Plaintiffs in this lawsuit claim that Defendants have an obligation to set the daily and weekly reset rates on VRDOs for which they serve as remarketing agents at the lowest rate that will permit those bonds to trade at par, and to use their best efforts to remarket those bonds. Plaintiffs allege that Defendants did not do so, but instead conspired to artificially inflate rates on the VRDOs they remarketed during the period from February 1, 2008, through November 30, 2015. Plaintiffs claim that this conduct violated both federal antitrust law and the Counterparty Defendants’ contractual obligations under state law. The Defendants deny Plaintiffs’ claims.

On September 21, 2023, the United States District Court for the Southern District of New York granted Plaintiffs’ motion for class certification and certified the Direct Payor Class and a Contract Sub-Class. The Court’s order certifying the Class and Sub-Class does not predict or guarantee that Class Members will receive any money or benefits; that will be decided later. In certifying this lawsuit as a class action, the Court has made no decision as to the merits of Plaintiffs’ legal claims. A trial date has not yet been set.
 

On September 21, 2023, the United States District Court for the Southern District of New York granted Plaintiffs’ motion for class certification and certified the Direct Payor Class and a Contract Sub-Class. If you are a member of either or both of the Direct Payor Class and Contract Sub-Class, you could have chosen to stay in the lawsuit, or exclude yourself from it, no later than March 11, 2024. The deadline to exclude yourself has passed.

Judge Jesse M. Furman of the United States District Court for the Southern District of New York is overseeing this lawsuit, known as City of Philadelphia et al. v. Bank of America Corporation et al., Case No. 19-cv-1608 (S.D.N.Y.), and has determined that claims against Defendants for violation of Section 1 of the Sherman Antitrust Act, 15 U.S.C. § 1, and against Counterparty Defendants for violations of state contract law, can proceed as a class action.
 

In a class action lawsuit, one or more persons or entities called “Class Representatives” sue on behalf of other persons or entities who have similar claims. The people together are a “Class” or “Class Members.” The Class Representatives who sued—and all the Class Members like them—are called the Plaintiffs. The people and entities they sued (in this case, Bank of America, Barclays, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, the Royal Bank of Canada, and Wells Fargo) are called the Defendants.

Any judgment in this case will resolve the issues for the certified claims for all Class Members, except for those who exclude themselves from the Class. Class Members might receive money or other benefits if they stay in the Class, if the Class prevails on the merits, or Class Members might receive nothing in this action if they stay in the Class and Defendants prevail on the merits.
 

The Court decided that the claims in this lawsuit can move toward a trial as a class action because they meet the requirements of Rule 23 of the Federal Rules of Civil Procedure, which governs class actions in federal courts. The Court found that:

• There are numerous Class Members whose interests will be affected by this lawsuit;
• There are legal questions and facts that are common to each Class Member;
• The Class Representatives’ claims are typical of the claims of the rest of the Class’;
• The Class Representatives and the lawyers representing the Class will fairly and adequately represent the interests of the Class;
• A class action would be a fair, efficient, and superior way to resolve this lawsuit;
• The common legal questions and facts predominate over questions that affect only individual Class Members; and
• The Class are ascertainable because they are defined by identifiable objective criteria.

For more information, please visit the "Important Documents" page of this website.
 

No money or benefits are available now because the case is not resolved. There is no guarantee that money or benefits ever will be obtained. If they are, you will be notified about how to ask for a share.

For more information, please visit the "Important Documents" page of this website.
 

On September 21, 2023, the United States District Court for the Southern District of New York granted Plaintiffs’ motion for class certification and certified the Direct Payor Class and a Contract Sub-Class.

You could potentially be a member of the Direct Payor Class if, at any point from February 1, 2008, through November 30, 2015, 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.

You could potentially be a member of the Contract Sub-Class if, in addition to meeting the requirements for the Direct Payor Class, 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.
 

Yes. Certain individuals and entities are excluded from the Class. These include:

• Defendants and their employees, affiliates, parents, subsidiaries, and co-conspirators;
• The United States government; and
• All persons and entities who timely and validly elect to opt out of the Class.
   

If you’re still not sure whether you are included in the Class, you may visit the "Important Documents" page of this website for additional information, call the Notice Administrator toll-free 1-877-595-0089, or write to: VRDO Class Action Administrator, c/o JND Legal Administration, P.O. Box 91484, Seattle, WA 98111, with your questions.

