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Constantine Cannon LLP Announces Beginning of Claims Administration Process in the $1.86 Billion Settlement of In Re: Credit Default Swaps Antitrust Litigation

Posted  January 13, 2016

Constantine Cannon LLP served as one of the counsel for Los Angeles County Employees Retirement Association (“LACERA”) in the In re Credit Default Swaps Antitrust Litigation, 13-MD-2467, pending in the Southern District of New York, Judge Denise Cote presiding.  LACERA was appointed one of two co-lead plaintiffs by Judge Cote and the firm’s co-counsel, Pearson, Simon & Warshaw, LLP, serves as co-lead counsel for the plaintiff class.  On October 29, 2015, Judge Cote granted preliminary approval of a $1.86 billion settlement with twelve of the world’s largest banks.  The defendant banks were alleged to have conspired to restrain competition in the credit default swaps (CDS) trading market resulting in institutional investors such as LACERA paying inflated spreads on all CDS transactions.  On January 11, 2016, notice was sent to the over 14,000 members of the potential settlement class.  The settlement class includes public and private pension funds such as LACERA, insurance companies, fixed income investment funds and other institutional investors who traded CDS with the large defendant banks.

Further information about the settlement including the class notice and important court documents can be viewed at www.cdsantitrustsettlement.com.   The website for the settlement has the contact information for the claims administrator to whom any calls should be directed in the first instance.