If, from February 1, 2008 through November 30, 2015, you paid interest on a VRDO that had rate resets on a daily or weekly basis, your rights may be affected

SEATTLE, Jan. 12, 2024 /PRNewswire/ -- JND Legal Administration

JND Legal Administration reports that a class action suit has been filed against Bank of America, Barclays, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, the Royal Bank of Canada, and Wells Fargo ("Defendants") for allegedly conspiring to fix interest rates on Variable Rate Demand Obligations ("VRDOs") for VRDOs they remarketed during the period from February 1, 2008 through November 30, 2015. Plaintiffs have asserted claims for violation of federal antitrust law and various states' contract laws. The class action lawsuit is known as City of Philadelphia et al. v. Bank of America Corporation et al, Case No. 19-cv-1608, and it is in the United States District Court for the Southern District of New York. The Court has allowed this lawsuit to be a class action on behalf of a nationwide class and a sub-class that could include you.

You are a potential class member if you directly paid the interest expenses on a VRDO that had interest rates reset on a weekly or daily basis pursuant to a remarketing agreement with any Defendant at any point from February 1, 2008 through November 30, 2015. You are a potential sub-class member if, in addition to meeting the class requirements, you were party to a remarketing agreement with any Counterparty Defendant that applies to a VRDO that had interest rates reset on a weekly or daily basis at any point from February 1, 2008 through November 30, 2015. The Counterparty Defendants are Banc of America Securities LLC; Barclays Capital, Inc.; Citigroup Global Markets Inc.; Goldman Sachs & Co. LLC; J.P. Morgan Securities LLC; Merrill Lynch, Pierce, Fenner & Smith Inc.; RBC Capital Markets LLC; Wachovia Bank N.A.; and Wells Fargo Bank, N.A.

If you are a member of the Class, you have to decide whether to stay in the lawsuit or ask to be excluded before March 11, 2024. There is no money available now and no guarantee there ever will be. The Court has made no decision as to the merits of the legal claims against Defendants, and Defendants deny all claims in this lawsuit. A trial date has not yet been set.

YOUR RIGHTS AND OPTIONS

Do nothing.  Stay in this lawsuit and await the outcome. Lose certain rights. If you remain in the Class, you keep the possibility of getting money or benefits that may come from a trial or settlement. You will be bound by any judgment in this case, whether favorable to Plaintiffs or Defendants. You may lose any rights to sue Defendants at your own expense over claims that arise from the same factual predicate alleged in this lawsuit. The Court has appointed the law firms Quinn Emanuel Urquhart & Sullivan, L.L.P., Wollmuth Maher & Deutsch L.L.P., and Susman Godfrey L.L.P. as Class Counsel. You do not need to hire your own lawyer because Class Counsel is working on behalf of the Class. You may hire and appear through your own lawyer at your own expense.

Exclude yourself. Get no benefits from this lawsuit. Keep certain rights. If you ask to be excluded from this lawsuit and money is later awarded, you will not be allowed to request payment. But, you keep your right to sue Defendants at your own expense and with your own attorney about the claims that arise from the same factual predicate alleged in this lawsuit. In order to exclude yourself from the lawsuit, you must send a letter requesting exclusion from City of Philadelphia et al. v. Bank of America Corporation et al, Case No. 19-cv-1608, with your name, address, telephone number, email address, signature, and the CUSIP number(s) for your VRDO(s) to: VRDO Litigation Notice Administrator, c/o/ JND Legal Administration, P.O. Box 91484, Seattle, WA 98111. Your request for exclusion must be postmarked no later than March 11, 2024.

This Notice is only a summary.
Questions?  Visit www.VRDOClassAction.com or call 1-877-595-0089.
You can also contact Class Counsel.
Please do not contact the Court.

SOURCE JND Legal Administration