If you already filed a valid claim in the Barclays and JPMorgan Mexican bond settlements back in 2021, you do not need to do anything to share in the new $86.4 million Mexican Government Bonds antitrust settlement — your old claim carries over. Everyone else who traded peso-denominated Mexican sovereign debt with one of six Mexican banks between January 1, 2006 and April 19, 2017 has until January 4, 2027 to file, and the payout is a pro rata share calculated from duration-adjusted trading volume.
Status: Claims open | Claim deadline January 4, 2027 (11:59 p.m. ET online, or postmarked) | Exclusions and objections due October 29, 2026 | Final approval hearing December 3, 2026
Which Banks Are Paying, and Why
Six banks signed the settlement agreement on August 12, 2026: Banco Santander México, BBVA México (formerly BBVA Bancomer), Banco Nacional de México (Citibanamex), Deutsche Bank México, HSBC México and Bank of America México. Deutsche Bank México has since come under Citigroup ownership and been renamed Banco Citi México.
The case, In re Mexican Government Bonds Antitrust Litigation, No. 1:18-cv-02830 (JPO), was filed in March 2018 in the U.S. District Court for the Southern District of New York. The plaintiffs allege the banks conspired to fix Mexican Government Bond prices from 2006 through April 2017 in two ways: by overcharging investors on newly issued bonds that were resold after auction, and by widening the bid-ask spread on bonds traded with investors. The settling banks deny the allegations and say they have meritorious defenses. The court has not decided who is right.
The road to this deal was long. The case was dismissed twice before the Second Circuit revived it in February 2024. In January 2025 the court denied the banks’ motion to dismiss the third amended complaint, and the parties reached an agreement in principle in May 2026 after mediation. If approved, the $86.4 million settlement would resolve the case against every remaining defendant.
Two Earlier Settlements, One Combined Recovery
This is the third settlement in the litigation. Barclays paid $5.7 million and JPMorgan paid $15 million in settlements reached in 2020, which together make up the $20.7 million fund that was noticed to investors on April 21, 2021. Adding the new deal brings total recovery in the case to $107.1 million.
That history matters for filing. The notice says anyone who timely submitted a valid claim under the April 21, 2021 notice is already counted for the new settlement. According to the settlement website, the initial distribution from the Barclays and JPMorgan funds went out on or around May 22, 2026, and claimants eligible for a second distribution from those earlier settlements will be notified separately.
Who Is in the Class
The preliminarily approved class covers any person or entity that entered into a Mexican Government Bond transaction with a defendant bank or one of its affiliates between at least January 1, 2006 and April 19, 2017, and that was either:
- domiciled in the United States or its territories, or
- domiciled outside the United States but entered into the transaction in the United States or its territories.
A covered transaction is any purchase, sale or exchange in the primary, secondary or any other market. “Mexican Government Bonds” means peso-denominated debt securities issued by the United Mexican States, including CETES, Bondes D, UDIBONOS and BONOS; the settlement website has a separate Eligible Bonds page.
The defendants, their employees, affiliates, parents, subsidiaries and alleged co-conspirators are excluded, as are the U.S. and Mexican governments. Mutual funds, hedge funds and employee benefit plans are not excluded simply because they are affiliated with a defendant.
How the Money Is Divided
No per-claimant estimate has been published. The banks pay $86.4 million into an all-cash fund. Court-awarded attorneys’ fees and expenses, service awards, notice and administration costs, and taxes on the fund come out first, and the remainder is split pro rata among authorized claimants.
Your share is not simply proportional to how many pesos you traded. Under the distribution plan — the same one the court approved for the Barclays and JPMorgan settlements — each transaction is placed in one of 31 categories by the bond’s remaining years to maturity on the trade date. Each category has a multiplier derived from its “risk number,” a measure of how sensitive the bond’s price is to yield changes. The administrator multiplies your notional volume in each category by its multiplier and adds the results. Longer-dated bonds therefore weigh more per peso than short-dated CETES.
| Fee cap in the notice | No more than one-third of the fund ($28.8 million), plus up to $500,000 in expenses and up to $10,000 per plaintiff |
| Fee actually requested | 29.34% of the fund, and $10,000 for each of the eight plaintiffs (October 15, 2026 motion) |
| Reversion | None — if approved, no money returns to the banks, however many class members file |
What the Claim Form Asks For
The form requires a tax identification number — for most U.S. claimants a Social Security number, employer identification number or taxpayer identification number; claimants outside the U.S. enter a comparable government-issued ID. It also requires a summary table of your Mexican Government Bond trading during the class period, with total peso notional volume broken out by remaining time to maturity.
