Citigroup, HSBC, RBC, Morgan Stanley Gilt Bond Settlement

Consumers who entered into gilt bond transactions in the United States directly with certain banks between Jan. 1, 2009, and Dec. 31, 2013, may qualify to claim a cash payment from a class action settlement.

Citigroup Global Markets Ltd., Citigroup Global Markets Inc., HSBC Bank plc, HSBC Securities (USA) Inc., RBC Europe Ltd., RBC Capital Markets LLC, Morgan Stanley & Co. International Plc and Morgan Stanley & Co. LLC agreed to pay $12 million to resolve a lawsuit alleging they conspired to manipulate the price of British pound sterling-denominated UK government bonds (gilt bonds) by sharing confidential information and coordinating trading strategies.

Who can file a claim?

Class members must have entered into gilt bond transactions in the United States directly with any of the settling defendants between Jan. 1, 2009, and Dec. 31, 2013.

Gilt bond transactions include trades involving British pound sterling-denominated UK government bonds, such as:

Gilts
UK Treasury bills
UK Treasury strips
UK Treasury coupons
UK Treasury inflation bonds
Gilt futures
Gilt options on futures
Gilt OTC options
Gilt asset swaps

Additional information:

Each legal entity must submit a separate claim form.
Trustees, executors, administrators, custodians or other nominees must provide documentation showing their authority to act on behalf of the claimant.
Brokerage firms or other nominees who entered into gilt bond transactions for the beneficial interest of others may need to provide notice to those beneficial owners or supply their contact information to the claims administrator. They may be reimbursed for reasonable out-of-pocket expenses for providing notice upon request and submission of supporting documentation.

How much can class members receive?

Pro rata payment: The total settlement fund is $12 million. After deductions for taxes, notice and administration costs, any court-awarded litigation expenses and any other court-approved costs or fees, the settlement administrator will distribute the funds on a pro rata basis.

The amount each class member receives depends on the number of valid claims filed and the size and characteristics of each claimant’s eligible gilt bond transactions during the class period. This is based on trade characteristics, such as instrument type and duration. For example, longer-duration bonds are more sensitive to price movements and will receive a higher weighting.

How to claim a settlement payment

Class members can download the PDF claim form, print it, complete it and mail it to the settlement administrator. The claim form deadline is Dec. 23, 2025. There is currently no online claim form. Claim Depot will update this article when information is available.

Settlement administrator's mailing address: Gilt Bond Antitrust Settlement, c/o A.B. Data Ltd., P.O. Box 173042, Milwaukee, WI 53217

What proof or documentation is necessary to submit a claim?

All claimants must provide their tax ID (for most U.S. claimants, this is their individual Social Security number, employer identification number or taxpayer identification number. Non-U.S. claimants should enter a comparable government-issued identification number).

Claimants must also provide transaction documentation and information for each bond, including:

Instrument traded
CUSIP/ISIN numbers
Trade dates
Maturity dates
Transaction types
Trade locations
Names of counterparties
Transaction notional amounts
Transaction principal amounts
Contract information
Put or call information

Claimants should keep all relevant documentation in case the settlement administrator requests it.

$12 million settlement fund breakdown

The $12,000,000 settlement fund includes:

Settlement administration costs: Up to $1 million
Attorneys' fees: $0
Attorneys' expenses: Up to $500,000
Taxes: To be determined
Payments to eligible class members: The remainder of the net settlement fund

Important dates

Deadline to file a claim: Dec. 23, 2025
Fairness hearing: Jan. 22, 2026

When is the gilt bond antitrust settlement payout date?

The settlement administrator will distribute payments after the court grants final approval of the settlement and resolves any appeals.

Why is there a class action settlement?

The class action lawsuit alleged the defendant banks and their affiliates conspired to manipulate the price of gilt bonds by sharing confidential information in private chatrooms and coordinating trading strategies. The plaintiffs claim this conduct fixed bid-ask spreads and harmed investors who traded gilt bonds directly with the defendants.

The defendants deny any wrongdoing but agreed to settle to avoid the risks and costs of ongoing litigation and to provide compensation to class members.