In re Credit Default Swaps Antitrust Litigation (S.D.N.Y)

NEW YORK, NY, October 29, 2015 – Entwistle & Cappucci LLP (“E&C”) announced today that United States District Court Judge Denise L. Cote has preliminarily approved a $1.87 billion antitrust class action settlement with twelve of the world’s leading banks — including Bank of America Corporation, Barclays Bank PLC, BNP Paribas, Citigroup Inc., Credit Suisse AG, Deutsche Bank AG, Goldman, Sachs & Co., HSBC Bank PLC, JPMorgan Chase & Co., Morgan Stanley & Co. LLC, Royal Bank of Scotland PLC and UBS AG — involving credit default swaps (“CDS”).  The banks named as defendants in the action are the dominant CDS dealers in the United States, collectively controlling over 99 percent of American CDS trading as of early 2013.  E&C represents several institutions as named plaintiffs in the action, which is pending in the U.S. District Court for the Southern District of New York.