# IN RE: EUROPEAN GOVERNMENT BONDS ANTITRUST LITIGATION

> District Court, S.D. New York · April 19, 2024

URL: https://www.frixlaw.com/law-library/cases/10360124

## Case

- **Court:** District Court, S.D. New York
- **Decided:** April 19, 2024
- **Opinion:** 100trialcourt
- **Cited by:** 0 later opinions in the Frix Law Library

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## Opinion text

OUINT
DOCUMENT
ELECTRONICALLY FILEL
UNITED STATES DISTRICT COURT | DOC #:____
SOUTHERN DISTRICT OF NEW YORK — |LDATE FILED: _4/10/2024

IN RE EUROPEAN GOVERNMENT Case No. 1:19 Civ. 2601 (VM)
BONDS ANTITRUST LITIGATION

JUDGMENT APPROVING CLASS ACTION SETTLEMENT
WHEREAS, Plaintiffs Ohio Carpenters’ Pension Fund, Electrical Workers Pension Fund
Local 103 IB.E.W., and San Bermardino County Employees’ Retirement Association
(“Plaintiffs”) on behalf of themselves and the other members of the Settlement Class, and
Defendants JPMorgan Chase Bank, N.A., J.P. Morgan Securities ple (f/k/a J.P. Morgan Securities
Ltd.), and J.P. Morgan Securities LLC (f/k/a J.P. Morgan Securities Inc.) together with their
affiliates and subsidiaries (“JPMorgan,” and together with Plaintiffs, the “Parties”) have
determined to settle all claims asserted against JPMorgan, and its predecessors, successors,
assigns, subsidiaries, and affiliates in this Action with prejudice on the terms and conditions set
forth in the Stipulation and Agreement of Settlement dated April 15, 2022 (the “Stipulation”),
subject to approval of this Court (the ““Settlement”);
WHEREAS, unless otherwise defined in this Judgment, the capitalized terms herein shall
have the same meaning as they have in the Stipulation;
WHEREAS, by Order dated May 2, 2022 (the “Preliminary Approval Order”), this Court:
(i) preliminarily approved the Settlement; (11) ordered that notice of the proposed Settlement be
provided to the Settlement Class; (111) provided Settlement Class Members with the opportunity to
object to the proposed Settlement; (v) provided Settlement Class Members with the opportunity to
exclude themselves from the Settlement Class; and (iv) scheduled a hearing regarding final
approval of the Settlement;
WHEREAS, due and adequate notice has been given to the Settlement Class;

WHEREAS, the Court conducted a hearing on April 19, 2024 (the “Settlement Hearing”)
to consider, among other things, (i) whether the terms and conditions of the Settlement are fair,
reasonable, and adequate to the Settlement Class, and should therefore be approved; and (ii)
whether a judgment should be entered dismissing the Action with prejudice as against JPMorgan;
and

WHEREAS, the Court having reviewed and considered the Stipulation, all papers filed and
proceedings held herein in connection with the Settlement, all oral and written comments received
regarding the Settlement, and the record in the Action, and good cause appearing therefor;
IT IS HEREBY ORDERED, ADJUDGED, AND DECREED:
1. Jurisdiction – The Court has jurisdiction over the subject matter of the Action, and
all matters relating to the Settlement, as well as personal jurisdiction over all of the Parties and
each of the Settlement Class Members.
2. CAFA Notice – The notice provisions of the Class Action Fairness Act, 28 U.S.C.
§1715, have been satisfied.

