Interest Rate Swaps Antitrust Litigation

A class action is a lawsuit in which one or more representatives bring a lawsuit on behalf of themselves and other similarly situated persons (i.e., a class) who have similar legal claims against the defendants. The representative plaintiffs, the court, and counsel appointed to represent the class all have a responsibility to make sure that the interests of all class members are adequately represented.

Importantly, class members are NOT individually responsible for payment of attorneys’ fees or litigation expenses. In a class action, attorneys’ fees and litigation expenses are paid from the settlement fund (or the court-awarded judgment amount) and must be approved by the court. If there is no recovery on behalf of the class, the attorneys do not get paid.

When a representative plaintiff enters into a settlement with a defendant on behalf of a class, such as in these Settlements with the Settling Defendants, the court will require that the members of the class be given notice of the settlement and an opportunity to be heard with respect to the settlement. The court then conducts a hearing (called a Fairness Hearing) to determine, among other things, if the settlement is fair, reasonable, and adequate.

You received the Notice because you requested it or because records indicate that you may be a Settlement Class Member. As a potential Settlement Class Member, you have a right to know about the proposed Settlements with the Settling Defendants before the Court decides whether to approve the Settlement.

The Notice explains the Action, the Settlements, your legal rights, what benefits are available, who is eligible for them, and how you can apply 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 consider the fairness, reasonableness, and adequacy of the Settlements and Plans of Allocation and to consider requests for the attorneys’ Fee and Expense Awards, costs, and Plaintiffs’ Service Awards from the Settlement Funds.

The Notice incorporates by reference the definitions in the Stipulations and Agreements of Settlement with the Settling Defendants (the “Settlement Agreements”) and the Court’s Preliminary Approval Orders for the Settlements.

The Settlement Agreements and the Court’s Preliminary Approval Orders are posted on the Important Documents page. All capitalized terms used, but not defined, will have the same meanings as in the Settlement Agreements and the Court’s Preliminary Approval Orders.

In the event of any conflict between the terms herein and in the Settlements, the Settlements’ actual terms govern.

Plaintiffs allege that Defendants conspired to prevent buy-side investors from trading Interest Rate Swaps on all-to-all anonymous electronic trading platforms that plaintiffs believe would have provided more transparent and competitive trading options. Plaintiffs also allege that the Defendants conspired to prevent buy-side investors from trading with each other, thus ensuring that a dealer bank would remain on one side of every trade. Plaintiffs allege that these actions violated Section 1 of the Sherman Act, 15 U.S.C. § 1, and that, as a result, Defendants generated supracompetitive profits from the challenged conduct. All Defendants deny they did anything wrong.

The Court overseeing the lawsuit is the United States District Court for the Southern District of New York. The lawsuit is called In re: Interest Rate Swaps Antitrust Litigation, No. 1:16-md-02704-JPO.

The entities that are prosecuting the lawsuit, referred to as “Plaintiffs,” are the Los Angeles County Employees Retirement Association and the Public School Teachers’ Pension and Retirement Fund of Chicago.

The Settling Defendants maintain that they have good and meritorious defenses to Plaintiffs’ legal claims and would prevail if the lawsuit were to proceed. Nevertheless, to settle the legal claims in this lawsuit, and thereby avoid the expense and uncertainty of further litigation, the Settling Defendants have agreed to make cash payments for the benefit of the proposed Settlement Classes. The Credit Suisse Settling Defendants are required to pay $25,000,000. The Newly Settling Defendants are required to pay $46,000,000. If the Settlements are approved, the respective Settlement Amounts, plus any interest earned (the “Settlement Funds”), less any taxes, the reasonable costs of Class Notice and administration, any Court-awarded attorneys’ Fee and Expense Awards, costs, Plaintiffs’ Service Awards, and any other costs or fees approved by the Court (the “Net Settlement Funds”) will be divided among Settlement Class Members who file timely and valid Claim Forms.

