# IN RE: EUROPEAN GOVERNMENT BONDS ANTITRUST LITIGATION

> District Court, S.D. New York · December 9, 2024

URL: https://www.frixlaw.com/law-library/cases/10757396

## Case

- **Court:** District Court, S.D. New York
- **Decided:** December 9, 2024
- **Opinion:** 100trialcourt
- **Cited by:** 0 later opinions in the Frix Law Library

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## Opinion text

USDC SDNY
DOCUMENT
ELECTRONICALLY F)
UNITED STATES DISTRICT COURT DOC #:___
SOUTHERN DISTRICT OF NEW YORK ow

BONDS ANTITRUST LITIGATION
Hon. Victor Marrero

JUDGMENT APPROVING CLASS ACTION SETTLEMENT
WHEREAS, plaintiffs Ohio Carpenters’ Pension Fund, Electrical Workers Pension Fund
Local 103 IB.E.W., and San Bernardino County Employees’ Retirement Association
(“Plaintiffs”) on behalf of themselves and the other members of the Settlement Class have entered
into a settlement as set forth in the Stipulation and Agreement of Settlement with Bank of America,
N.A., Merrill Lynch International, NatWest Markets Plc, NatWest Markets Securities Inc.,
Nomura International plc, UBS AG, UBS Europe SE, UBS Securities LLC, Citigroup Global
Markets Inc., Citigroup Global Markets Limited, Jefferies International Limited, and Jefferies
LLC;
WHEREAS, unless otherwise defined in this Judgment, the capitalized terms herein shall
have the same meaning as they have in the “Stipulation,” and the foregoing defendants are
collectively referred to as the “Settling Defendants”;
WHEREAS, by Order dated July 29, 2024 (ECF No. 505) (the “Preliminary Approval
Order”), this Court: (1) 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 December 6, 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 the
Settling Defendants; 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 July 26, 2024 (ECF No. 503-1); and (ii)
the Notice and the Publication Notice, both of which were filed with the Court on July 26, 2024
(ECF Nos. 503-3 and 503-4).
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, Deutsche Bank,
or Rabobank, or a direct or indirect parent, subsidiary, affiliate, or division of a
Defendant, Deutsche Bank, or Rabobank, or any of their alleged co-conspirators, from
January 1, 2005 through December 31, 2016 (the “Settlement Class Period”).2
Excluded from the Settlement Class are: Defendants, Deutsche Bank, and Rabobank,
and any of their alleged co-conspirators; past and present direct or indirect parents
(including holding companies), subsidiaries, affiliates, associates, or divisions of
Defendants, Deutsche Bank, and Rabobank, and any of their alleged co-conspirators;
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.
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,
Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia,
Slovenia, and Spain).
2 For the avoidance of doubt, all references herein to transactions of any kind entered into by
“persons or entities who or which purchased or sold one or more European Government Bond(s)
in the United States directly from a Defendant, Deutsche Bank, or Rabobank” include, without
limitation, transactions by persons or entities conducted from or through a location within the U.S.
(including transactions where such persons or entities purchase or sell using an asset manager,
investment advisor, broker or other similar entity that transacts on behalf of the person or entity
from or through a location within the U.S.).
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.
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 Orders; (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 application for an award of attorneys’ fees , Litigation
Expenses, and service awards; (c) their right to object to any aspect of the Settlement, the
Distribution Plan, and/or Co-Lead Counsel’s application for an award of attorneys’ fees, Litigation
Expenses, and service awards, 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 the Settling Defendants 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. Except as to any claim of those persons (identified in Exhibit A) who have timely
requested exclusion from the Settlement Class (“Opt-Outs”), all of the claims asserted against the
Settling Defendants 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. The Opt-Out identified in Exhibit A is excluded from the Settlement Class pursuant
to its request, are not bound by the Settlement Agreement, or this Final Judgment, and may not
make any claim or receive any benefit from the Stipulation, whether monetary or otherwise.
11. Binding Effect – The terms of the Stipulation and of this Judgment shall be binding
on the Settling Defendants, 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.
12. 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 Claims3

