Dennis et al v. JPMorgan Chase & Co. et al, 16-cv-6496

On November 27, 2018, the Honorable Lewis A. Kaplan granted conditional class certification for purposes of a settlement between Plaintiffs and Defendants JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A. (collectively, “JPMorgan”). In this action, Plaintiffs allege that Defendants manipulated the Australian Bank Bill Swap Reference Rate (“BBSW”) in order to profit Defendants. Plaintiffs allege that these manipulations of the BBSW rate injured Plaintiffs and members of the Class who held BBSW-Based Derivatives at the times of such manipulations.  In addition to JPMorgan, Plaintiffs named thirty-two other Defendants.

The Class consists of all persons who purchased, sold, held, traded, or otherwise had any interest in BBSW-Based Derivatives during the period January 1, 2003 through December 31, 2012 ("Class Period"). Excluded from the Class are the Defendants (as defined in the Settlement Agreement) and any parent, subsidiary, affiliate or agent of any Defendant or any co-conspirator whether or not named as a Defendant, and the United States Government.

“BBSW-Based Derivatives” means (i) a BBSW-based interest rate swap entered into by a U.S. Person, or by a Person from or through a location within the U.S.; (ii) an option on a BBSW-based interest rate swap (“swaption”) entered into by a U.S. Person, or by a Person from or through a location within the U.S.; (iii) a BBSW-based forward rate agreement entered into by a U.S. Person, or by a Person from or through a location within the U.S; (iv) an Australian dollar currency forward agreement entered into by a U.S. Person, or by a Person from or through a location within the U.S.; (v) an Australian dollar futures contract on the Chicago Mercantile Exchange (“CME”); (vi) an Australian dollar foreign exchange forward entered into by a U.S. Person, or by a Person from or through a location within the U.S.; and/or (vii) 90-day Bank Accepted Bill futures contracts on the Australian Securities Exchange entered into by a U.S. Person, or by a Person from or through a location within the U.S.

Plaintiffs have agreed to settle, subject to Court approval of the agreement, the claims against JPMorgan in consideration for JPMorgan’s payment of $7,000,000 and provision of substantial documentary cooperation.  Persons who qualify as members of the Class are encouraged to retain their records of transactions in BBSW-Based Derivatives during the Class Period.  Further information will be posted here from time to time.

Lovell Stewart are Court appointed Class Counsel. Please contact Benjamin M. Jaccarino, Esq. (bjaccarino@lshllp.com) for more information.