A class action lawsuit seeking $1 billion in damages on behalf of Canadian investors was launched on December 5, 2017 in the Federal Court. Sotos LLP is one of three firms representing the plaintiff class. The class action alleges that the defendants, some of the largest financial institutions in the world, conspired to manipulate the prices of SSA bonds for at least a ten-year period, resulting in substantial illegal gains. The case seeks to represent persons in Canada who transacted in the SSA bond market between January 1, 2005 and December 31, 2015.
The court will decide at a later date if the case will proceed as a class action.
- April 27, 2020: A motion to approve the settlements with the Bank of America and HSBC defendants was heard by the Federal Court of Canada. The settlements were approved.
- November 29, 2019: Settlements have been reached with the Bank of America and HSBC defendants. A motion to approve these settlements has been scheduled on February 20, 2020 at the Federal Court of Canada. Click here to view the Notice of Settlement Approval Hearing.
- October 30, 2019: The plaintiffs reached a settlement with the following defendants: 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.; and, 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. You can find a copy of the Court’s Order approving notices dated October 30, 2019 here. Copies of the settlement agreements are attached to the Court’s Order.
- October 7, 2019: The plaintiffs amended the Statement of Claim on October 7, 2019. You can find a copy of the Amended Amended Statement of Claim here.
- June 13, 2019: The plaintiffs reached a settlement agreement with some defendants including Bank of America and Merrill Lynch. The agreement will be subject to court approval.
- December 5, 2017: The SSA Bonds statement of claim was issued.
- Short Form Notice of Settlement Approval Hearing [English] [French]
- Long Form Notice of Settlement Approval Hearing [English] [French]
- Settlement Approval Order (October 30, 2019)
- Amended Amended Statement of Claim (October 7, 2019)
- Bank of America Settlement Agreement
- HSBC Settlement Agreement
- Statement of Claim (issued December 5, 2017)