Plaintiffs filed this Action on June 3, 2016, and filed a Fourth Amended Complaint on March 22, 2019.

Plaintiffs moved to certify the Action as a Class Action on March 7, 2019.

On January 21, 2022, while Plaintiffs’ motion for class certification was still pending, Plaintiffs reached an agreement with the Credit Suisse Settling Defendants to settle their legal claims for $25,000,000. The Court preliminarily approved the Credit Suisse Settlement on July 11, 2024. The Court’s order preliminarily certified a Credit Suisse Settlement Class defined as:

1. [A]ll Persons or entities who, directly or through an agent, entered into one or more U.S. IRS Transactions with any Defendant during the Settlement Class Period.
2. Excluded from the Class are Defendants, their co-conspirators, should any exist, whether or not named in the Amended Complaint, and their officers, directors, management, employees, and current subsidiaries or affiliates. Also excluded are any entities registered as “swap” dealers with the Commodity Futures Trading Commission (“CFTC”) during the Class Period, the United States Government, and all of the Released Credit Suisse Parties, provided, however, that Investment Vehicles shall not be excluded from the definition of the Settlement Class.

The Credit Suisse Settlement Class Period is January 1, 2008 through January 21, 2022.

On December 15, 2023, the Court denied Plaintiffs’ motion to certify the class for trial purposes.

On June 10, 2024, Plaintiffs reached an agreement with the Newly Settling Defendants to settle their legal claims for $46,000,000. The Court preliminarily approved the New Settlement on July 11, 2024. The Court’s order preliminarily certified a New Settlement Class defined as:

1. [A]ll persons or entities who, directly or through an agent, entered into one or more U.S. IRS Transactions with any Defendant during the Settlement Class Period.
2. Excluded from the Settlement Class are Defendants and their officers, directors, management, employees, and current subsidiaries or affiliates. Also excluded are any entities registered as “swap” dealers with the Commodity Futures Trading Commission (“CFTC”) during the Class Period, the United States Government, and all of the Released Settling Defendant Parties, provided, however, that Investment Vehicles shall not be excluded from the definition of the Settlement Class. For the avoidance of doubt, any entities that are excluded by virtue of having been registered or provisionally registered as swap dealers are only excluded during the period of such registration.

The New Settlement Class Period is January 1, 2008 through June 10, 2024.

The Court’s preliminary approval orders directed Plaintiffs’ Counsel to pursue steps to seek final approval of the Settlements, including preparing the Notice.

Plaintiffs and Plaintiffs’ Counsel believe that members of the Settlement Classes have been damaged by Defendants’ conduct. The Settling Defendants believe that they have meritorious defenses to Plaintiffs’ allegations and believe that Plaintiffs’ legal claims would have been rejected prior to trial, at trial (had Plaintiffs successfully survived summary judgment motions), or on appeal. As a result, Settling Defendants believe that Plaintiffs would have received nothing if the lawsuit had continued to trial.

The Court has not ultimately decided in favor of either Plaintiffs or Defendants. Instead, Plaintiffs’ Counsel engaged in negotiations with the Settling Defendants to reach negotiated resolutions of the legal claims against the Settling Defendants in the Action. The Settlements allow both sides to avoid the risks and costs of lengthy litigation and the uncertainty of pre-trial proceedings, a trial, and appeals, and, if approved, will permit eligible Settlement Class Members who file timely and valid Claim Forms to receive some compensation, rather than risk ultimately receiving nothing. Plaintiffs and Plaintiffs’ Counsel believe the Settlements are in the best interest of all Settlement Class Members.

The Credit Suisse Settling Defendants are required to pay $25,000,000 and the Newly Settling Defendants are required to pay $46,000,000 in cash for the benefit of the proposed Settlement Classes. If the Settlements are approved, each Settlement’s Net Settlement Fund will be divided among all members of the separate Settlement Classes who file timely and valid Claim Forms.

