Lowey Dannenberg, P.C., Scott+Scott Attorneys At Law LLP, DiCello Levitt LLC and Berman Tabacco Announce Notice of Proposed European Government Bond Class Action Settlements

NEW YORK, Feb. 1, 2023 /PRNewswire/ --

SUMMARY NOTICE OF PROPOSED CLASS ACTION SETTLEMENTS

If you entered into a European Government Bond Transaction from January 1, 2007 through and including December 31, 2012 ("Class Period"), your rights may be affected by pending class action settlements and you may be entitled to a portion of the settlement fund.

This notice is to alert you to proposed settlements reached with JPMorgan and State Street (collectively, the "Settling Defendants") in In re European Government Bonds Antitrust Litigation, No. 1:19-cv-2601 (VM) (S.D.N.Y.) and the creation of a settlement fund totaling $13,000,000. JPMorgan and State Street also agreed to provide cooperation in connection with Plaintiffs' continued prosecution of claims against the non-settling defendants. The settlements with JPMorgan and State Street will resolve the claim against them in the action. JPMorgan and State Street deny any liability, fault, or wrongdoing in connection with the allegations in the action. Litigation remains ongoing against the non-settling defendants.

The United States District Court for the Southern District of New York (the "Court") authorized this notice. The Court appointed the law firms listed below to represent the Settlement Class:

Who Is a Member of the Settlement Class?

Subject to certain exceptions, the Settlement Class consists of all persons that purchased or sold one or more European Government Bond(s) in the United States directly from a defendant (or a direct or indirect parent, subsidiary, affiliate, or division of a defendant, or any of their alleged co-conspirators) from January 1, 2007 through December 31, 2012.

"European Government Bonds" means euro-denominated sovereign debt or bonds issued by European governments (e.g., Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain).

If you are not sure if you are included in the Settlement Class, you can get more information, by visiting www.EuropeanGovernmentBondsSettlement.com or by calling toll-free 1-877-883-7336 (for callers outside the United States and Canada: 414-961-7813).

What Is This Lawsuit About?

Plaintiffs allege that defendants, including JPMorgan and State Street, agreed to fix prices and depress yields for European Government Bonds. Specifically, Plaintiffs allege that defendants collusively bid above the market price for European Government Bonds at auctions in the primary market through a process known as "overbidding." Plaintiffs further allege that defendants profited from this misconduct by selling bonds purchased at auction at artificially inflated prices to investors in the secondary market. Plaintiffs also allege that defendants agreed to widen bid-ask spreads in the secondary market for European Government Bonds, thereby charging investors increased prices for purchases and paying investors decreased prices for sales of bonds. Plaintiffs assert claims under federal antitrust law.

What Do the Settlements Provide?

To settle the claims in this lawsuit, JPMorgan agreed to pay a total of $13,000,000. JPMorgan and State Street also agreed to provide cooperation in connection with Plaintiffs' continued prosecution of claims against the non-settling defendants. If the settlements are approved, the settlement amount, plus interest earned and less any taxes, notice and administration costs, Court-awarded attorneys' fees and litigation expenses, any service awards for Plaintiffs, and any other expenses approved by the Court will be divided among all Settlement Class Members who submit valid claim forms.

Will I Get a Payment?

If you are a member of the Settlement Class and do not opt out, you will be eligible for a payment under the Settlements if you file a valid claim form. Claim forms must be submitted online at www.EuropeanGovernmentBondsSettlement.com on or before 11:59 p.m. Eastern time on April 26, 2023 OR mailed so that they are received by April 26, 2023.

What Are My Rights?

If you are a member of the Settlement Class and do not opt out, you will release certain legal rights against Settling Defendants and the other Released Parties, as explained in the Court's detailed notice and the settlement agreements, which are available at www.EuropeanGovernmentBondsSettlement.com. If you do not want to be a member of the Settlement Class with respect to these settlements, you must opt out by April 10, 2023. You may object to these settlements, the plan of distribution, application for an award of attorneys' fees and litigation expenses, and/or service awards for Plaintiffs by April 10, 2023. Information on how to opt out or object is contained in the Court's detailed notice, which is available at www.EuropeanGovernmentBondsSettlement.com.

When Is the Settlement Hearing?

The Court will hold a settlement hearing at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl St., Courtroom 15B, New York, NY 10007, on June 2, 2023 at 11:00 a.m. to consider whether to finally approve the settlements, plan of distribution, application for an award of attorneys' fees and litigation expenses, and any service awards for Plaintiffs. You or your lawyer may ask to appear and speak at the hearing at your own expense, but you do not have to.

For more information, call toll-free 1-877-883-7336 (for callers outside the United States and Canada: 414-961-7813) or visit www.EuropeanGovernmentBondsSettlement.com.

**** Please do not call the Court or the Clerk of the Court for information about the settlements. ****

Source(s):
Lowey Dannenberg, P.C.
Scott+Scott Attorneys At Law LLP
DiCello Levitt LLC
Berman Tabacco

SOURCE Lowey Dannenberg, P.C., Scott+Scott Attorneys At Law LLP, DiCello Levitt LLC and Berman Tabacco