If you bought or sold corporate bonds from August 1, 2006, to present, you may have overpaid when buying or received less when selling...


If you are interested in participating in the class action, please submit the following information:




An attorney client relationship is not formed by submitting information through this web site.

Corporate Bond

Antitrust Class Action Investigation


Attention: Corporate bond investors and traders...

This investigation involves a potential conspiracy by certain major banks and other institutions from at least August 1, 2006, to the present to unreasonably restrain the trade of odd-lots of corporate bonds in the secondary market. Corporate bond investors and traders bought and sold odd-lots of corporate bonds in the secondary market directly from major banks and other institutions, who are horizontal competitors. As a result of a conspiracy by certain major banks and other institutions, corporate bond investors and traders paid more when buying, and received less when selling, their corporate bonds, thereby suffering antitrust injuries under Section 1 of the Sherman Act, 15 U.S.C. §1.

The U.S. corporate bond market is among the world’s largest and deepest sources of capital for companies. The corporate bond market has two parts. Companies issue their bonds into the primary market. In the primary market, bonds are issued in individual offerings of given amounts, known as a “series.” Any given bond in a series is fungible with another in that series. Thereafter, investors trade the bonds in the secondary market. Unlike stocks, which investors trade on exchanges, bond investors in the United States trade bonds in the secondary market over-the-counter (“OTC”).

Within the secondary market, corporate bonds are also categorized based on the size of each bond trade. “Round-lots” consist of any bond trade that is greater than and divisible by $1 million in par value. “Odd-lots” consist of any bond trade that is less than $1 million in par value. Because the underlying bonds are fungible, odd-lots of a given underlying bond can be combined into a round-lot of that bond, and a round-lot of a given underlying bond can be broken into odd-lots of that bond. There is no qualitative difference in the underlying bonds comprising odd-lots and round-lots. They both pay the same coupon rate of interest on the same schedule and have the same maturity date.

Investors primarily trade either round-lots or odd-lots. Institutional investors, such as pension funds, mutual funds, hedge funds, sovereign funds, insurance companies, and endowments, primarily trade in round-lots. Retail investors primarily trade in odd-lots.

In the secondary market, odd-lot bond trades comprise the vast majority of all corporate bond trades by number of trades. For example, in 2017 and 2018, approximately 90% of corporate bond trades were less than $1 million in size. Corporate bond trades of less than $100,000 comprise approximately 70% of all trades.

If you bought or sold corporate bonds from August 1, 2006, to present you may have overpaid when buying or received less when selling. If you would like to participate in the class action lawsuit regarding these actions, please submit your information via the form on this webpage.

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