Deadline for Submitting Claim in Derivatives Class Action Lawsuit Draws Near

Clients may be eligible to receive settlement payments in connection with a class action lawsuit filed against financial institutions accused of collu­sion on municipal bond transactions. To receive a settlement payment, class members must submit a claim by the January 13, 2015 deadline. In re Municipal Derivatives Antitrust Litigation, No 1:08-02516, MDL No 1950 (SD NY), a class action lawsuit brought on behalf of various municipalities from across the country, alleged that several investment banks engaged in fraud and collusion when selling municipal derivative products. Over the past year, many defendant financial institutions settled with the class plaintiffs.

The settlement administrator recently mailed a notice to likely class members informing them that they may be eligible to receive settlement payments. The settlement notice includes a claim form and in­structions on how to file a claim. If your school received the settlement notice or if you otherwise believe your school is a class member, please contact Gordon VanWieren, Jr., at (517) 374-8843. To date, we have assisted our clients with recovering more than $1.6 million in settlement payments arising from the municipal derivatives scandal.