If both Settlements are approved, the Action will be resolved. If the Settlements are not approved, the Settling Defendants for any non-approved Settlement will remain as defendants in the Action, and Plaintiffs will continue to pursue their legal claims against all remaining.

In both Preliminary Approval Orders, the Court preliminarily approved the following Settlement Class:

1. [A]ll persons or entities who, directly or through an agent, entered into one or more U.S. IRS Transactions with any Defendant during the Settlement Class Period.

However, the meaning of defined terms differs slightly between the two Settlement Agreements. The Credit Suisse Settlement Class Period is January 1, 2008 through January 21, 2022. The New Settlement Class Period is January 1, 2008 through June 10, 2024. The definition of “Investment Vehicles” also differs slightly between the two Settlement Agreements, so you should review each Settlement Agreement carefully. Though the definition of “U.S. IRS Transaction” varies between the Settlements, the definition in the New Settlement is designed to clarify, not change, the definition in the Credit Suisse Settlement and the definitions are substantively identical.

If you are still not sure whether you are a Settlement Class Member, you can ask for free help. You can call 1-888-597-6416 toll-free or review this website for more information.

The Settling Defendants are required to pay Settlement Amounts to be held for disbursement to Settlement Class Members who submit a valid and timely Claim Form and to pay for Court-approved fees, expenses, and Plaintiffs’ Service Awards if the Settlements are approved. The Credit Suisse Settling Defendants are required to pay $25,000,000 and the Newly Settling Defendants are required to pay $46,000,000.

The Settlement Agreements provide that all Settlement Class Members (except those who exercise their right to exclude themselves from their Settlement Class(es), see FAQs 16-20) will release all legal claims against the Settling Defendants (and their released affiliates) that arise from or relate to the factual predicate of the Action, to the fullest extent allowed by law, from the beginning of time through the Execution Dates (January 21, 2022 for the Credit Suisse Settlement and June 10, 2024 for the New Settlement). If you do not file a timely and valid Claim Form, you will be bound by this release unless you exclude yourself from the Settlement Class(es).

Under certain conditions either or both Settlement Amount(s) may be reduced or the Settlement(s) terminated. The terms with respect to when and how that can be triggered differ between the Settlements. The Settlement Agreements should be consulted for their full terms.

If you are a Settlement Class Member of either or both Settlement Classes and do not exclude yourself, you must file a Claim Form to receive your share of money from the Net Settlement Fund(s). Claim Forms must be submitted online on or before 11:59 p.m. Eastern Time on June 16, 2025, OR postmarked by June 16, 2025, and mailed to:

Interest Rate Swaps Antitrust Litigation
Settlement Administrator
P.O. Box 2796
Portland, OR 97208-2796

Following the timely submission and receipt of your Claim Form, the Settlement Administrator will send you a “Confirmation of Claim Receipt,” which will acknowledge receipt of your Claim Form and will inform you of important next steps.

If you are a member of both Settlement Classes, and you submit a Claim Form, unless you indicate otherwise, you will be presumed to be filing a Claim Form to participate in both Settlement Classes and receive funds from both Settlement Funds. If you wish to only receive funds from one Settlement but not the other even though submitted data would otherwise qualify you to participate in both, you must so indicate on your Claim Form and file a Request for Exclusion for the Settlement Class you wish to exclude yourself from.

Please keep all data and documentation related to your eligible U.S. Interest Rate Swap Transactions. Having data and documentation may be important to substantiating your Claim Form.

If you do not file a Claim Form, you will not receive any payments under the Settlements but will still be bound by any past and future Court rulings, including rulings on the Settlements, if approved, and the Settlement releases.

At this time, it is not possible to make any determination as to how much any individual Settlement Class Member may receive from the Settlements. Pursuant to the Settlements, the Settling Defendants are required to pay cash for the benefit of the proposed Settlement Classes. The Credit Suisse Settling Defendants are required to pay $25,000,000 and the Newly Settling Defendants are required to pay $46,000,000.

