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*** THE CLAIMS PROCESS IS NOW CLOSED ***
The Administrator is processing claims submitted prior to the deadline on July 25, 2025. Payments will be issued to approved claimants in due course. Please note that late claims will not be accepted.

The law firms of Siskinds LLP, Sotos LLP, Koskie Minsky LLP, and Camp Fiorante Matthews Mogerman 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.

Developments

Claims Process

The claims process is now closed. The Administrator is processing claims submitted prior to the deadline on July 25, 2025. Payments will be issued to approved claimants in due course. Please note that late claims will not be accepted.

If you receive a Deficiency Notice from the Administrator, you have 60 days from the date you received the Deficiency Notice to cure the deficiency by following the instructions set out in the notice. If you fail to cure the deficiencies indicated in the Deficiency Notice within this timeframe, your claim may be rejected.

For assistance with your claim, you may contact Class Counsel at [email protected] or [email protected]. You may also contact the Claims Administrator at [email protected].

Settlements

Settlements have been achieved with all defendants, totalling approximately $6.5 million:

  • 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., Merrill Lynch Benefits Ltd. (collectively “Bank of America”) (CDN$750,000.00)
  • 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”) (CDN$1,323,529.41)
  • Deutsche Bank AG (“Deutsche Bank”) (USD$1,600,500);
  • Toronto-Dominion Bank Group, TD Bank, N.A., TD Securities Limited, TD Group (US) Holdings, LLC, and TD Bank USA, N.A. (collectively “TD”) (CDN$250,000);
  • Nomura International plc (“Nomura”) (CDN$350,000);
  • Credit Suisse Group AG, Credit Suisse AG, Credit Suisse Securities (Europe) Ltd, Credit Suisse International, Credit Suisse Securities (Canada), Inc, and Credit Suisse Securities (USA) LLC (collectively “Credit Suisse”) (CDN$500,000);
  • Royal Bank of Canada, RBC Europe Limited, and RBC Capital Markets LLC (collectively “RBC”) (CDN$250,000);
  • Barclays Capital Canada Inc., Barclays Bank PLC, Barclays Capital Inc., Barclays Execution Services Limited, and Barclays Capital Securities Limited (collectively “Barclays”) (CDN$150,000);
  • BNP Paribas S.A., BNP Paribas Group, BNP Paribas (Canada), BNP Paribas North America Inc., and BNP Paribas (collectively “BNP Paribas”) (CDN$150,000);
  • Citigroup Inc, Citibank N.A, Citigroup Global Markets Inc, Citigroup Global Markets Limited, Citibank Canada, and Citigroup Global Markets Canada Inc. (collectively “Citi”) (CDN$200,000); and
  • Crédit Agricole S.A., Crédit Agricole Corporate and Investment Bank, and Crédit Agricole Corporate and Investment Bank (Canada Branch) (collectively “Crédit Agricole”) (CDN$400,000).

The settlements have been approved by the Federal Court of Canada.

The class action has been resolved in its entirety.

FAQs

Who is affected by the class action?

You are affected by the class action (a “class member”) if you entered into a SSA bond transaction in Canada between January 1, 2005 and December 31, 2015 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.

A “SSA Bond” refers to any and all supranational, sovereign, sub-sovereign, governmental, quasi-governmental, and agency bonds or debt instruments regardless of the structure, currency, or credit quality.

A “SSA Bond Transaction” means any purchase, sale, trade, assignment, novation, unwind, termination, o rother exercise of rights or options with respect to any SSA Bond.

How do I participate in the class action settlement?

The claims process is now closed. The Administrator is processing claims submitted prior to the deadline on July 25, 2025. Payments will be issued to approved claimants in due course. Please note that late claims will not be accepted.

If you receive a Deficiency Notice from the Administrator, you have 60 days from the date you received the Deficiency Notice to cure the deficiency by following the instructions set out in the notice. If you fail to cure the deficiencies indicated in the Deficiency Notice within this timeframe, your claim may be rejected.

For assistance with your claim, you may contact Class Counsel at [email protected] or [email protected]. You may also contact the Claims Administrator at [email protected].

I still have a question. Who should I contact?