3. Incorporation of Settlement Documents – This Judgment incorporates and makes
a part hereof: (i) the Stipulation filed with the Court on April 29, 2022; and (ii) the Notice and the
Publication Notice, both of which were filed with the Court on November 11, 2022.
4. Class Certification for Settlement Purposes – Pursuant to Rule 23(a) and
23(b)(3) of the Federal Rules of Civil Procedure, and based on the record before the Court, the
Court certifies, for the purposes of settlement only, the following Settlement Class:
All persons or entities who or which purchased or sold one or more European
Government Bond(s)1 in the United States directly from a Defendant or a direct or
1 “European Government Bonds” or “EGBs” means euro-denominated sovereign debt or
bonds issued by European governments (e.g., Austria, Belgium, Cyprus, Estonia, Finland, France,
indirect parent, subsidiary, affiliate, or division of a Defendant, or any of their
alleged co-conspirators, from January 1, 2007 through December 31, 2012 (the
“Settlement Class Period”). Excluded from the Settlement Class are: Defendants;
past and present direct or indirect parents (including holding companies),
subsidiaries, affiliates, associates, or divisions of Defendants; the United States
government; and any judicial officer presiding over this Action and the members
of his or her immediate family and judicial staff and any juror assigned to this
Action; provided, however, that Investment Vehicles shall not be excluded from
the definition of “Settlement Class” or “Class.” Also excluded from the Settlement
Class is any person or entity who or which properly excludes himself, herself, or
itself by filing a valid and timely request for exclusion in accordance with the
requirements set forth in the Notice and whose request is accepted by the Court.
5. The Court finds that the requirements of Rule 23(a) and 23(b)(3) of the Federal
Rules of Civil Procedure are satisfied for settlement purposes as follows:
a. Pursuant to Rule 23(a)(1), the Court determines that the Settlement Class
Members are so numerous that their joinder before the Court would be impracticable.
b. Pursuant to Rule 23(a)(2), the Court determines that there are one or more
questions of fact or law common to the Settlement Class.
c. Pursuant to Rule 23(a)(3), the Court determines that Plaintiffs’ claims are
typical of the claims of the Settlement Class.
d. Pursuant to Rule 23(a)(4), the Court determines that Plaintiffs will fairly
and adequately protect the interests of the Settlement Class. Plaintiffs are certified as class
representatives of the Settlement Class.
e. Pursuant to Rule 23(b)(3), the Court determines that common questions of
law and fact predominate over questions affecting only individual Settlement Class Members.

Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia,
Slovenia, and Spain). If Plaintiffs broaden the definition of European Government Bonds in an
amended complaint at any time up to and including the date the Preliminary Approval Order is
entered, the term “European Government Bonds” or “EGBs” in this Stipulation shall incorporate
by reference the broader definition.
f. Pursuant to Rule 23(b)(3), the Court determines that a class action is
superior to other available methods for the fair and efficient adjudication of this Action.
g. Pursuant to Rule 23(g), Co-Lead Counsel are certified as class counsel for
the Settlement Class.
6. The Court’s certification of the Settlement Class, and certification of Plaintiffs as

class representatives of the Settlement Class, as provided herein is without prejudice to, or waiver
of, the rights of any Defendant to contest any other request by Plaintiffs to certify a class. The
Court’s findings in this Judgment shall have no effect on the Court’s ruling on any motion to certify
any class or appoint class representatives in this litigation, and no party may cite or refer to the
Court’s approval of the Settlement Class as binding or persuasive authority with respect to any
motion to certify such class or appoint class representatives.
7. Settlement Notice – The Court finds that the dissemination of the Notice and the
publication of the Publication Notice: (i) were implemented in accordance with the Preliminary
Approval Order; (ii) constituted the best notice practicable under the circumstances; (iii)

constituted notice that was reasonably calculated, under the circumstances, to apprise Settlement
Class Members of (a) the effect of the proposed Settlement (including the Releases to be provided
thereunder), (b) Co-Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of
Litigation Expenses; (c) their right to object to any aspect of the Settlement, the Plan of
Distribution, and/or Co-Lead Counsel’s motion for attorneys’ fees and reimbursement of
Litigation Expenses, and (d) their right to appear at the Settlement Hearing; (iv) constituted due,
adequate, and sufficient notice to all persons and entities entitled to receive notice of the proposed
Settlement; and (v) satisfied the requirements of Rule 23 of the Federal Rules of Civil Procedure,
and the United States Constitution (including the Due Process Clause).
8. Final Settlement Approval and Dismissal of Claims – Pursuant to, and in
accordance with, Rule 23 of the Federal Rules of Civil Procedure, this Court hereby fully and
finally approves the Settlement set forth in the Stipulation in all respects (including, without
limitation, the amount of the Settlement, the Releases provided for therein, and the dismissal with
prejudice of the claims asserted against JPMorgan in the Action), and finds that the Settlement is,

in all respects, fair, reasonable, and adequate to the Settlement Class after considering the factors
set out in City of Detroit v. Grinnell Corp., 495 F.2d 448 (2d Cir. 1974), abrogated on other
grounds by Goldberger v. Integrated Res., Inc., 209 F.3d 43 (2d Cir. 2000) and Rule 23(e)(2) of
the Federal Rules of Civil Procedure.
9. All of the claims asserted against JPMorgan in the Action by Plaintiffs and the other
Settlement Class Members are hereby dismissed with prejudice. The Parties shall bear their own
costs and expenses, except as otherwise expressly provided in the Stipulation.
10. Binding Effect – The terms of the Stipulation and of this Judgment shall be binding
on JPMorgan, the other Released Parties, Plaintiffs, and all other Settling Plaintiff Parties