If either or both Settlements are approved by the Court and the Effective Date occurs, each Net Settlement Fund for each Settlement will be distributed to Settlement Class Members who submit timely and valid Claim Forms, in accordance with the proposed Plans of Allocation or such other plan of allocation as the Court may approve for each Settlement, independently.

You should refer to the Plans of Allocation on the Important Documents page for details. In general, however, the Plans anticipate that Settlement Class Members’ award from each Net Settlement Fund will be a pro rata share of that Net Settlement Fund proportionate to the sum of the Settlement Class Member’s Credited Claim Values for that Settlement Class Period to the sum of all Credited Claim Values for that Settlement. The Credited Claim Value (“CCV”) is determined by Notional Value (“NV”) of the transaction multiplied by Tenor (“T”) of the transaction multiplied by a Legal Risk Multiplier (“LRM”) reflecting adjustments for heightened legal risks associated with recovering damages for certain kinds of U.S. Interest Rate Swap Transactions.

CCV = NV x T x LRM

Distributions from the Credit Suisse Settlement Fund and the New Settlement Fund will be calculated separately, though a single eligible transaction may establish your right to a payment from both Funds. You do not need to submit any transactions twice to participate in both Settlement Funds. Submitting duplicate data may result in your Claim Form being rejected in its entirety.

If your total calculated distribution is less than the cost of administering the award, you will receive an alternative minimum payment as described in the Plans of Allocation. In making this determination, the Settlement Administrator may consider the award across both Settlements and make a single alternative minimum payment.

Changes, if any, to the Plans of Allocation based on newly available data or information or a Court order will be promptly posted on this website. Changes may include how the allocations are distributed based on submitted timely and valid Claim Forms, as well as on what information you are required to submit to be recognized. In all instances the changes, including the potential need for additional or different information, may be posted on this website only, i.e., without any further individualized notice to Settlement Class Members, other forms of publication, or otherwise. It is imperative that you check this website for the most up-to-date information about the Plans of Allocation.

See FAQ 10 for a brief description of the Plans of Allocation. The Plans of Allocation are available for review on the Important Documents page. Changes, if any, to the Plans of Allocation based on newly available data or information or a Court order will be promptly posted on this website. Changes may include changes to how the allocations are distributed based on submitted timely and valid Claim Forms, as well as on what information Settlement Class Members are required to submit to be recognized. In all instances the changes, including the potential need for additional or different information, may be posted on this website only, i.e., without any further individualized notice to Settlement Class Members, other forms of publication, or otherwise. It is imperative that you check this website for the most up-to-date information about the Plans of Allocation.

The Court held the Fairness Hearing on July 16, 2025, at 2:30 p.m. (ET) and approved the Settlements and Plans of Allocation. Payments to Authorized Claimants will be made after the completion of all claims processing. Please be patient, as this process can take some time to complete.

After you file a Claim Form, the Settlement Administrator will evaluate your Claim Form to determine if you have provided sufficient information to validate your membership in the Settlement Class(es) and your Claim Form. If the Settlement Administrator determines that your Claim Form is deficient or defective, or if for any other reason (such as routine audit of submitted Claim Forms) more information or documentation is needed, the Settlement Administrator will contact you. If you subsequently provide information that satisfies the validity of your Claim Form, you will not have to do anything else. If any disputes cannot be resolved, Plaintiffs’ Counsel will submit them to the Court, and the Court will make a final determination as to the validity of your Claim Form.

Please keep all data and documentation related to your eligible transactions in U.S. Interest Rate Swap Transactions. Having data and documentation may be important to substantiating your Claim Form.

If you are a Settlement Class Member of either or both Settlement Classes, and the Court approves the Settlements, you will remain a Settlement Class Member unless you exclude yourself, regardless of whether you file a Claim Form. That means you can’t sue, continue to sue, or be part of any other lawsuit about the Released Class Claims in this Action against the Settling Defendants and/or any of the Released Parties.

