What is the Case About?
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”).
Who is Eligible:
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;
- 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.
How Much Will it Pay?
The Settlement Amount will be distributed pursuant to a plan of allocation that will be submitted for approval to the Court in the future. You will receive a notice that will describe that plan, and allow Class members to comment on it, before the Court approves it. Payments will also depend, in part, on the number of subsequent valid claim forms received.
What is the Status?
Five Defendants have settled. The filing deadline to receive a payment is January 13, 2014