(regardless of whether or not any individual Settlement Class Member submits a Claim Form or
seeks or obtains a distribution from the Net Settlement Fund), as well as their respective heirs,
executors, administrators, predecessors, parents, subsidiaries, affiliates, trustees, successors, and
assigns in their capacities as such.
11. Releases – The Releases set forth in ¶¶3-9 of the Stipulation, together with the
definitions contained in ¶1 of the Stipulation relating thereto, are expressly incorporated herein in
all respects. The Releases are effective as of the Effective Date. Accordingly, this Court orders
that:
(a) Without further action by anyone, and subject to ¶13 of this Order, upon the
Effective Date of the Settlement, Plaintiffs, the Settling Plaintiff Parties, and each of the Settlement
Class Members, on behalf of themselves, and their respective heirs, executors, administrators,
predecessors, successors, and assigns in their capacities as such, shall be deemed to have, and by
operation of law and of this Judgment shall have fully, finally, and forever compromised, settled,

released, resolved, relinquished, waived, and discharged each and every of the Settled Claims2
against JPMorgan and the other Released Parties, and shall forever be enjoined from prosecuting
any or all of the Settled Claims against any of the Released Parties.
(b) Without further action by anyone, and subject to ¶13 of this Order, upon the
Effective Date of the Settlement, JPMorgan and each of the Released Parties shall be deemed to
have, and by operation of law and of the judgment shall have fully, finally, and forever
compromised, settled, released, resolved, relinquished, waived, and discharged each and every

2 “Settled Claims” means any and all manner of claims, including Unknown Claims, causes
of action, cross-claims, counter-claims, charges, liabilities, demands, judgments, suits, obligations,
debts, setoffs, rights of recovery, or liabilities for any obligations of any kind whatsoever (however
denominated), whether class or individual, in law or equity or arising under constitution, statute,
regulation, ordinance, contract, or otherwise in nature, for fees, costs, penalties, fines, debts,
expenses, attorneys’ fees, and damages, whenever incurred, and liabilities of any nature
whatsoever (including joint and several, treble, or punitive damages), known or unknown,
suspected or unsuspected, asserted or unasserted, choate or inchoate, which the Settling Plaintiff
Parties ever had, now have, or hereafter can, shall, or may have, individually, representatively,
derivatively, or in any capacity against JPMorgan and any other Released Parties that arise from
or relate in any way to the conduct alleged in the Action, or conduct that could have been alleged
in the Action based on the factual predicate of the Action, including any amended complaint or
pleading therein. Settled Claims shall not include: (i) claims based on transactions that are outside
the extraterritorial reach of the Sherman Act pursuant to Section 6a of the Sherman Act, 15 U.S.C.
§6a; (ii) any claims relating to the enforcement of the Settlement; or (iii) any claims of any person
or entity that submits a request for exclusion in connection with the Notice and whose request is
accepted by the Court.
Released Parties’ Claim3 as against each and every one of the Settling Plaintiff Parties, and shall
forever be barred and enjoined from prosecuting any or all of the Released Parties’ Claims against
any of the Settling Plaintiff Parties.
12. Although the foregoing release is not a general release, such release constitutes a
waiver of Section 1542 of the California Civil Code and any similar statutes (to the extent they

apply to the Action). Section 1542 provides as follows:
A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE
CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO
EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE
RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE
MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE
DEBTOR OR RELEASED PARTY.
13. Notwithstanding ¶11(a)-(b) of this Order, nothing in this Judgment shall bar any
action by any of the Parties to enforce or effectuate the terms of the Stipulation or this Judgment.
14. No Admissions – Neither this Judgment, the Stipulation (whether or not
consummated), including the exhibits thereto and the Plan of Distribution (or any other plan of
allocation that may be approved by the Court), the negotiations leading to the execution of the
Stipulation, nor any proceedings taken pursuant to or in connection with the Stipulation and/or
approval of the Settlement (including any arguments proffered in connection therewith):

