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Posts Categorized: Financial Competition Litigation

Posted: August 13, 2018

Stock Loan Lowdown: Third Time Through the Order

Welcome back, followers, friends and fellow antitrust fans, to this third installment of the Stock Loan Lowdown. This time around, we examine the full-blown fortress forged by our persistent plaintiffs in response to the defendants frighteningly (or frustratingly?) far-reaching motion to dismiss. If you’re new around here and wondering just what that motion said, who… Read more »

Posted: August 6, 2018

SEF Scuttling? Alleged Manipulation of the Interest Rate Swap Market through Torpedoing of All-To-All Platforms and SEF Marketplaces

Interest rate swaps (IRS) are a frequently traded instruments known for their ability to reduce or increase one’s exposure to changes in interest rates. Buy-side funds and firms historically have been reliant on the major sell-side broker-dealer banks like Bank of America to purchase and sell IRS. However according to a number of actions MDL’d… Read more »

Posted: July 30, 2018

Mexican Government Bond Market Manipulation Manipulation

In our May 17, 2018, post, we alerted you to several lawsuits filed in the Southern District of New York alleging manipulation of the market for Mexican government bonds, and noted that one case had already moved to consolidate with other actions. Since then, on June 18, 2018, the Court granted motions by plaintiffs in… Read more »

Posted: July 20, 2018

“Fixing” with the Fix? Market Manipulation Litigation for Precious Metals and their Spot and Derivatives

There is indeed gold “in them hills” if you are willing to lie to get it, at least according to the allegations in a number of precious metals litigations that have sprung up since 2013. Currently there are no less than two multi-district litigations relating to gold and silver, and a separate action with respect… Read more »

Posted: July 6, 2018

LIBOR Got a Little Bit of Class

In our June 6, 2018, post, we gave an overview of the general factual allegations made 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 where many civil cases relating to manipulation of LIBOR or the London Interbank Offered Rate for the… Read more »

Posted: June 27, 2018

SSA Swindling?

Even in more niche financial instruments, there are a number of cases asserting allegations of secondary market and bid spread manipulation. This is true of the supranational, sub-sovereign, and agency bond market, better known as the “SSA” market. Since late 2016, 13 actions have been consolidated in In re SSA Bonds Antitrust Litigation, No. 1:16-cv-03711-ER… Read more »

Posted: June 21, 2018

NY Fines Deutsche Bank $205 Million for Forex Market Manipulation

On June 20, 2018, the New York State Department of Financial Services announced that it has fined Deutsche Bank $205 million for “for violations of New York banking law, including efforts to improperly coordinate trading activity through online chat rooms, improperly sharing confidential customer information, trading aggressively to skew prices, and misleading customers.” DFS found… Read more »

Posted: June 20, 2018

Stock Loan Lowdown, Part Two: To Dismiss or Not to Dismiss?

“To dismiss or not to dismiss” is the question that Judge Failla presently mulls, and will likely continue to do for the coming weeks. Or months? Anticipation is running high here at the Manipulation Monitor, so let’s hope it is not a question of years. For those of you who may be wondering what, exactly,… Read more »

Posted: June 20, 2018

JP Morgan Chase Consents to $65 Million Penalty Relating to ISDAfix Manipulation

On June 18, 2018, the CFTC entered an order requiring JPMorgan Chase to pay a $65 million penalty for attempted manipulation of the ISDAfix benchmark rate. The CFTF order states that the CFTC found that between January 2007 and January 2012, JPMorgan Chase “made false reports and attempted to manipulate the U.S. Dollar International Swaps… Read more »