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Posts Categorized: Financial Competition Litigation

Posted: December 26, 2018

Australian Bank Bill Swap Reference Rate: Was Something Underhanded Happening Down Under

This post covers the alleged underlying facts and November 26, 2018, order by United States District Judge Lewis A. Kaplan dismissing all but one plaintiff in the case for lack of standing in Richard Dennis et al. v. JPMorgan Chase & Co., 16-CV-6496, a case in the Southern District of New York concerning alleged manipulation... Read more »

Posted: December 24, 2018

Court Approves $63 Million Attorney Fee Award in LIBOR Suit

Law360 is reporting that on Thursday, S.D.N.Y. Judge Naomi Reice Buchwald awarded Susman Godfrey LLP and Hausfeld LLP almost $63 million in attorney fees for their part in a $340 million settlement of claims that Deutsche Bank and HSBC participate din a scheme to manipulate the London Interbank Offered Rate (LIBOR) for short-term loans.

Posted: December 19, 2018

SSA Swindling? – Part III – Repleading After Dismissal – Is Plaintiffs’ Statistical Analysis Enough to Save Plaintiffs’ Claims?

This week, we return to In re SSA Bonds Antitrust Litigation, No. 1:16-cv-03711-ER (SDNY) (“In re SSA“), an action first introduced in our June 27, 2018, post, which gives a full account of the alleged collusion in the Consolidated Amended Complaint. In this post, we revisit Judge Ramos’ August 24, 2018, Opinion and Order granting... Read more »

Posted: December 4, 2018

26% Fee Award To Attorneys In ISDAfix Antitrust Litigation

Law360 reports that the judge overseeing an antitrust lawsuit alleging that a group of financial firms manipulated global swaps and options benchmark ISDAfix has awarded plaintiffs’ counsel $126.4 million in fees and $18.4 million in expenses, representing 26% (net) of settlements valued at $504 million. The defendant banks included Bank of America, Barclays, Citigroup, Credit... Read more »

Posted: November 30, 2018

“Fixing” with the Fix? – Part II – Are “Umbrella Purchasers” “Efficient Enforcers?”

This week we return to the world of precious metals to compare and contrast whether “umbrella purchaser” Plaintiffs (“Umbrella Plaintiffs”) were “efficient enforcers” for the purposes of anti-trust standing. The precious metals actions are respectively: In re: Commodity Exchange, Inc., Gold Futures and Options Trading Litigation, 1:14-md-02548-VEC (S.D.N.Y.) (“In re Gold”); In re: London Silver... Read more »

Posted: November 28, 2018

JPMC, Citigroup Provisionally Settle EURIBOR Rigging Claims

Law360, Yahoo Finance, and MSN Money are all reporting that JP Morgan Chase and Citigroup have reached an agreement to settle claims that they rigged the European Interbank Offered Rate (“EURIBOR”) for $182.5 million. Deutsche Bank, Barclays, and HSBC have settled similar claims in the same action for a combined $309 million. The settlement will... Read more »

Posted: November 19, 2018

Alleged Manipulation of the Singapore Benchmark Rates

In this post, we cover the alleged facts and procedural history of FrontPoint Asian Event Driven Fund, Ltd. et al v. Citibank, N.A. et al., 16-cv-05263 (SDNY) (“Frontpoint”), as detailed in Plaintiffs’ Second Amended Complaint and an Opinion and Order Granting in Part and Denying in Part Defendants’ Motions to Dismiss (the “Decision”) issued on... Read more »

Posted: November 16, 2018

Eastman Kodak Takes Aluminum Market Manipulation Claims to the UK

Law 360 reports that Eastman Kodak has filed claims against Goldman Sachs, JP Morgan Chase, Glencore, and other entities, accusing them of violating UK and EU competition law by manipulating or distorting the aluminum market by conspiring with aluminium warehousers affiliated with the London Metal Exchange to withhold or delay supplies. A similar lawsuit in... Read more »