604-689-7555 or 1-800-689-2322

SSA Bond

Case Name:
Date Filed:
Class Members:

The law firms of CFM Lawyers LLP, Siskinds LLP, Sotos LLP and Koskie Minsky LLP are counsel in a class action against financial institutions (the “Defendants”) who conspired to fix, raise, decrease, maintain, stabilize, control or enhance unreasonably the price of supranational, sub-sovereign and agency bonds (“SSA bonds”).

Beginning at least as early as 2005 and continuing through to December 31, 2015, the Defendants conspired with each other to fix, raise, decrease, maintain, stabilize, control or enhance unreasonably prices of SSA bonds. This was done to enhance the profits of some or all of the Defendants at the expense of the Class Members.

Settlement Approval

You are included in this lawsuit if you are a Person in Canada who, between January 1, 2005 and December 31, 2015, entered either directly or indirectly through an intermediary, and/or purchased or otherwise participated in an investment or equity fund, mutual fund, hedge fund, pension fund or any other investment vehicle that entered into an SSA Bond Transaction.

Settlements have been reached with Bank of America Corporation, Bank of America, N.A., Bank of America Canada, Bank of America, National Association, Bank of America Merrill Lynch International Limited, Merrill Lynch International, Merrill Lynch, Pierce, Fenner & Smith Inc., Merrill Lynch Canada Inc., Merrill Lynch International Services Limited, Merrill Lynch Financial Assets Inc., and Merrill Lynch Benefits Ltd. and (collectively “Bank of America”) and HSBC Holdings PLC, HSBC Bank USA, N.A., HSBC Securities (USA) Inc., HSBC Bank PLC, HSBC North America Holdings Inc., HSBC Bank Canada, and HSBC USA, Inc. (collectively, “HSBC”) the “Settlement Agreements”). If the Settlement Agreements are approved by the Court and its conditions are satisfied, the settlement will settle, extinguish and bar all claims relating in any way to or arising out of the lawsuit against Bank of America and HSBC (the “Settling Defendants”).

On February 5, 2020 at 9:30 am (ET), there will be a hearing before the Federal Court of Canada (the “Approval Motion”) at which Class Counsel will seek the Court’s approval of the Settlement Agreements and Class Counsel fees. The hearing will be held at the Federal Court of Canada, 180 Queen Street W., Toronto, Ontario.

If you decided to exclude yourself (opt-out), you must submit an Opt-Out Form no later than January 28, 2020. To object to the proposed settlement or the payment of Class Counsel’s fees and expenses, you should do so by setting out your object in writing to Class Counsel by January 24, 2020.

Copy of the Settlement Agreement, Short-Form and Long Form Notice (English and French) and opt-out form can be located under the “Important Documents heading”

Contested Litigation

The contested litigation is continuing against the remaining defendants.

The plaintiffs in the action will be seeking to certify the action on behalf of a national class.  At the certification hearing, the court will determine whether this action is properly prosecuted as a class action.  The certification motion has not yet been scheduled.

Important Documents:

For more information please contact Rebecca Coad at 604-689-7555 or by email at [email protected].