Posts Categorized: Financial Competition Litigation

Posted: June 23, 2021

San Diego County Files New Complaint Alleging VRDO Bond Price Fixing

In Board of Directors of the San Diego Association of Governments, acting as the San Diego County Regional Transportation Commission v. Bank of America Corporation et al., No. 1:21-cv-04893 (JMF), an organization representing the City Government of San Diego, California brought a class action suit against leading financial institutions alleging a conspiracy to manipulate interest... Read more »

Posted: June 11, 2021

N.Y. Federal Judge Dismisses Treasury Auction Manipulation Case Against Big Banks

On March 31, 2021, District Judge Gardephe dismissed a multidistrict litigation against Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Goldman Sachs, Morgan Stanley, RBS, and UBS, and three platform companies. The plaintiffs are 21 retirement and benefit funds, unions, banks, individuals and companies that claim the Wall Street giants violated federal anti-trust laws... Read more »

Posted: February 22, 2021

In re London Silver Fixing, Ltd. Antitrust Litigation — Settlement Update

In In re London Silver Fixing, Ltd. Antitrust Litigation, Nos. 14-MD-02573, 14-MC-02573 (S.D.N.Y.), class plaintiffs have submitted briefing in support of a proposed settlement (the “Settlement”) with various Deutsche Bank-related defendants (“Deutsche Bank”). As reported in previous posts, this litigation concerns allegations that Deutsche Bank and other financial institutions participated in manipulations of “the fix”,... Read more »

Posted: February 5, 2021

Beyond Finance: Manipulation of the Marketplace of Ideas

The Manipulation Monitor primarily covers developments in antitrust and other competition law litigation relating to the financial services industry. In today’s blog post, however, we are taking a short break from covering the financial services industry to show that allegations of market manipulation in violation of antitrust law extends not just to the marketplace for... Read more »

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 »