Wolf Haldenstein Represents the MTA’s Pension Funds Against 9 Banks for Price-Rigging the Mexican Bond Market

Wolf Haldenstein has filed an antitrust class action on behalf of the Manhattan and Bronx Surface Transit Operating Authority Pension Plan and the Metropolitan Transportation Authority Defined Benefit Pension Plan Master Trust against nine banks and their affiliates and subsidiaries in connection with an 11 ½ year price-rigging scheme in the Mexican government bond (“MGB”) market.  The Defendants have allegedly used their dominate position as the exclusive government approved market makers in the MGB market to unlawfully increase the profitability of the MGB business.

This alleged conspiracy to fix the prices of MGB’s first came to light when Mexico’s antitrust regulator, the Comisión Federal de Competencia Económica (“COFECE”) announced that it had uncovered evidence of anticompetitive conduct among Defendants in the MGB market. In a May 16, 2017 article, Bloomberg news reported that, due to the COFECE’s investigation, at least one of the Defendants had been accepted into its cartel leniency program. Thereafter, Mexico’s securities regulator, the Comisión Nacional Bancaria y deValores (“CNBV”), had independently confirmed COFECE’s findings. Then in August 2017, the CNBV announced that it was proceeding with its own investigation of misconduct in the MGB market based on additional evidence of collusion among the Defendants that it had uncovered. As the investigation continues, more evidence of collusion has been disclosed.

The Defendants include the parent companies, affiliates and subsidiaries of Banco Santander SA (and its US subsidiaries), Banco Bilboa Vizcaya Argentaria, S.A. (and US subsidiaries), JPMorgan, Citigroup, Bank of America, HSBC Bank PLC, Barclays Capital PLC, Credit Suisse AG and Deutsche Bank Securities, Inc.

The 11 ½ year class period when the alleged price-rigging occurred is from January 1, 2006 to April 19, 2017.

The case is proceeding in the U.S District Court, Southern District of New York before the Hon. J. Paul Oetken. Wolf Haldenstein also represents the Boston Retirement System in the same matter. View the Complaint.