For answers to common questions about class actions in Canada, such as timelines, eligibility, and settlement information, please visit our Class Action Lawsuit FAQ page.

If you have any other questions, please email [email protected] or call the claims administrator at 514.577.5973.

Documents

Claims Process

Settlements

Claims Process

The claims process is now closed. The Administrator is processing claims submitted prior to the deadline on July 25, 2025. Payments will be issued to approved claimants in due course. Please note that late claims will not be accepted.

If you receive a Deficiency Notice from the Administrator, you have 60 days from the date you received the Deficiency Notice to cure the deficiency by following the instructions set out in the notice. If you fail to cure the deficiencies indicated in the Deficiency Notice within this timeframe, your claim may be rejected.

For assistance with your claim, you may contact Class Counsel at [email protected] or [email protected]. You may also contact the Claims Administrator at [email protected].

Settlements

Settlements have been achieved with all defendants, totalling approximately $6.5 million:

  • 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., Merrill Lynch Benefits Ltd. (collectively “Bank of America”) (CDN$750,000.00)
  • 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”) (CDN$1,323,529.41)
  • Deutsche Bank AG (“Deutsche Bank”) (USD$1,600,500);
  • Toronto-Dominion Bank Group, TD Bank, N.A., TD Securities Limited, TD Group (US) Holdings, LLC, and TD Bank USA, N.A. (collectively “TD”) (CDN$250,000);
  • Nomura International plc (“Nomura”) (CDN$350,000);
  • Credit Suisse Group AG, Credit Suisse AG, Credit Suisse Securities (Europe) Ltd, Credit Suisse International, Credit Suisse Securities (Canada), Inc, and Credit Suisse Securities (USA) LLC (collectively “Credit Suisse”) (CDN$500,000);
  • Royal Bank of Canada, RBC Europe Limited, and RBC Capital Markets LLC (collectively “RBC”) (CDN$250,000);
  • Barclays Capital Canada Inc., Barclays Bank PLC, Barclays Capital Inc., Barclays Execution Services Limited, and Barclays Capital Securities Limited (collectively “Barclays”) (CDN$150,000);
  • BNP Paribas S.A., BNP Paribas Group, BNP Paribas (Canada), BNP Paribas North America Inc., and BNP Paribas (collectively “BNP Paribas”) (CDN$150,000);
  • Citigroup Inc, Citibank N.A, Citigroup Global Markets Inc, Citigroup Global Markets Limited, Citibank Canada, and Citigroup Global Markets Canada Inc. (collectively “Citi”) (CDN$200,000); and
  • Crédit Agricole S.A., Crédit Agricole Corporate and Investment Bank, and Crédit Agricole Corporate and Investment Bank (Canada Branch) (collectively “Crédit Agricole”) (CDN$400,000).

The settlements have been approved by the Federal Court of Canada.

The class action has been resolved in its entirety.

Who is affected by the class action?

You are affected by the class action (a “class member”) if you entered into a SSA bond transaction in Canada between January 1, 2005 and December 31, 2015 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.

A “SSA Bond” refers to any and all supranational, sovereign, sub-sovereign, governmental, quasi-governmental, and agency bonds or debt instruments regardless of the structure, currency, or credit quality.

A “SSA Bond Transaction” means any purchase, sale, trade, assignment, novation, unwind, termination, o rother exercise of rights or options with respect to any SSA Bond.

How do I participate in the class action settlement?

The claims process is now closed. The Administrator is processing claims submitted prior to the deadline on July 25, 2025. Payments will be issued to approved claimants in due course. Please note that late claims will not be accepted.

If you receive a Deficiency Notice from the Administrator, you have 60 days from the date you received the Deficiency Notice to cure the deficiency by following the instructions set out in the notice. If you fail to cure the deficiencies indicated in the Deficiency Notice within this timeframe, your claim may be rejected.

For assistance with your claim, you may contact Class Counsel at [email protected] or [email protected]. You may also contact the Claims Administrator at [email protected].

I still have a question. Who should I contact?

For answers to common questions about class actions in Canada, such as timelines, eligibility, and settlement information, please visit our Class Action Lawsuit FAQ page.

If you have any other questions, please email [email protected] or call the claims administrator at 514.577.5973.

Claims Process

Settlements