Trade-level records do not have to be attached when you file, but the administrator may request them later. Acceptable records listed on the form include broker or bank transaction data, trade confirmations, custodian or prime broker statements, account statements and Bloomberg confirmations. A trustee, custodian or other nominee filing for someone else must attach proof of its authority. Each legal entity files its own form, and larger filers can use the electronic filing instructions and transaction template on the settlement website.
Dates to Know
| October 29, 2026 | Written exclusion requests due to the administrator; objections due to the court. Opting out means no share of the fund but keeps any right to sue the settling banks separately. |
| November 5, 2026 | Class counsel told the court it would file an update on any developments by this date. |
| December 3, 2026, 3:00 p.m. | Fairness hearing before Judge J. Paul Oetken, held by telephone from the Thurgood Marshall U.S. Courthouse in New York. The date can move without new mailed notice. |
| January 4, 2027 | Claim deadline — 11:59 p.m. Eastern Time online, or postmarked by that date. |
Judge Oetken granted preliminary approval on August 19, 2026, and the administrator, A.B. Data, Ltd., began mailing notices on September 18, 2026. Class counsel’s October 15, 2026 motion for final approval reported that 29,461 notices had been mailed as of October 13, 2026, and that no class member had objected or asked to be excluded so far.
How to File
File online through the online claim portal on the official settlement website, or download the printable Proof of Claim and Release from the claim forms page and mail it. The exclusion and objection procedures are set out in the notice and the preliminary approval order, both posted on MGBAntitrustSettlement.com.
Payments can begin only after final approval, claim review and the resolution of any appeals. No payment date had been announced as of October 16, 2026, and the settlement agreement lets the settling banks terminate the deal before final approval in certain circumstances. The Mexican Government Bonds settlement page on OpenClassActions.com tracks the case as the court acts.
Frequently Asked Questions
I filed in the Barclays and JPMorgan settlements. Do I need to file again?
No, as long as you timely submitted a valid claim under the April 21, 2021 notice. The notice says those claims carry over to the $86.4 million settlement. Anyone else must file a new claim by January 4, 2027.
Which bonds are covered?
Peso-denominated debt securities issued by the United Mexican States, including CETES, Bondes D, UDIBONOS and BONOS, bought, sold or exchanged with a defendant bank or affiliate from January 1, 2006 through April 19, 2017.
Can a non-U.S. investor qualify?
Yes, if the investor entered into the transaction in the United States or its territories. Investors domiciled in the United States or its territories qualify regardless of where the trade was booked, so long as it was with a defendant bank or affiliate.
How much will I receive?
No estimate has been published. After fees, expenses, service awards, administration costs and taxes, the net fund is divided pro rata based on each claimant’s duration-adjusted notional trading volume.
Do I need to send trade confirmations with my claim?
Not when filing. The claim form requires a tax ID and a summary of peso notional volumes by maturity. The administrator may ask for trade-level records later.
Can unclaimed money go back to the banks?
No. The settlement is non-reversionary, so if it is approved none of the $86.4 million returns to the settling banks.
Sources
- Official settlement website — MGBAntitrustSettlement.com, administered by A.B. Data, Ltd.
- Notice of proposed class action settlement (PDF)
- Proof of Claim and Release form (PDF)
- Stipulation and Agreement of Settlement, August 12, 2026 (PDF)
- Preliminary approval order, August 19, 2026, ECF No. 384 (PDF)
- Memorandum in support of final approval, October 15, 2026, ECF No. 387 (PDF)
- Court docket, No. 1:18-cv-02830 (S.D.N.Y.)
- OpenClassActions.com — $86.4M Mexican Government Bonds Antitrust Settlement
Source and credit: the settlement terms, deadlines and benefit details described above are drawn from our sister site’s reporting — OpenClassActions.com: $86.4M Mexican Government Bonds Antitrust Settlement — which tracks this case against the court-approved notice and the official settlement website and is updated as the court rules.
Legal Disclaimer
This article is for informational purposes only and is not legal advice. OpenClassActions.org is a consumer news site, not a law firm and not the settlement administrator, and is not affiliated with any party to the case described. The allegations are allegations; unless a court has ruled, the defendants deny wrongdoing and no court has decided the merits. Deadlines, benefit amounts and payment timing can change as the court and the administrator act, so confirm current status on the official settlement website. You never need to pay anyone to file a claim or to receive a settlement payment.