3 “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 Settling Defendants and any other Released Parties that
arise from or relate in any way to the conduct alleged in the Action or in Ohio Carpenters’ Pension
Fund, et al. v. Deutsche Bank, et al., No. 1:22-cv-10462-VM (S.D.N.Y.) (“EGB II”), or conduct
against the Settling Defendants 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, the Settling Defendants 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
Released Parties’ Claim4 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.
(c) The Court declares that this Judgment and the Stipulation, including the
exhibits thereto, shall be binding on, and shall have res judicata and preclusive effect in, all pending

that could have been alleged in the Action or in EGB II that arise from or relate in any way the
factual predicate of the Action in EGB II, including any amended complaint or pleading therein.
Settled Claims include without limitation claims relating to the period January 1, 2005 through
December 31, 2016 and any claims that could have been asserted against Settling Defendants in
the Action or in EGB II. 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.
4 “Released Parties’ Claims” means all claims and causes of action of every nature and description,
whether known claims or Unknown Claims, which the Released Parties ever had, now have, or
hereafter can, shall, or may have, individually, representatively, derivatively, or in any capacity
against the Settling Plaintiff Parties 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 Settling Defendants and any claims that could have been
asserted against Settling Defendants in the Action or in EGB II. 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 any claims that could have
been asserted against Settling Defendants in the Action or in EGB II and not any obligations that
may exist as a result of business transactions between the Parties.
and future lawsuits or other proceedings against the Released Parties encompassed by the Settled
Claims that are maintained by or on behalf of any Settling Plaintiff Parties. Moreover, the Released
Parties may file this Judgment, the Stipulation, including the exhibits thereto, and the Distribution
Plan in any action that may be brought against any of them in order to support a defense or

counterclaim based on the principles of res judicata, collateral estoppel, full faith and credit,
release, good faith settlement, judgment bar, or reduction or any other theory of claim preclusion
or issue preclusion or similar defense or counterclaim.
13. 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.
14. 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.
15. Contribution and Indemnification – To the fullest extent permitted by law, the
Court hereby bars claims against the Released Parties for contribution or indemnification (however
denominated) for all or a portion of any amounts paid or awarded in the Action by way of
settlement, judgment, or otherwise by any of the following: (i) any other Defendant currently
named in the Action; (ii) any other Defendant formerly named as a party in the Action; and (iii)
any other Defendant subsequently added or joined as a party in the Action.
16. No Admissions – Neither this Judgment, the Stipulation (whether or not
consummated), including the exhibits thereto and the Distribution Plan (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):
(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, Fourth Amended
Complaint, or the Fifth Amended Complaint prior to the Effective Date, or the complaint in Ohio
Carpenters’ Pension Fund, et al. v. Deutsche Bank, et al., No. 1:22-cv-10462-VM (S.D.N.Y.) and
any amendments thereto 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.
17. Rule 11 Findings – The Court finds that, during the course of the Action, Plaintiffs,
the Settling Defendants, and their respective counsel at all times complied with the requirements
of Rule 11 of the Federal Rules of Civil Procedure as to each other.
18. 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 application for an award of attorneys’ fees, Litigation
Expenses, and/or service awards by Co-Lead Counsel in the Action that will be paid from the
Settlement Fund; and (iv) the Settlement Class Members for all matters relating to the Action.
19. Separate Orders – Separate orders shall be entered regarding the application of
Co-Lead Counsel for an award of attorneys’ fees, Litigation Expenses, and service awards, and the
Distribution Plan. 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.
20. Modification of the Stipulation — Without further approval from the Court,
Plaintiffs and the Settling Defendants 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: (1) are not materially inconsistent with this Judgment; and (11) do not materially
limit the rights of Settlement Class Members in connection with the Settlement. Without further
order of the Court, Plaintiffs and the Settling Defendants may agree to reasonable extensions of
time to carry out any provisions of the Settlement.
21. 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 the Settling Defendants, and the Parties shall revert to their
respective positions in the Action as of April 15, 2024, as provided in the Stipulation.
22. 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 expressly
directed to immediately enter this final judgment in this Action.
SO ORDERED.

HON. VICTOR MARRERO
United States District Judge
DATED: New York, NY
9 December 2024

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Source: Frix Law Library, https://www.frixlaw.com/law-library/cases/10757396. Public record. Not legal advice.