Blogs

Posts Categorized: Financial Competition Litigation

Posted: December 16, 2020

VRDO-Bond Price Fixing Claims Survive Motion to Dismiss

This post reports on S.D.N.Y. Judge Jesse M. Furman’s recent decision largely denying a motion to dismiss a proposed class-action complaint alleging a conspiracy to fix interest rates on Variable Rate Demand Obligations (VRDO) bonds. Background As previously described here, the City of Philadelphia filed a proposed class action alleging that a number of major... Read more »

Posted: November 11, 2020

Litigating LIBOR Losses: London Edition

Well, dear readers, this post is going to be a bit outside the usual realm for the Manipulation Monitor. But, in light of my colleague John Whelan’s recent post on the class action settlement in In Re: Libor-Based Financial Instruments Antitrust Litigation, 11-MD-02262 (“In re Libor“), I thought it might be fun to provide a... Read more »

Posted: October 28, 2020

Class Cert Denied in In Re Aluminum Warehousing Antitrust Litigation

In In re Aluminum Warehousing Antitrust Litigation (Direct Purchaser Plaintiffs), No. 14-cv-3116-PAE (S.D.N.Y.), United States District Judge Paul A. Engelmayer denied class certification based on the failure to plaintiffs’ expert to establish the predominance of common issues among the proposed class members regarding antitrust injury. Plaintiffs, described in the opinion as “First Level Purchasers” or... Read more »

Posted: October 23, 2020

LIBOR Class Action: Settlement Update

We write to update you on recent updates regarding settlement in In Re: Libor-Based Financial Instruments Antitrust Litigation, 11-MD-02262 (“In re Libor“), the Multi-District Litigation in the Southern District of New York relating to relating to manipulation of LIBOR or the London Interbank Offered Rate for the U.S. dollar. Before going into the latest updates... Read more »

Posted: October 1, 2020

Preliminary Approval Given For SSA Bond Settlement Allocation Plan

This is the latest in a series of posts about In re SSA Bonds Antitrust Litig., 16-cv-3711 (ER). The SSA Bonds action concerns allegations that secondary-market dealers for SSA bonds colluded to manipulate prices. As previously reported in this blog, Bank of America, Deutsche Bank, and HSBC settled settled for a combined $95.5 million, and... Read more »

Posted: September 2, 2020

Precious Metals Market Manipulation Update

In this post, we discuss appeals and cross-appeals taken from two decisions rendered by United States District Judge Gregory Woods in In re: Platinum and Palladium Antitrust Litigation, 1:14-cv-09391 (S.D.N.Y.). The Two Decisions Covered by the Appeal The first of the decisions appealed from, dated March 28,2017 (“Platinum I”), was covered in this space on... Read more »

Posted: August 28, 2020

Update on Alleged Manipulation of the Market for Mexican Government Bonds

We write to update you on events in the consolidated actions in the Southern District of New York before Judge Oetken known as In re Mexican Government Bonds Antitrust Litigation, 18-cv-02830 (In re MGB), which relates to allegations of a conspiracy among several banks to inflate the price of Mexican Government Bonds, debt securities issued... Read more »

Posted: August 12, 2020

SSA Bond Litigation Update: Remaining Claims Dismissed

This is the latest in a series of posts about In re SSA Bonds Antitrust Litig., 16-cv-3711 (ER). Background As previously reported, the central allegation of the action is that dealers in the secondary market for SSA (“supranational, sub-sovereign, and agency”) bonds colluded to reduce competition and to manipulate bond prices. The defendants include(d) many... Read more »