A Mexican government bond is a debt security (like a U.S. Treasury bond) that is issued by the Mexican government. In August of 2017, Mexico’s securities regulator announced that it was conducting an investigation into collusion among various market makers of Mexican government bonds. These market makers include but are not limited to, Banco Santander S.A., Banco Bilbao Vizcaya Argentaria, S.A., JP Morgan Chase & Co., HSBC Bank PLC, Barclays PLC, Citigroup, Inc., Bank of America, N.A., Merrill Lynch Pierce Fenner & Smith Incorporated, and Deutsche Bank AG.
It is alleged that Defendants conspired to fix the prices of Mexican Bonds from January 1, 2006 until April 19, 2017 by rigging Mexican government bond auctions through collusive bidding and information sharing, selling Mexican government bonds at artificially high prices, and agreeing to fix the bid-ask spread artificially wider, overcharging and underpaying customers in every transaction by suppressing the "bid" price and increasing the "ask" price at which they offered to sell.
The above actions generated supra competitive profits for Defendants at the expense of purchasers and sellers of Mexican government bonds.
If you transacted in Mexican government bonds between January 1, 2006 and April 19, 2017 and would like to discuss your legal options, please call us at 215-867-2399 or complete the form below.