The opinion
UNITED STATES DISTRICT COURT
SOUTHERNDISTRICTOFNEWYORK
IN RE INTEREST RATE SWAPS
ANTITRUST LITIGATION MDL No. 2704
Master Docket No. 16 MD 2704 (JPO)
FINAL JUDGMENT AND ORDER OF
This Document Pertains To: DISMISSAL REGARDING THE
CREDITSUISSE DEFENDANTS
ALL CLASS ACTIONS
Hon. J. Paul Oetken
This matter came before the Court for hearing pursuant to Plaintiffs’1application for final
approval of the settlement set forth in the Stipulation and Agreement of Settlement with Credit
Suisse Group AG; Credit Suisse AG; Credit Suisse Securities (USA) LLC; and Credit Suisse
International (collectively, “Credit Suisse”), dated January 21, 2022 (the “Settlement
Agreement”). The Court has considered all papers filed and proceedings held herein and is fully
informed of these matters. For good cause shown, IT IS HEREBY ORDERED, ADJUDGED,
ANDDECREEDthat:
1. This Final Judgment and Order of Dismissal incorporates by reference the
definitions in the Settlement Agreement, and all capitalized terms used, but not defined, herein
shall have the same meanings as in the Settlement Agreement.
2. This Court has jurisdiction over the subject matter of the Action and over all
parties to the Action, including all Settlement ClassMembers.
1 Plaintiffs are the Los Angeles County Employees Retirement Association and the Public
School Teachers’ Pension and Retirement Fund of Chicago.
3. The notice provisions of the Class Action Fairness Act, 28 U.S.C. §1715, have
been satisfied.
4. Based on the record before the Court, including the Preliminary Approval Order,
the submissions in support of the settlement between Plaintiffs, for themselves individually and
on behalf of each Settlement Class Member in the Action, and Credit Suisse Group AG; Credit
Suisse AG; Credit Suisse Securities (USA) LLC; and Credit Suisse International (“Settling
Defendants” and together with Plaintiffs, the “Settling Parties”) and any objections and
responses thereto, pursuant Rules 23(a) and 23(b)(3) of the Federal Rules of Civil Procedurethe
Court hereby certifies solely for settlement purposes the following SettlementClass:
all Persons or entities who, directly or through an agent, entered into one or more
U.S. IRS Transactions2with any Defendant3during the Settlement Class Period.4
Excluded from the Class are Defendants, their co-conspirators, should any exist,
whether or not named in the Amended Complaint, and their officers, directors,
management, employees, and current subsidiaries or affiliates. Also excluded are
any entities registered as “swap” dealers with the Commodity Futures Trading
Commission (“CFTC”) during the Class Period, the United States Government,
2 “U.S. IRS Transaction” means a fixed-for-floating, floating-for-fixed, or floating-for-
floating interest rate swap, forward rate agreement, single-currency basis swap, or overnight
index swap executed in the United States or its territories.
3 “Defendants” means any and all parties named as defendants in the Fourth Amended
Class Action Complaint, dated March 22, 2019, and/or in any further amended complaint or
pleading filed in this Action.
4 “Settlement Class Period” means the period January 1, 2008 through the Execution Date
of the Settlement Agreement.
and all of the Released Credit Suisse Parties,5provided, however, that Investment
Vehicles6shall not be excluded from the definition of the Settlement Class.
5. The requirements of Rules 23(a) and 23(b)(3) of the Federal Rules of Civil
Procedure have been satisfied, solely for settlement purposes, as follows: (a) the members of the
Settlement Class are so numerous that joinder of all members of the Settlement Class in the
Action is impracticable; (b) questions of law and fact common to the Settlement Class
predominate over any individual questions; (c) the claims of Plaintiffs are typical of the claimsof
the Settlement Class; (d) Plaintiffs and Co-Lead Counsel have fairly and adequately represented
and protected the interests of the Settlement Class; and (e) a class action is superior to other
available methods for the fair and efficient adjudication of the controversy, considering (i) the
interests of members of the Settlement Class in individually controlling the prosecution of
separate actions; (ii) the extent and nature of any litigation concerning the controversy already
begun by members of the Settlement Class; (iii) the desirability or undesirability of concentrating
the litigation of these claims in this particular forum; and (iv) the likely difficulties in managing
this Action as a class action.