By doing nothing, you will remain in the Class (and, if applicable, the Sub-Class). If you remain in the Class and Plaintiffs obtain money or other value from this lawsuit—either as a result of any ruling, trial, or Court-approved settlement—you may receive a payment, if you are entitled to one. Keep in mind that if you do nothing now, regardless of whether Plaintiffs win or lose, you will be legally bound by all Court orders and judgments made in this class action with respect to the certified claims. You may lose the ability to maintain a separate lawsuit against any of the Defendants for claims that arise from the same factual predicate alleged in this lawsuit.

If you excluded yourself (or “opted-out”) from the Class, you will not receive any distribution that may result from a judgment or settlement favorable to Plaintiffs. If you excluded yourself, you will also not be legally bound by the Court’s orders and judgments in this class action. You may sue or continue to sue any of the Defendants claims that arise from the same factual predicate alleged in this lawsuit, now or in the future, subject to the applicable statute of limitations for bringing each legal claim. If you choose to pursue your own lawsuit against one or more of the Defendants, you may hire a lawyer at your own expense to prove your alleged claims.  

If you wished to exclude yourself from this lawsuit, you must have written to the Notice Administrator about why you wished to exclude yourself from the lawsuit by March 11, 2024. The deadline to exclude yourself has passed.

IF YOU DID NOT EXCLUDE YOURSELF BY MARCH 11, 2024, YOU WILL REMAIN PART OF THE CLASS AND BE BOUND BY THE ORDERS OF THE COURT IN THIS LAWSUIT.

Yes. The Court has appointed lawyers to represent the members of the Class and Sub-Class. These lawyers are called Class Counsel. The following lawyers are lead counsel in representing the certified Class and Sub-Class:

In the event of a judgment against the Defendants or a settlement, Class Counsel will ask the Court to approve and award attorneys’ fees and expenses. The amount of these fees and expenses will ultimately be determined by the Court. You will not have to personally pay these fees and expenses. If the Court grants Class Counsel’s request, the fees and expenses would be either deducted from any money obtained for the Class or paid separately by Defendants.

Class Counsel may ask for service awards for the Class Representatives in the event of a judgment or settlement for Class Plaintiffs in addition to Class Representations’ right as a Class Member to a portion of the distribution resulting from any such judgment or settlement. The amount of these awards, if any, will ultimately be determined by the Court.

You have the right to hire and appear through your own lawyer, but you do not need to do so. Class Counsel is working on behalf of the Class as a whole. If you hire your own lawyer, you will have to pay for that lawyer on your own.

If you have already hired your own lawyer, you should contact your lawyer directly with any questions as to whether this Notice applies to you and how to proceed.

Class Counsel will have to prove Plaintiffs’ claims at a trial. The trial has not yet been set. During the trial a Jury and the Judge will hear all of the evidence to help them reach a decision about whether Plaintiffs or Defendants are right about the claims in the lawsuit. There is no guarantee that the Plaintiffs will win, or that they will get any money for the Class.

You do not need to attend the trial. Class Counsel will present the case for Plaintiffs and the Class, and lawyers for the Defendants will present on their behalf. You or your own lawyer are welcome to come at your own expense.

If Plaintiffs obtain money or benefits as a result of the lawsuit, and you remain in the Class, you will be notified about how to participate. We do not know how long this will take.
 

Key Dates and Important Documents related to the lawsuit can be found in the "Homepage" of this website. For additional assistance, you may contact the Notice Administrator by calling, toll free, 1-877-595-0089, or write to: VRDO Class Action Administrator, c/o JND Legal Administration, P.O. Box 91484, Seattle, WA 98111. If you wish to communicate with Co-Lead Class Counsel, you may contact them directly, class contact is available at (212) 849-7000. You may also seek advice and guidance from your own private lawyer at your own expense.

In order to update your address, you must submit a request in writing to the Notice Administrator. Please provide your full name, current mailing address, and previous mailing address. Please also identify your VRDO(s) by CUSIP number. Your request can be submitted via email to info@VRDOClassAction.com, or by mail to the address below:

VRDO Class Action Administrator
c/o JND Legal Administration
P.O. Box 91484
Seattle, WA 98111

Class Members will not be retaliated against for participating in the class action.