February 11, 2022
Institutional investors leading sprawling multidistrict litigation against nearly a dozen megabanks that allegedly colluded to control the interest rate swaps market told a New York federal judge Friday they’ve reached a $25 million “icebreaker” settlement with Credit Suisse.
Along with the $25 million cash award, the proposed settlement calls for Credit Suisse Group AG to cooperate with the litigation against the remaining defendant banks, including providing up to four trial witnesses, according to the motion for preliminary approval.
Taxes, attorney fees, service awards and expenses will be taken out of the fund before it is distributed, the motion states. In exchange, the investors said they will release all claims against Credit Suisse.
The investors said they also agreed to reduce the amount of any aggregate monetary final judgment against the remaining defendants — including JPMorgan Chase & Co., Bank of America, Royal Bank of Scotland Group PLC, Goldman Sachs Group Inc. and Deutsche Bank AG — by a little more than 6%.
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The investors are represented by Cohen Milstein Sellers & Toll PLLC, Quinn Emanuel Urquhart & Sullivan LLP, Susman Godfrey LLP, Jacobs Burns Orlove & Hernandez and Labaton Sucharow LLP.
Read Credit Suisse Investors Ink $25M ‘Icebreaker’ Rate Swaps Deal.