5 “Released Credit Suisse Parties” mean Settling Defendants and each of their respective
past or present direct and indirect parents (including holding companies), subsidiaries, affiliates,
associates (all as defined in SEC Rule 12b-2, promulgated pursuant to the Securities Exchange
Act of 1934, as amended), divisions, joint ventures, predecessors, successors, and each of their
respective past, present and future officers, directors, managers, members, partners, shareholders,
insurers, employees, agents, attorneys, legal or other representatives, trustees, heirs, executors,
administrators, advisors, and assigns, and the predecessors, successors, heirs, executors,
administrators, and assigns of each of the foregoing.
6 “Investment Vehicles” means any investment company or pooled investment fund,
including, but not limited to: (i) mutual fund families, exchange-traded funds, fund of funds and
hedge funds, in which a Defendant has or may have a direct or indirect interest, or as to which its
affiliates may act as an investment advisor, but of which a Defendant or its respective affiliates is
not a majority owner or does not hold a majority beneficial interest, and (ii) any Employee
Benefit Plan as to which a Defendant or its affiliates acts as an investment advisor or otherwise
may be a fiduciary.
6. The law firms of Quinn Emanuel Urquhart & Sullivan, LLP, and Cohen Milstein
Sellers & Toll PLLC, are appointed, solely for settlement purposes, as Co-Lead Counsel for the
Settlement Class.
7. Plaintiffs the Los Angeles County Employees Retirement Association and the
Public School Teachers’ Pension and Retirement Fund of Chicago are appointed, solely for
settlement purposes, as class representatives for the SettlementClass.
8. Pursuant to Rule 23(e) of the Federal Rules of Civil Procedure, the Court grants
final approval of the Settlement set forth in the Settlement Agreement on the basis that the
settlement is fair, reasonable, and adequate as to, and in the best interests of, all Settlement Class
Members, and is in compliance with all applicable requirements of the Federal Rules of Civil
Procedure. In reaching this conclusion, the Court considered the factors set forth in City of
Detroit v. Grinnell Corp., 495 F.2d 448, 463 (2d Cir. 1974), abrogated on other grounds by
Goldberger v. Integrated Res., Inc., 209 F.3d 43 (2d Cir. 2000)and those in Moses v. N.Y. Times
Company, 79 F.4th 235, 242-46 (2d Cir. 2023). Moreover, the Court concludes that:
(a) The Settlement set forth in the Settlement Agreement was fairly and honestly
negotiated by counsel with significant experience litigating antitrust class actions and
other complex litigation and is the result of vigorous arm’s-length negotiations
undertaken in goodfaith;
(b) This Action involves numerous contested and serious questions of law and
fact, such that the value of an immediate monetary recovery outweighs the mere
possibility of future relief after protracted and expensivelitigation;
(c) Success in complex cases such as this one is inherently uncertain, and there is
no guarantee that continued litigation would yield a superior result;and
(d) The Settlement Class Members’ reaction to the Settlement set forth in the
Settlement Agreement, including the minimal number ofopt-outs and the absence of
any objections to the Settlement, is entitled to great weight.
9. Except as to any individual claim of those Persons (identified in Exhibit 1 hereto)
who have validly and timely requested exclusion from the Settlement Class (“Opt-Outs”), the
Action and all claims contained therein, as well as all of the Released Class Claims, against
Settling Defendants and Released Credit SuisseParties by the Plaintiffs and Releasing Class
Parties are dismissed with prejudice. The Settling Parties are to bear their own costs, except as
otherwise provided in the Settlement Agreement and the orders of this Court.
