information, call toll-free 1-877-829-2941 (if calling from outside the United States or Canada, call 1-414-961-6592) or visit www.MGBAntitrustSettlement.com.