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If you entered into one or more U.S. Interest Rate Swap (IRS) transactions directly or through an agent with certain major financial institutions between January 1, 2008, and June 10, 2024, you may be eligible to claim compensation from a class action settlement.
Credit Suisse and several other major financial institutions have agreed to pay a combined total of $71 million to settle allegations that they conspired to prevent buy-side investors from trading Interest Rate Swaps on anonymous electronic trading platforms. These allegations claim that the institutions violated Section 1 of the Sherman Act, resulting in unfair profits.
Who is eligible for a settlement payment?
Class members meet the following criteria:
- You directly or indirectly (through an agent) entered into at least one U.S. Interest Rate Swap transaction with any of the defendants during the defined class periods.
- The class period for transactions involving Credit Suisse is from January 1, 2008, through January 21, 2022.
- The settlement class period for transactions involving other defendants ("New Settlement") extends from January 1, 2008, through June 10, 2024.
- Your U.S Interest Rate Swap transactions took place in the United States or it territories and were one or more of the following:
- Fixed-for-floating interest rate swaps
- Floating-for-fixed interest rate swaps
- Floating-for-floating interest rate swaps
- Forward rate agreements
- Single-currency basis swaps
- Overnight index swaps
How much is the class action settlement payout?
Pro Rata Cash Payment: Payment amount will be determined by the total number of valid claims submitted and the details of your IRS transactions.
Each claimant's Credited Claim Value (CCV) will be calculated using the following formula:
- CCV = Notional Value (NV) x Tenor (T) x Legal Risk Multiplier (LRM)
How to claim an Interest Rate Swap settlement payment
To receive a class action rebate, class members must submit a claim form. You can file a claim online or print the PDF claim form and mail it to the settlement administrator.
Settlement Administrator's mailing address: Interest Rate Swaps Antitrust Litigation c/o Epiq, PO Box 2796, Portland, OR 97208-2796
All claims must be submitted online or postmarked by the deadline of June 16, 2025.
Is proof required to submit a claim?
Yes, claimants must include supporting documentation showing qualifying U.S. IRS transactions. Required proof includes detailed information such as the date, time, location, and total amount transacted.
Claim payout options
Approved claimants will be issued a paper check mailed to the address provided on the claim form.
$71 Million class action settlement fund breakdown
The $71,000,000 settlement fund will cover the following:
- Settlement administration costs: Up to $2,500,000
- Attorneys' fees and expenses: Up to $35,500,000
- Service awards to class representatives: Up to $25,000 per lead plaintiff, a total of $50,000
- Payments to approved claimants: Remaining settlement balance after fees and expenses
Important dates
- Fairness Hearing: July 16, 2025
- Deadline to File a Claim: June 16, 2025
When is the Interest Rate Swaps Antitrust Litigation payout date?
A final hearing will take place in court on July 16, 2025. Payments to class members with valid claims will be issued after the judge grants final approval and claim review and processing is complete.
Why was there a class action lawsuit?
The lawsuit was filed because plaintiffs alleged that the defendants violated antitrust laws by conspiring to prevent buy-side investors from trading Interest Rate Swaps on anonymous electronic platforms. Plaintiffs claimed this limited transparency and competition, allowing defendants to generate unfair profits.
All defendants in this class action deny wrongdoing but agreed to settle to avoid further litigation costs and a possible trial.
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