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*** THE CLAIMS PERIOD IS CURRENTLY IN PROGRESS ***
File your claim on or before July 25, 2025 at www.ssabondssettlement.ca

The law firms of Siskinds LLP, Sotos LLP, Koskie Minsky LLP, and Camp Fiorante Matthews Mogerman LLP are counsel in a class action against financial institutions (the “Defendants”) who conspired to fix, raise, decrease, maintain, stabilize, control or enhance unreasonably the price of supranational, sub-sovereign and agency bonds (“SSA bonds”)

Beginning at least as early as 2005 and continuing through to December 31, 2015, the defendants conspired with each other to fix, raise, decrease, maintain, stabilize, control or enhance unreasonably prices of SSA bonds. This was done to enhance the profits of some or all of the defendants at the expense of the Class Members.

Developments

Claims Process

The action has settled and a claims process is underway.  Claim forms must be submitted by July 25, 2025.

In accordance with the terms of the Court approved Administration Protocol, only Settlement Class members who can show SSA Bond Transactions of at least CAD $10 million between January 1, 2005 and December 31, 2015 will be eligible to submit a claim.

  • “SSA Bond Transaction” means any purchase, sale, trade, assignment, novation, unwind, termination, or other exercise of rights or options with respect to any SSA Bond.
  • “SSA Bond” means supranational, sovereign, sub-sovereign, governmental, quasi- governmental, and agency bonds or debt instruments regardless of the structure, currency, or credit quality.

For further information and/or to submit a claim, visit www.ssabondssettlement.ca. If you have any questions please email [email protected] or call the claims administrator at 514-577-5973.

Settlements

Settlements have been achieved with all defendants, totaling approximately $6.5 million:

  • Bank of America Corporation, Bank of America, N.A., Bank of America Canada, Bank of America, National Association, Bank of America Merrill Lynch International Limited, Merrill Lynch International, Merrill Lynch, Pierce, Fenner & Smith Inc., Merrill Lynch Canada Inc., Merrill Lynch International Services Limited, Merrill Lynch Financial Assets Inc., Merrill Lynch Benefits Ltd. (collectively “Bank of America”) (CDN$750,000.00)
  • HSBC Holdings PLC, HSBC Bank USA, N.A., HSBC Securities (USA) Inc., HSBC Bank PLC, HSBC North America Holdings Inc., HSBC Bank Canada and HSBC USA, Inc. (collectively “HSBC”) (CDN$1,323,529.41)
  • Deutsche Bank AG (“Deutsche Bank”) (USD$1,600,500);
  • Toronto-Dominion Bank Group, TD Bank, N.A., TD Securities Limited, TD Group (US) Holdings, LLC, and TD Bank USA, N.A. (collectively “TD”) (CDN$250,000);
  • Nomura International plc (“Nomura”) (CDN$350,000);
  • Credit Suisse Group AG, Credit Suisse AG, Credit Suisse Securities (Europe) Ltd, Credit Suisse International, Credit Suisse Securities (Canada), Inc, and Credit Suisse Securities (USA) LLC (collectively “Credit Suisse”) (CDN$500,000);
  • Royal Bank of Canada, RBC Europe Limited, and RBC Capital Markets LLC (collectively “RBC”) (CDN$250,000);
  • Barclays Capital Canada Inc., Barclays Bank PLC, Barclays Capital Inc., Barclays Execution Services Limited, and Barclays Capital Securities Limited (collectively “Barclays”) (CDN$150,000);
  • BNP Paribas S.A., BNP Paribas Group, BNP Paribas (Canada), BNP Paribas North America Inc., and BNP Paribas (collectively “BNP Paribas”) (CDN$150,000);
  • Citigroup Inc, Citibank N.A, Citigroup Global Markets Inc, Citigroup Global Markets Limited, Citibank Canada, and Citigroup Global Markets Canada Inc. (collectively “Citi”) (CDN$200,000); and
  • Crédit Agricole S.A., Crédit Agricole Corporate and Investment Bank, and Crédit Agricole Corporate and Investment Bank (Canada Branch) (collectively “Crédit Agricole”) (CDN$400,000).