The “Released Class Claims” as defined in the New Settlement Agreement are any and all manner of claims, including Unknown Claims, causes of action, cross-claims, counter-claims, charges, liabilities, demands, judgments, suits, obligations, debts, setoffs, rights of recovery, or liabilities for any obligations of any kind whatsoever (however denominated), whether class or individual, in law or equity or arising under constitution, statute, regulation, ordinance, contract, or otherwise in nature, whether brought in the United States or in any other jurisdiction, for fees, costs, penalties, fines, debts, expenses, attorneys’ fees, or damages, whenever incurred, and liabilities of any nature whatsoever (including joint and several), known or unknown, suspected or unsuspected, asserted or unasserted, which the Releasing Class Parties ever had, now have, or hereafter can, shall, or may have, individually, representatively, derivatively, or in any other capacity, against the Released Settling Defendant Parties, arising from or related in any way to the conduct alleged in the Action, or that could have been alleged in the Action, that also arise from or relate to the factual predicate of the Action, to the fullest extent allowed by law, from the beginning of time through the Execution date. The Released Class Claims do not include: (i) any claims to enforce the Settlement; and (ii) any claims of a Person that submits a timely Request for Exclusion in connection with the Notice, which is accepted by the Court. The foregoing release is in addition to, and not in lieu of, the preclusive effect of the dismissal of the Action with prejudice that will occur upon approval of the Settlement.

The definition of Released Class Claims in the Credit Suisse Settlement Agreement is nearly identical but contains slightly different language. You should review the definition in the Credit Suisse Settlement Agreement to ensure you understand it.

The releases also constitute a waiver by the Parties and each Releasing Class Party of any rights to the protections afforded under California Civil Code § 1542, which provides:

1. A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, AND THAT IF KNOWN BY HIM OR HER WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.

The releases also waive any rights under any other similar, comparable, or equivalent laws.

As the above Release language varies slightly in each Settlement, please read the relevant sections of each Settlement Agreement carefully. The Settlement Agreements are found on the Important Documents page.

You will be considered to acknowledge that you are aware that you may hereafter discover facts in addition to, or different from, those facts which you know or believe to be true with respect to the subject matter of the Settlement Agreements, but that it is your intention to release fully, finally, and forever all of the Released Claims, and in furtherance of such intention, the release will be irrevocable and remain in effect notwithstanding the discovery or existence of any such additional or different facts.

You are automatically a member of a Settlement Class if you fall within the description of members of that Settlement Class and do not exclude yourself. However, if you do not submit a timely and valid Claim Form, you will not receive a payment from either or both of the Settlements. You will be bound by all past and future Court rulings, including rulings on the Settlements and releases. 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 the Settling Defendants or any of the other Released Parties on the basis of the Released Claims. Please see FAQ 14 for a description of the Released Claims.

If you are a Settlement Class Member, do not want to remain in either or both of the Settlement Class(es), and do not want a payment from the Settlements, then you must have taken steps to exclude yourself from the Settlements. This is also sometimes referred to as “opting out” of a class.

If you excluded yourself from the Settlement Class(es), you will be free to sue the Settling Defendants or any of the other Released Parties on your own for the legal claims being resolved by the Settlements. However, you will not receive any money from the Settlements, and Plaintiffs’ Counsel will no longer represent you with respect to any legal claims against the Settling Defendants.

Your written Request for Exclusion must have been mailed by U.S. first class mail and received by May 16, 2025.

No. Unless you exclude yourself from a given Settlement, you give up any right to sue the Settling Defendants for that Settlement and the other Released Parties for the Released Claims that the Settlement resolves.

No. You will not get any money from any Settlement that you exclude yourself from.

No. If you exclude yourself from a Settlement, you are no longer a Settlement Class Member for that Settlement and may not object to any aspect of that Settlement.

