IN RE: EUROPEAN GOVERNMENT BONDS ANTITRUST LITIGATION

Background

The plaintiffs—Ohio Carpenters’ Pension Fund, Electrical Workers Pension Fund Local 103 I.B.E.W., and San Bermardino County Employees’ Retirement Association—reached a settlement with Natixis S.A., together with its affiliates and subsidiaries. The settlement covered claims asserted against Natixis and related released parties in the antitrust action.

The court had preliminarily approved the settlement, ordered notice to the proposed settlement class, allowed class members to object or exclude themselves, and held a settlement hearing on April 19, 2024. The opinion does not state the settlement amount.

Settlement Class

For settlement purposes only, the court certified a class under Rules 23(a) and 23(b)(3) of the Federal Rules of Civil Procedure. The class consists of people and entities that purchased or sold one or more euro-denominated European government bonds in the United States directly from a defendant, Deutsche Bank, Rabobank, or specified related entities or alleged co-conspirators, during the period from January 1, 2005, through December 31, 2016.

The court excluded defendants, their specified related entities, alleged co-conspirators, the United States government, certain court personnel and their immediate family members, and people or entities that properly excluded themselves. The court found that the class was sufficiently numerous, had common legal or factual questions, had typical claims, and was adequately represented. It also found that common questions predominated and that a class action was the superior method for resolving the action. The plaintiffs were certified as class representatives, and co-lead counsel were certified as class counsel.

The court emphasized that this class certification applied only to the settlement and could not be used as binding or persuasive authority on any later request to certify a class or appoint class representatives in the litigation.

Notice and Approval

The court found that the notice provided to class members was the best practicable notice under the circumstances, adequately informed class members about the settlement and related rights, and satisfied Rule 23 and constitutional due-process requirements. The court also found that the notice requirements of the Class Action Fairness Act were satisfied.

Judge Victor Marrero fully and finally approved the settlement in all respects, including its amount, releases, and dismissal of the claims against Natixis. He found the settlement fair, reasonable, and adequate under Rule 23(e)(2) and the factors identified in the cited Second Circuit precedent.

Disposition and Effect

The judgment dismissed all claims asserted against Natixis by the plaintiffs and other settlement-class members with prejudice. The settlement and judgment bind Natixis, the other released parties, the plaintiffs, and other settling plaintiff parties, including class members regardless of whether they submit a claim form or receive a distribution.

The releases generally resolve and bar claims arising from or relating to the conduct alleged in the action, including claims that could have been asserted against Natixis in an earlier related proceeding. The judgment does not bar actions to enforce or carry out the settlement. It also bars specified contribution and indemnification claims against released parties.

The judgment states that neither the settlement nor the approval proceedings constitute an admission of liability, wrongdoing, or the validity or invalidity of the parties’ positions. The court retained exclusive jurisdiction over settlement administration, enforcement, the settlement fund, distribution issues, and fee and expense applications. Separate orders were to address the distribution plan and class counsel’s fees and expenses.

If the settlement is terminated or its effective date does not occur as provided in the settlement agreement, the judgment is to be vacated and the parties are to return to their specified prior positions. Judge Victor Marrero directed the clerk to enter the judgment as a final judgment.