The settlements have been approved by the Federal Court of Canada.

The class action has been resolved in its entirety.

FAQs

What is a Class Action?

A class action is a lawsuit that is brought by one or more persons on behalf of a larger group of people whose claims share common legal and/or factual issues. Class actions provide a cost-effective way for groups of people with common interests to pursue a legal claim.

What does “certification” mean?

Certification is the motion where the court determines whether the action can properly be pursued as a class action. The court will consider factors such as whether the claims of the class members raise common legal and/or factual issues and whether a class action is the preferable method of pursuing the claims (as opposed to other methods, such as individual actions).

Do I have to pay anything to participate in the class action?

Class action lawyers are usually paid on a contingency basis. This means that class counsel are only paid if successful. Class counsel are paid a percentage of any settlement or court award. Class counsel fees are subject to court approval.

Who is affected by the class action?

You are affected by the class action (a “class member”) if you entered into a SSA bond transaction in Canada between January 1, 2005 and December 31, 2015 either directly or indirectly through an intermediary, and/or purchased or otherwise participated in an investment or equity fund, mutual fund, hedge fund, pension fund or any other investment vehicle that entered into an SSA bond transaction.

A “SSA Bond” refers to any and all supranational, sovereign, sub-sovereign, governmental, quasi-governmental, and agency bonds or debt instruments regardless of the structure, currency, or credit quality.

A “SSA Bond Transaction” means any purchase, sale, trade, assignment, novation, unwind, termination, o rother exercise of rights or options with respect to any SSA Bond.

How do I participate in the class action settlement?

Claim forms must be submitted by July 25, 2025.

Only Settlement Class members who can show SSA Bond Transactions of at least CAD $10 million between January 1, 2005 and December 31, 2015 will be eligible to submit a claim.

For further information and/or to submit a claim, visit www.ssabondssettlement.ca. If you have any questions please email [email protected] or call the claims administrator at 514-577-5973.

Can I exclude myself from the class action?

The time to opt-out of the action has passed.

What should I do to protect my rights?

If you can show SSA Bond Transactions of at least CAD $10 million between January 1, 2005 and December 31, 2015, file a claim before the deadline of July 25, 2025.

I still have a question. Who should I contact?

If you have any other questions, please complete the Get in Touch form below.

Documents

Claims Process

Settlements

Claims Process

The action has settled and a claims process is underway.  Claim forms must be submitted by July 25, 2025.

In accordance with the terms of the Court approved Administration Protocol, only Settlement Class members who can show SSA Bond Transactions of at least CAD $10 million between January 1, 2005 and December 31, 2015 will be eligible to submit a claim.

  • “SSA Bond Transaction” means any purchase, sale, trade, assignment, novation, unwind, termination, or other exercise of rights or options with respect to any SSA Bond.
  • “SSA Bond” means supranational, sovereign, sub-sovereign, governmental, quasi- governmental, and agency bonds or debt instruments regardless of the structure, currency, or credit quality.

For further information and/or to submit a claim, visit www.ssabondssettlement.ca. If you have any questions please email [email protected] or call the claims administrator at 514-577-5973.

Settlements

Settlements have been achieved with all defendants, totaling approximately $6.5 million:

  • Bank of America Corporation, Bank of America, N.A., Bank of America Canada, Bank of America, National Association, Bank of America Merrill Lynch International Limited, Merrill Lynch International, Merrill Lynch, Pierce, Fenner & Smith Inc., Merrill Lynch Canada Inc., Merrill Lynch International Services Limited, Merrill Lynch Financial Assets Inc., Merrill Lynch Benefits Ltd. (collectively “Bank of America”) (CDN$750,000.00)
  • HSBC Holdings PLC, HSBC Bank USA, N.A., HSBC Securities (USA) Inc., HSBC Bank PLC, HSBC North America Holdings Inc., HSBC Bank Canada and HSBC USA, Inc. (collectively “HSBC”) (CDN$1,323,529.41)
  • Deutsche Bank AG (“Deutsche Bank”) (USD$1,600,500);
  • Toronto-Dominion Bank Group, TD Bank, N.A., TD Securities Limited, TD Group (US) Holdings, LLC, and TD Bank USA, N.A. (collectively “TD”) (CDN$250,000);
  • Nomura International plc (“Nomura”) (CDN$350,000);
  • Credit Suisse Group AG, Credit Suisse AG, Credit Suisse Securities (Europe) Ltd, Credit Suisse International, Credit Suisse Securities (Canada), Inc, and Credit Suisse Securities (USA) LLC (collectively “Credit Suisse”) (CDN$500,000);
  • Royal Bank of Canada, RBC Europe Limited, and RBC Capital Markets LLC (collectively “RBC”) (CDN$250,000);
  • Barclays Capital Canada Inc., Barclays Bank PLC, Barclays Capital Inc., Barclays Execution Services Limited, and Barclays Capital Securities Limited (collectively “Barclays”) (CDN$150,000);
  • BNP Paribas S.A., BNP Paribas Group, BNP Paribas (Canada), BNP Paribas North America Inc., and BNP Paribas (collectively “BNP Paribas”) (CDN$150,000);
  • Citigroup Inc, Citibank N.A, Citigroup Global Markets Inc, Citigroup Global Markets Limited, Citibank Canada, and Citigroup Global Markets Canada Inc. (collectively “Citi”) (CDN$200,000); and
  • Crédit Agricole S.A., Crédit Agricole Corporate and Investment Bank, and Crédit Agricole Corporate and Investment Bank (Canada Branch) (collectively “Crédit Agricole”) (CDN$400,000).

The settlements have been approved by the Federal Court of Canada.

The class action has been resolved in its entirety.

What is a Class Action?

A class action is a lawsuit that is brought by one or more persons on behalf of a larger group of people whose claims share common legal and/or factual issues. Class actions provide a cost-effective way for groups of people with common interests to pursue a legal claim.

What does “certification” mean?

Certification is the motion where the court determines whether the action can properly be pursued as a class action. The court will consider factors such as whether the claims of the class members raise common legal and/or factual issues and whether a class action is the preferable method of pursuing the claims (as opposed to other methods, such as individual actions).

Do I have to pay anything to participate in the class action?

Class action lawyers are usually paid on a contingency basis. This means that class counsel are only paid if successful. Class counsel are paid a percentage of any settlement or court award. Class counsel fees are subject to court approval.

Who is affected by the class action?

You are affected by the class action (a “class member”) if you entered into a SSA bond transaction in Canada between January 1, 2005 and December 31, 2015 either directly or indirectly through an intermediary, and/or purchased or otherwise participated in an investment or equity fund, mutual fund, hedge fund, pension fund or any other investment vehicle that entered into an SSA bond transaction.

A “SSA Bond” refers to any and all supranational, sovereign, sub-sovereign, governmental, quasi-governmental, and agency bonds or debt instruments regardless of the structure, currency, or credit quality.

A “SSA Bond Transaction” means any purchase, sale, trade, assignment, novation, unwind, termination, o rother exercise of rights or options with respect to any SSA Bond.

How do I participate in the class action settlement?

Claim forms must be submitted by July 25, 2025.

Only Settlement Class members who can show SSA Bond Transactions of at least CAD $10 million between January 1, 2005 and December 31, 2015 will be eligible to submit a claim.

For further information and/or to submit a claim, visit www.ssabondssettlement.ca. If you have any questions please email [email protected] or call the claims administrator at 514-577-5973.

Can I exclude myself from the class action?

The time to opt-out of the action has passed.

What should I do to protect my rights?

If you can show SSA Bond Transactions of at least CAD $10 million between January 1, 2005 and December 31, 2015, file a claim before the deadline of July 25, 2025.

I still have a question. Who should I contact?

If you have any other questions, please complete the Get in Touch form below.

Claims Process

Settlements