10. The Opt-Outs identified in Exhibit 1 hereto have timely and validly requested
exclusion from the Settlement Class and are excluded from the Settlement Class for all purposes,
are not bound by this Final Judgment and Order of Dismissal, and may not make any claim or
receive any benefit from the Settlement Agreement or any other settlement that class members
were notified were being jointly administered together in this way from which members of
Settlement Class are entitled to recover.
11. Upon the Effective Date: (i) Plaintiffs and each of the Settlement Class Members
shall be deemed to have, and by operation of the Judgment shall have, fully, finally, and forever
released, relinquished, and discharged against the Released Credit Suisse Parties (whether or not
such Settlement Class Member executes and delivers a Proof of Claim and Release form) any
and all Released Class Claims7 (including, without limitation, Unknown Claims);and
7 “Released Class Claims” shall be 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,
institution, maintenance or prosecution of any of theReleased Class Claims against any Released
Credit SuisseParties in any action or otherproceeding in any court of law or equity, arbitration
tribunal, administrative forum, or forum of any kind. This Final Judgment and Order of
Dismissal shall not affect in any way the right of Plaintiffs or Releasing Class Parties to pursue
claims, if any, outside the scope of the Released Class Claims. Claims to enforce the terms of the
Settlement Agreement are not released.
12. Upon the Effective Date, each of the Releasing Credit Suisse Parties: (i) shall be
deemed to have, and by operation of the Judgment and Order of Dismissal shall have, fully,
finally, and forever released, relinquished, and discharged Plaintiffs, each and all of the
Settlement Class Members, and Plaintiffs’ Counsel from any and all ReleasedDefendants’
Claims8 (including, without limitation, Unknown Claims); and (ii) shall be permanently barred
and enjoined from the commencement, assertion, institution, maintenance,or prosecution against
any counsel for Plaintiffs and Settlement Class Members in any action or other proceeding in any
penalties, fines, debts, expenses, attorneys’ fees, or damages, whenever incurred, and liabilities of
any nature whatsoever (including joint and several), known or unknown, suspected or unsuspected,
asserted or unasserted, which the Releasing Class Parties ever had, now have, or hereafter can,
shall or may have, individually, representatively, derivatively, or in any other capacity, against the
Released Credit Suisse Parties, arising from or related in any way to the conduct alleged or that
could have been alleged in this Action that also arise from or relate to the factual predicate of the
Action, to the fullest extent allowed by law, from the beginning of time through the Execution
Date. The Released Class Claims do not include: (i) any claims to enforce the Settlement; and
(ii) any claims of a Person that submits a timely Request for Exclusion in connection with the
Notice whose request is accepted by theCourt.
8 “Released Defendants’ Claims” means any and all manner of claims, including
Unknown Claims, that arise out of or relate in any way to the Releasing Class Parties’ or Co-
Lead Counsel’s institution, prosecution, or settlement of the Released Class Claims, except for
claims relating to the enforcement of the Settlement.
shall not affect in any way the right of Settling Defendants or Releasing Settling Defendant
Parties to pursue claims, if any, outside the scope of the Released Defendants’ Claims. Claims
to enforce the terms of the Settlement Agreement are not released.
13. Upon the Effective Date, any claims for contribution, indemnification, or similar
claims from other Defendants in the Action against any of the Released Credit Suisse Parties,
arising out of or related to the Released Class Claims, are barred in the manner and to the fullest
extent permitted under the law of New York or any other jurisdiction that might be construed or
deemed to apply to any claims for contribution, indemnification,or similar claims against any of
the Released Settling DefendantParties.
14. All rights of any Settlement Class Member against (i) any of the other Defendants
currently named in the Action; (ii) any other Person formerly named in the Action; or (iii) any
alleged co-conspirators or any other Person subsequently added or joined in the Action, other
than Settling Defendants and Released Credit Suisse Parties with respect to Released Class
Claims, are specifically reserved by Plaintiffs and the Settlement Class Members.
