Welcome to the VRDO Class Action Website
If, from February 1, 2008, through November 30, 2015, you paid interest on a VRDO that had rate resets on a daily or weekly basis, your rights may be affected.
What Is This Lawsuit About?
A class action suit has been filed against Bank of America, Barclays, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, the Royal Bank of Canada, and Wells Fargo (collectively "The Defendants") for allegedly conspiring to fix interest rates on Variable Rate Demand Obligations (“VRDOs”) for VRDOs they remarketed during the period from February 1, 2008, through November 30, 2015. Plaintiffs have asserted claims for violation of federal antitrust law and various states’ contract laws. The class action lawsuit is known as City of Philadelphia et al. v. Bank of America Corporation et al, Case No. 19-cv-1608, and it is in the United States District Court for the Southern District of New York. The Court has allowed this lawsuit to be a class action on behalf of a nationwide class and a sub-class that could include you.
Who Is A Class Member?
You are a potential class member if you directly paid the interest expenses on a VRDO that had interest rates reset on a weekly or daily basis pursuant to a remarketing agreement with any Defendant at any point from February 1, 2008, through November 30, 2015. You are a potential sub-class member if, in addition to meeting the class requirements, you were party to a remarketing agreement with any Counterparty Defendant that applies to a VRDO that had interest rates reset on a weekly or daily basis at any point from February 1, 2008, through November 30, 2015. The Counterparty Defendants are Banc of America Securities LLC; Barclays Capital, Inc.; Citigroup Global Markets Inc.; Goldman Sachs & Co. LLC; J.P. Morgan Securities LLC; Merrill Lynch, Pierce, Fenner & Smith Inc.; RBC Capital Markets LLC; Wachovia Bank N.A.; and Wells Fargo Bank, N.A.
If you are a member of the Class, you had to decide whether to stay in the lawsuit or ask to be excluded before March 11, 2024. The deadline to exclude yourself has passed.
Is There Money Available Now?
There is no money available now and no guarantee there ever will be. The Court has made no decision as to the merits of the legal claims against Defendants, and Defendants deny all claims in this lawsuit. A trial date has not yet been set.
YOUR LEGAL RIGHTS AND OPTIONS
| Option and Deadline | Description |
|---|---|
|
DO NOTHING |
Stay in this lawsuit and await the outcome. Lose certain rights. This option means that you remain part of the Class and you keep the possibility of getting money or benefits that may come from a trial or a settlement. If you choose this option, you will be bound by any judgment in this case, whether favorable to Plaintiffs or Defendants. You may lose any rights to sue Defendants at your own expense and with your own attorney over claims that arise from the same factual predicate alleged in this lawsuit. |
| ASK TO BE EXCLUDED March 11, 2024 - Passed |
Get no benefits from the lawsuit. Keep certain rights. If you asked to be excluded from this lawsuit and money is later awarded, you will not be allowed to request a payment. However, you kept your right to sue Defendants at your own expense and with your own attorney over claims that arise from the same factual predicate alleged in this lawsuit. The deadline to exclude yourself has passed. |
For More Information
Visit this website often to get the most up-to-date information.
c/o JND Legal Administration
P.O. Box 91484
Seattle, WA 98111
© JND Legal Administration. All rights reserved.
