Mexican Government Bonds Antitrust Litigation

In In re Mexican Government Bonds Antitrust Litigation, Executive Committee Counsel Calcaterra Law represented institutional investor plaintiffs who allege several banks were involved in a scheme to manipulate prices in the Mexican government bond market. The Defendant financial institutions were part of an exclusive group of Mexican government-approved market makers for the bonds and allegedly abused this dominant position to unlawfully increase the profitability of their trading and sales businesses by overcharging and underpaying their customers for over 11 years.

This suit has been consolidated with a multitude of lawsuits in a multidistrict litigation proceeding and is currently pending in the U.S. District Court for the Southern District of New York. The Defendants include the parent companies, affiliates, and subsidiaries of Banco Santander SA (and its U.S. subsidiaries), Banco Bilboa Vizcaya Argentaria, SA (and its U.S. subsidiaries), JPMorgan, Citigroup, Bank of America, HSBC Bank PLC, Barclays Capital PLC, Credit Suisse AG, and Deutsche Bank Securities, Inc. In October 2019, Mexico’s antitrust regulator, the Comisión Federal de Competencia Económica (COFECE), announced formal charges against seven of the Defendants.

Plaintiffs have secured a $20 million settlement from Barclays and JP Morgan.