CANADIAN SSA BONDS CLASS ACTION: Did You, Directly or Through an Intermediary or Investment Fund, Purchase a Supranational, Sovereign, Sub-Sovereign, Government, Quasi-Governmental or Agency Bond Between January 2005 and December 31, 2015?

TORONTO, Jan. 24, 2025 /CNW/ - Settlements have been reached with Barclays, BNP, Citigroup, Credit Agricole, Credit Suisse, Deutsche Bank, Nomura, RBC, and TD in a proposed class action relating to supranational, sovereign, sub-sovereign, governmental, quasi-governmental, and agency bonds or debt instruments regardless of the structure, currency, or credit quality (collectively referred to as "SSA Bonds"). 

The action raised allegations that eleven groups of defendants unlawfully conspired to fix the price of supranational, sub-sovereign, and agency bonds ("SSA Bonds") between January 1, 2005 and December 31, 2015. Settlements with two defendant groups were approved in 2020. Settlements have now been reached with the above nine remaining defendant groups (the "Remaining Defendants"). The Defendants deny the Plaintiffs' allegations of wrongdoing and deny that they are liable for the conduct alleged.

On November 15, 2024, the Federal Court of Canada ("Federal Court") approved the Settlement Agreements with the Remaining Defendants as being fair, reasonable and in the best interest of class members. The Federal Court also approved payment of Class Counsel fees and disbursements.

After deducting Court-approved fees and other expenses, approximately CAD $3.1 million will be distributed to eligible Settlement Class members.

How will settlement funds be distributed?

As part of the settlement approval hearing, the Federal Court approved the protocol for the distribution of the net settlement fund (i.e., the remaining settlement funds after deductions of Counsel-approved fees and other expenses).

The distribution protocol is posted online at www.siskinds.com/class-action/ssa-bonds.

Only Settlement Class members who can show SSA Bond Transactions of at least CAD $10 million will be eligible to submit a claim. Each eligible claimant will then be assigned a relative weight (measured in points) based on the total amount of all SSA Bond Transactions claimed, according to a range of Compensation Tiers.

The net settlement funds of approximately CAD $3.1 million will be distributed to eligible claimants pro rata (proportionally), based on the points they are assigned under the Compensation Tiers.

The compensation amount payable to individual Settlement Class members cannot be reliably estimated at this time because this will depend on the number and value of claims filed.

How can I submit a claim?

To be entitled to payment pursuant to the Settlement, Settlement Class members must file a claim on or before the Claims Deadline of July 25, 2025. The Claim Form, along with detailed instructions on how to complete the form can be found here: www.SSABondsSettlement.ca.

You may also request a Claim Form by emailing [email protected].

If you require assistance with completing the claim documentation, you may also contact Class Counsel at [email protected].

Further details about the settlement and the distribution protocol can be found at the following websites: https://www.siskinds.com/class-action/ssa-bonds/ and https://kmlaw.ca/cases/ssa-bonds-class-action/.

SOURCE Koskie Minsky LLP