Type of Claim: Competition under article 101 TFEU / US Opt-Out
Claim Period: 1 January 2007 – 31 December 2012
Defendants: Eight banks
Governing Law: English law
Limitation: 31 January 2025
The allegations are that throughout the claim period, the defendants operated a price-fixing cartel. If proven, the alleged conduct is likely to amount to unlawful anti-competitive behaviour as well as give rise to other causes of action (subject to the particular factual circumstances).
On 31 January 2019, the European Commission informed eight banks of its preliminary view that they had breached EU antitrust rules by colluding, in periods from 2007 to 2012, to distort competition when acquiring and trading European Government Bonds. Traders employed by the banks exchanged commercially sensitive information and coordinated on trading strategies. These contacts allegedly took place mainly, but not exclusively, through online chatrooms.
European Government Bonds are sovereign bonds issued in euros by the central governments of the Eurozone member states.
The Commission’s investigation relates to certain traders at eight banks and does not imply that the alleged anti-competitive conduct was a general practice in the European Government Bond sector.
A US Class Action has been filed in the District of Connecticut (19-CV-00314). Given the territorial restrictions on US anti-trust claims Stewarts considers that clients, especially non-US clients, may have substantial claims that are not covered by this complaint.
Stewarts is investigating whether buyers and sellers may have a claim. If you bought or sold European Government Bonds in the period 1 January 2007 to 31 December 2012, Stewarts would like to discuss potential claims with you. We can estimate your claim value through an analysis of your bond trading data free of charge and without obligation.
You can see a full list of our current securities litigation cases and investigations here.
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