Settlement Announced for Mexican Government Bond Transactions between January 2006 and April 2017
A proposed class action settlement totaling $86.4 million has been reached involving several major banks in Mexico, including Banco Santander México, BBVA México, Citibanamex, Deutsche Bank México, HSBC México, and Bank of America México. The lawsuit alleges that these institutions colluded during the period from January 1, 2006 to April 19, 2017, by fixing prices for Mexican Government Bonds (MGBs) in both primary and secondary markets. The settlement does not admit any liability or wrongdoing on behalf of the defendants. The U.S. District Court for the Southern District of New York has authorized this notice, with Lowey Dannenberg, P.C., representing the class action plaintiffs. Affected individuals who transacted MGBs during the specified period may be eligible to receive a portion of the settlement fund. The case centers on claims that defendants artificially inflated bond prices and manipulated bid-ask spreads, disadvantaging uninformed investors like those in the proposed Settlement Class.