15. The mailing and distribution of the Notice to all members of the Settlement Class
who could be identified through reasonable effort, and the publication of the Summary Notice
satisfy the requirements of Rule 23 of the Federal Rules of Civil Procedure and due process,
constitute the best notice practicable under the circumstances, and constitute due and sufficient
notice to all Persons entitled tonotice.
16. The Court’s consideration and approval of the Settlement is independent of the
Court’s consideration and approval of the Plans of Allocation, the fee awards, the expense
light of the Court’s Orders respecting awards and Plans of Allocation filed contemporaneously
herewith. Any appeal or challenge respecting any award or Plan of Allocation shall in no way
disturb or affect the finality of this Final Judgment.
17. Neither the Settlement Agreement nor the Settlement contained therein, nor any
act performed or document executed pursuant to or in furtherance of the Settlement Agreement
or the Settlement: (a) is or may be deemed to be or may be used as an admission or evidence of
the validity of any Released Class Claim, or of any wrongdoing or liability of the Released
Credit SuisseParties; or (b) is or may be deemed to be or maybe used as an admission of, or
evidence of, any fault or omission of any of the Released Credit Suisse Parties in any civil,
criminal, or administrative proceeding in any court, administrative agency, or other tribunal. The
Settlement Agreement may be filed in an action to enforce or interpret the terms of the
Settlement Agreement, the Settlement contained therein, and any other documents executed in
connection with the performance of the Settlement embodied therein. The Released Credit
SuisseParties may file the Settlement Agreement and/or this Final Judgment and Order of
Dismissal in any action that may be brought against 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.
18. Without affecting the finality of this Final Judgment and Order of Dismissal in
any way, this Court retains continuing and exclusive jurisdiction over: (a) implementation of the
Settlement set forth in the Settlement Agreement; (b) any award, distribution, or disposition of
Settling Parties, Released Parties, and Releasing Parties for the purposeof construing,
enforcing, and administering the Settlement Agreement.
19. In the event that the Settlement does not become effective in accordance with the
terms of the Settlement Agreement, then this Final Judgment and Orderof Dismissal shall be
rendered null and void and shall be vacated. Insuch event, all orders entered and releases
delivered in connection herewith shall be null and void, and the Settling Parties shall be deemed
to have reverted to their respective status in the Action as of the Execution Date, and, exceptas
otherwise expressly provided herein, the Settling Parties shall proceed in all respects as if the
Settlement Agreement and any related orders had not been entered; provided, however, that in
the event of termination of the Settlement, Paragraphs 8.3, 9.10, 9.11, and 11.3 of the Settlement
Agreement shall nonetheless survive and continue to be of effect and have binding force.
20. This Final Judgment and Orderincorporates the entire Settlement Agreement
including all Exhibits and the Parties are hereby directed to carry out the Settlement Agreement
in accordance with all of its terms andprovisions.
21. The Settling Parties are directed to consummate the Settlement according to the
terms of the Settlement Agreement. Without further Court order, the Settling Parties may agree
to reasonable extensions of time to carry out any of the provisions of the SettlementAgreement.
22. There is no just reason for delay in the entry of this Final Judgment and Order of
Dismissal. The Clerk of the Court is directed to enter this Final Judgment and Order of
Dismissal pursuant to Rule 54(b) of the Federal Rules of Civil Procedure immediately.
The Clerk of Court is directed to spread this Order to all related actions.
IT IS SO ORDERED.
DATED: July 17, 2025
J. PAUL OETKEN
United States District Judge
10
Exhibit 1 –Excluded from Credit Suisse Settlement Class
1. Sonia Sotomayor
2. United States International Development Finance Corporation
3. Falcon Real Estate BEL S.àr.L.
4. International Olympic Committee