3 “Released Parties’ Claim” means all claims and causes of action of every nature and
description, whether known claims or Unknown Claims, whether arising under federal, state,
common, or foreign law, that arise out of or relate in any way to the institution, prosecution,
maintenance, or settlement of the Claims asserted in the Action against JPMorgan. Released
Parties’ Claims shall not include any: (i) claims relating to the enforcement of the Settlement; or
(ii) claims against any person or entity that submits a request for exclusion from the Settlement
Class in connection with the Notice and whose request is accepted by the Court. For the avoidance
of doubt, the release in this paragraph is intended to cover litigation conduct in this Action and not
any obligations that may exist as a result of business transactions between the Parties.
(a) shall be offered against any of the Released Parties as evidence of, or
construed as, or deemed to be evidence of any presumption, concession, or admission by any of
the Released Parties with respect to the truth of any fact alleged by Plaintiffs or the validity of any
claim that was or could have been asserted, or the deficiency of any defense that has been or could
have been asserted, in this Action or in any other litigation, or of any liability, negligence, fault,

or other wrongdoing of any kind of any of the Released Parties or in any way referred to for any
other reason as against any of the Released Parties, in any civil, criminal, or administrative action
or proceeding, other than such proceedings as may be necessary to effectuate the provisions of the
Stipulation;
(b) shall be offered against any of the Settling Plaintiff Parties, as evidence of,
or construed as, or deemed to be evidence of any presumption, concession, or admission by any of
the Settling Plaintiff Parties that any of their claims are without merit, that any of the Released
Parties had meritorious defenses, or that damages recoverable under the Complaint, First Amended
Complaint, Second Amended Complaint, Third Amended Complaint, or Fourth Amended

Complaint would not have exceeded the Settlement Amount or with respect to any liability,
negligence, fault, or wrongdoing of any kind, or in any way referred to for any other reason as
against any of the Settling Plaintiff Parties, in any civil, criminal, or administrative action or
proceeding, other than such proceedings as may be necessary to effectuate the provisions of the
Stipulation; or
(c) shall be construed against any of the Released Parties or any of the Settling
Plaintiff Parties as an admission, concession, or presumption that the consideration to be given
under the Settlement represents the amount which could be or would have been recovered after
trial; provided, however, that the Parties, the Settling Plaintiff Parties, and the Released Parties
and their respective counsel may refer to this Judgment and the Stipulation to effectuate the
protections from liability granted hereunder and thereunder or otherwise to enforce the terms of
the Settlement.
15. Retention of Jurisdiction – Without affecting the finality of this Judgment in any
way, this Court retains continuing and exclusive jurisdiction over: (i) the Parties for purposes of

the administration, interpretation, implementation, and enforcement of the Settlement; (ii) the
disposition of the Settlement Fund; (iii) any motion for an award of attorneys’ fees and/or
Litigation Expenses by Co-Lead Counsel in the Action that will be paid from the Settlement Fund;
(iv)any motion to approve the Plan of Distribution; (v) any motion to approve the Settlement Class
Distribution Order; and (vi) the Settlement Class Members for all matters relating to the Action.
16. Separate orders shall be entered regarding approval of a Plan of Distribution and
the motion of Co-Lead Counsel for an award of attorneys’ fees and reimbursement of Litigation
Expenses. Such orders shall in no way affect or delay the finality of this Judgment and shall not
affect or delay the Effective Date of the Settlement.

17. Modification of the Stipulation – Without further approval from the Court,
Plaintiffs and JPMorgan are hereby authorized to agree to and adopt such amendments or
modifications of the Stipulation or any exhibits attached thereto to effectuate the Settlement that:
(i) are not materially inconsistent with this Judgment; and (ii) do not materially limit the rights of
Settlement Class Members in connection with the Settlement. Without further order of the Court,
Plaintiffs and JPMorgan may agree to reasonable extensions of time to carry out any provisions of
the Settlement.
18. Termination of Settlement – If the Settlement is terminated as provided in the
Stipulation or the Effective Date of the Settlement otherwise fails to occur, this Judgment shall be
vacated, rendered null and void and be of no further force and effect, except as otherwise provided
by the Stipulation, and this Judgment shall be without prejudice to the rights of Plaintiffs, the other
Settlement Class Members, and JPMorgan, and the Parties shall revert to their respective positions
in the Action as of February 14, 2022, as provided in the Stipulation.
19. Entry of Final Judgment — There is no just reason to delay the entry of this
Judgment as a final judgment in this Action. Accordingly, the Clerk of the Court is
respectfully directed to immediately enter this final judgment in this Action.
SO ORDERED.
IO
oe a —
“"Nictor Marrero
U. ie Dads
DATED: New York, NY
19 April 2024

10

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Source: Frix Law Library, https://www.frixlaw.com/law-library/cases/10360124. Public record. Not legal advice.