Published
September 24, 2025
Updated
July 16, 2026
This is a proposed $12 million antitrust settlement with Citigroup, HSBC, RBC, and Morgan Stanley over the alleged manipulation of UK government bond ("gilt") prices from 2009 to 2013. The claim window is currently paused — the court vacated the schedule, so there is no deadline right now and nothing to file until a new schedule is set.
What is the Gilt Bond Antitrust Settlement?
This is a proposed $12,000,000 class action settlement involving four large banks — Citigroup, HSBC, RBC, and Morgan Stanley — over allegations that they conspired to manipulate the prices of British pound sterling-denominated UK government bonds, known as gilts, between 2009 and 2013. The settling defendants deny wrongdoing but agreed to settle to avoid the cost and risk of continued litigation. If the settlement is approved, cash payments would be distributed to eligible claimants from a non-reversionary fund.Before you rely on any dates below, read the update in the next section: the court has paused the settlement schedule, so the previously announced claim deadline and hearing dates no longer apply.
Status
Pending — Schedule Vacated
the court paused the settlement schedule on or around December 4, 2025
Claim Deadline
Vacated — no date currently set
the former December 23, 2025 deadline was canceled; a new one will be announced
Who Qualifies
Direct U.S. gilt transactions (2009–2013)
traded directly with Citigroup, HSBC, RBC, or Morgan Stanley or an affiliate
Proof Required
Yes
tax ID plus transaction records for each eligible trade
Update: The Settlement Schedule Has Been Vacated
On or around December 4, 2025, the court paused, or “vacated,” the settlement schedule. This means the previously expected dates — including the December 23, 2025 claim deadline, the opt-out and objection deadline, and the January 22, 2026 fairness hearing — have all been canceled or postponed.Right now, there is nothing you need to do. You cannot file a claim or take other action until the court sets new dates. As of July 16, 2026, no new dates have been announced.
Important: this pause does not mean the settlement is canceled. It means the court needs more time before the case moves forward. Once new deadlines are set, they will be posted on the official settlement website. Please check back on OpenClassActions.com for updates as they become available.
What is the Total Settlement Amount?
The common fund is $12,000,000 and is non-reversionary, meaning approved amounts are paid out rather than returned to the defendants. If the settlement receives final approval, valid claims would be paid pro rata after taxes, notice and administration costs, any court-awarded litigation expenses, and other court-approved costs.How Do I Qualify For a Payout?
You may qualify if you entered into Gilt Bond Transactions in the United States directly with any settling defendant or an affiliate from January 1, 2009 through December 31, 2013. Covered instruments generally include gilts, UK Treasury bills, UK Treasury strips and coupons, UK inflation-linked gilts, gilt futures, gilt options on futures, gilt OTC options, and gilt asset swaps.How Much Can I Get Paid?
Payments would be pro rata and are expected to depend on the number of valid claims and the size and characteristics of your eligible transactions. Longer-duration bonds receive higher weighting in the distribution formula. Exact per-person amounts cannot be estimated until the schedule resumes and claims are processed.How Do I File a Claim?
There is no open claim form at this time because the court has vacated the schedule. When the claim process reopens, the settlement notice is expected to direct class members to file online at the official settlement website or by submitting a paper claim to the administrator by the new deadline. Until a new schedule is set, the best step is to check the official site for the updated dates.What Are the Important Dates?
All of the following dates were vacated when the court paused the schedule and are shown only for reference. New dates have not been announced.• Claim deadline: December 23, 2025 (vacated)
• Exclude yourself or object by: December 23, 2025 (vacated)
• Fairness hearing: January 22, 2026 (vacated)
When Will Settlement Payments Be Sent?
Payments would be distributed only after the court sets a new schedule, grants final approval, and any appeals are resolved. Because the schedule is currently paused, there is no payment timeline at this time.Is Proof Required to File a Claim?
Yes. When the claim process reopens, you will need to provide your tax ID and transaction documentation for each eligible trade, such as the instrument traded, ISIN or CUSIP, trade date, maturity, transaction type, counterparty name, and amounts. Keep all supporting records in case additional verification is requested.What is a Gilt Bond?
A gilt is a UK government security similar to a U.S. Treasury. Gilts are denominated in British pounds and are often identified by UK security names and by ISINs beginning with GB.Do Americans Trade in Gilt Bonds?
Yes. U.S. institutions such as pension funds, hedge funds, and banks commonly trade gilts and related instruments, so consumers who own parts of those investments may be affected indirectly.Most retail investors hold gilts indirectly through international bond funds or ETFs, which generally may not qualify. Please review the official settlement website and documents (sourced below) to learn whether you qualify.
Where Can I Find My Gilt Bond Transactions?
Check your trade confirmations, brokerage statements, and counterparty records from 2009 to 2013. Eligible trades typically show an instrument name containing UK Treasury or Gilt, a GB ISIN prefix, and a direct counterparty such as Citigroup, HSBC, RBC, or Morgan Stanley.Case Information
• Caption: Oklahoma Firefighters Pension & Retirement System v. Deutsche Bank AG, et al.• Case No.: 1:23-cv-05095
• Court: U.S. District Court, Southern District of New York (Judge John G. Koeltl)
• Settlement Administrator: A.B. Data, Ltd.
• Status: Pending — settlement schedule vacated; no new dates set
Official Long-Form Notice (PDF)
Note that the dates shown in the notice below were set before the court vacated the schedule and no longer apply.Sources
- Official Settlement Website — GiltBondSettlement.com
- U.S. District Court, Southern District of New York — Oklahoma Firefighters Pension & Retirement System v. Deutsche Bank AG, et al., No. 1:23-cv-05095
- Official Long-Form Notice (PDF) — Gilt Bond Settlement Notice
For more class actions keep scrolling below.
Settlement Fund
$12,000,000 (non-reversionary)
Case Title
Oklahoma Firefighters Pension & Retirement System v. Deutsche Bank AG, et al.
Case Number
1:23-cv-05095
Court
U.S. District Court, Southern District of New York
Administrator
A.B. Data, Ltd.
Status
Pending — settlement schedule vacated; no new dates set
Official Website
GiltBondSettlement.com
