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Municipal Derivatives Antitrust Litigation

 

This website provides a summary of information presented in more detail in the Notices which Class Members should have received in the mail.  Since this is just a summary, you should read the full Notice for additional details.  

Bank of America Settlement Notice
GE Settlement Notice
JPMorgan Settlement Notice
Wells Fargo Settlement Notice
Morgan Stanley Settlement Notice


WHAT THIS CASE IS ABOUT


This class action, In re Municipal Derivatives Antitrust Litigation, is about the sale of municipal derivative transactions in the United States and its territories from January 1, 1992 through August 18, 2011.

The lawsuit claims that there was bid-rigging in the sale of municipal derivatives by several companies including Morgan Stanley, JP Morgan Chase & Co., Wachovia Bank, N.A. (n/k/a Wells Fargo Bank, N.A.), GE Funding Captial Market Services, Inc., Trinity Funding Co., LLC and Trinity Plus Funding Co., LLC, (collectively, "GE"), Bank of America, N.A. ( and others (which together are called the “Defendants”).

A partial settlement of the class action has been reached with one of the Defendants, Morgan Stanley (the “Morgan Stanley Settlement”).  These are proposed Settlements regarding the sale of municipal derivatives by GE and Bank of America, N.A.  

The lawsuit continues against the other Defendants, and this notice has no impact on your claims with respect to those other Defendants, including your decision whether to participate or not in any claims or settlements relating to those Defendants.

The Court will hold a hearing on June 6, 2014 to consider whether the Settlements with GE and Bank of America, N.A. should be approved as fair, reasonable, and adequate.


HOW DO I KNOW IF I AM A MEMBER OF THE CLASS

Included in the Class are state, local, or municipal government entities, independent government agencies, and private entities that purchased municipal derivative transactions through negotiation, competitive bidding, or auction:

  • Directly from any Provider Defendant or Co-Conspirator or brokered by any Broker Defendant or Co-Conspirator listed below;
  • At any time from January 1, 1992 through August 18, 2011; and
  • In the United States and its territories or for delivery in the United States and its territories.

Provider Defendants

National Westminster Bank Plc
Natixis Funding Corp. (f/k/a IXIS Funding Corp. and CDC Funding Corp.)

Piper Jaffray & Co.
Société Générale SA
UBS AG

Provider Co-Conspirators

AIG Financial Products Corp.
Financial Security Assurance Holding Ltd.
Financial Security Assurance Inc.
JP Morgan Chase & co., J.P. Morgan Securities, Inc., (n/k/a J.P. Morgan Securities LLC) and Bear Stearns & Co., Inc. (n/k/a J.P. Morgan Securities LLC)**
Morgan Stanley*
Lehman Brothers

SunAmerica Life Assurance Co.
MG Financial Products Corp.
Wachovia Bank, N.A. (n/k/a Wells Fargo Bank, N.A.)**
XL Asset Funding Co. LLC
XL Capital Ltd.
XL Life Insurance & Annuity, Inc.

Broker Defendants

CDR Financial Products
George K. Baum & Co.
Investment Management Advisory Group, Inc.

Natixis Funding Corp. (f/k/a IXIS Funding Corp. and CDC Funding Corp.)

Piper Jaffray & Co.
Sound Capital Management, Inc.
Winters & Co. Advisors, LLC

Broker Co-Conspirators

Feld Winters Financial LLC
First Southwest Company
Kinsell Newcomb & De Dios Inc.

Mesirow Financial
Morgan Keegan & Co., Inc.

PackerKiss Securities Inc.

 * On November 23, 2011, the Court approved the Plaintiffs’ settlement with Morgan Stanley.
** On December 14, 2012, the Court approved the Plaintiffs’ settlement with Wells Fargo/Wachovia and JPMorgan.


OBTAINING MORE INFORMATION

On the left-hand side of this page you can find more information regarding this lawsuit by reviewing copies of the documents filed with the court including the Settlement Agreements.  You may also send an email to info@MunicipalDerivativesSettlement.com or write to the Settlement Administrator at:    

Municipal Derivatives Settlement
c/o Rust Consulting Inc.
P.O. Box 2500
Faribault, MN 55021-9500 

 

 

Disclaimer

THIS SITE IS NOT OPERATED BY MORGAN STANLEY, WELLS FARGO, JPMORGAN OR ANY OF ITS AFFILIATES. THIS SETTLEMENT IS SUPERVISED BY CLASS COUNSEL.  THIS IS THE AUTHORIZED WEBSITE FOR THIS SETTLEMENT.  PLEASE DO NOT RELY UPON OTHER SITES THAT SET OUT DIFFERENT AND UNAUTHORIZED INFORMATION.

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