The deadline for filing an objection was May 16, 2026. The Fairness Hearing was already held on July 16, 2025.

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

The Court has preliminarily appointed the lawyers listed below to represent you and the Settlement Classes in this Action:

These lawyers are called Plaintiffs’ Counsel. Plaintiffs’ Counsel may apply to the Court for payment of the attorneys’ Fee and Expense Awards, costs, and Plaintiffs’ Service Awards from the Settlement Funds. You will not otherwise be charged for Plaintiffs’ Counsel’s services. If you want to be represented by your own lawyer, you may hire one at your own expense.

The Settlements provide that Plaintiffs’ Counsel may apply to the Court for an award of attorneys’ fees and litigation expenses and costs out of the Settlement Fund. Prior to the Fairness Hearing, Plaintiffs’ Counsel will move for fees and litigation expenses and costs not to exceed a total of 50% of each of the Settlement Funds, (totaling $35,500,000, plus interest thereon). Interest on such attorneys’ fees and litigation expenses and costs shall accrue at the same rate as the earnings in the Settlement Funds, accruing from the inception of each of the Settlement Funds until the attorneys’ fees and litigation expenses and costs are paid. Plaintiffs’ Counsel may allocate any award of attorneys’ fees and payment of litigation expenses and costs among Plaintiffs’ Counsel in proportion to their contributions to the case.

Plaintiffs’ Counsel may also apply for plaintiff incentive awards from the Court to recognize the lead Plaintiffs’ time and expense in representing the Settlement Class in this Action. Plaintiffs’ Counsel may seek Plaintiffs’ Service Awards up to $25,000 per lead Plaintiff, totaling $50,000. Any award of fees, litigation expenses, costs, and plaintiff incentive awards shall be deducted from the Settlement Funds in proportion to the Settlement Amounts of each Settlement, plus interest accrued.

This is only a summary of the request for the attorneys’ Fee and Expense Awards, costs, and Plaintiffs’ Service Awards. Any motions in support of the requests will be available for viewing on the Important Documents page after they are filed by April 16, 2025.

The Court approved the motion for attorneys’ Fee and Expense Awards, costs, and Plaintiffs’ Service Awards at the Fairness Hearing.

The Court held the Fairness Hearing on July 16, 2025, at 2:30 p.m. ET, from the United States District Court for the for the Southern District of New York, at the Thurgood Marshall U.S. Courthouse, located at 40 Foley Square, New York, NY 10007. The Court has approved the Settlements and Plans of Allocation, the attorneys’ fees, and the incentive awards. Copies of the Orders can be found on the Important Documents page.

No. You did not need to participate at the Fairness Hearing that was held on July 16, 2025.

The Fairness Hearing was already held on July 16, 2025.

The Court has appointed Epiq as the Settlement Administrator. Among other things, the Settlement Administrator is responsible for providing the Notice of the Settlements and processing Claim Forms.

The Notice summarizes the Settlement Agreements. More details are in the Settlement Agreements and Plans of Allocation, which are available for your review on the Important Documents page. This website also has answers to common questions about the Settlements, Claim Form, and other information to help you determine whether you are a Settlement Class Member and whether you are eligible for a payment. You may also call toll-free 1-888-597-6416 or write to the Settlement Administrator at:

Interest Rate Swaps Antitrust Litigation
Settlement Administrator
P.O. Box 2796
Portland, OR 97208-2796
Tel: 1-888-597-6416
Email: info@InterestRateSwapsAntitrustLitigation.com
Website: www.InterestRateSwapsAntitrustLitigation.com

If the Notice reached you at an address other than the one on the mailing label, or if your address changes, please send your current mailing address to the Settlement Administrator at the address or email set forth above in the event the Settlement Administrator needs to contact you.

****Please do not contact the Court or the Clerk’s Office regarding the Notice or for additional information about the Settlement.****