August Term, 2023 Argued: October 3, 2023 Decided: February 1, 2024

No. 22-943 ____________________

City of Pontiac Police and Fire Retirement System, on behalf of itself and on behalf of all others similarly situated, Cleveland Bakers and Teamsters Pension Fund, on behalf of themselves and all others similarly situated, Cleveland Bakers and Teamsters Health and Welfare Fund, on behalf of themselves and all others similarly situated, Erie County Employees’ Retirement System, individually and on behalf of all others similarly situated, IBEW Local 640 Arizona Chapter NECA Pension Trust Fund, on behalf of itself and all others similarly situated, MASTERINVEST Kapitalanlage GmbH, Oklahoma Firefighters Pension and Retirement System, individually and on behalf of all others similarly situated, United Food and Commercial Workers Union and Participating Food Industry Employers Tri-state Pension Fund, Rock Capital Markets, LLC, on behalf of itself and all others similarly situated, Oklahoma Police Pension and Retirement System, Boston Retirement System, The Government Employees’ Retirement System of the Government of the Virgin Islands, Alaska Electrical Pension Fund, on behalf of itself and all others similarly situated, Bank of Jerusalem, Ltd., on behalf of itself and others similarly situated, City of Atlanta Firefighters’ Pension Fund, Employees Retirement System of Rhode Island, individually and on behalf of all others similarly situated, UNIQA Capital Markets GmbH, on behalf of UNIQA DOLLAR BOND individually and all others similarly situated, Torus Capital LLC, UFCW Local 1500 Pension Fund,

Plaintiffs – Appellants, Arkansas Teacher Retirement System, Beaver County Employees’ Retirement Fund, individually and on behalf of all others similarly situated, Marc Federighi, individually and on behalf of all those similarly situated, Inter-Local Pension Fund of the Graphic Communications Conference of the International Brotherhood of Teamsters, Lackawanna County Employees’ Retirement Fund, Rutgers Enhanced Insurance Company, State-Boston Retirement System, on behalf of itself, United International Insurance Company, United Food and Commercial Workers Local 1776 & Participating Employers Pension Fund, individually and on behalf of all others similarly situated, Jonathan Richard Williamson, Policemen’s Annuity & Benefit Fund of Chicago, City of Omaha Police and Fire Retirement System, Thomas E. Kalaway, Michael J. Smith, individually and on behalf of those similarly situated, CNB Bancorp, Inc., The Police Retirement System of St Louis, M & N Trading, Marina Fouts, on behalf of herself and all others similarly situated, Michael St. John, Laborers Local 100 and 397 Health and Welfare Fund, on behalf of itself and all others similarly situated, Breakwater Trading LLC, Rogers Varner, Jr., BWT Professional Trading, LLC, Air Conditioning and Refrigeration Industry Retirement Trust, on behalf of itself, and, in a representative capacity, on behalf of all those similarly situated, Endeavor Trading, LLC, American Federation of Teachers, individually and on behalf of all others similarly situated, Twin City Iron Workers Health & Welfare Fund, on behalf of itself and all others similarly situated, Jane Franklin, on behalf of herself and all others similarly situated, Twin City Iron Workers Pension Fund, on behalf of itself and all others similarly situated, Robert L. Teel, Richard Corbett, The New Jersey Laborers Statewide Funds, Brian Fisher, City of Providence, Central Laborers’ Pension Fund,

Plaintiffs,

v. BNP Paribas Securities Corp.,