Blogs

Posts Categorized: Government Bond Market Manipulation

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: 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 »

Posted: July 1, 2020

Plaintiffs in Mexican Government Bond Antitrust Case Settle With Two Defendant Groups; Get Defendants’ Evidence and Cooperation

In our October 22, 2019, post, we alerted you to a letter to the court by the Plaintiffs in consolidated actions, now known as In re Mexican Government Bonds Antitrust Litigation, 18-cv-02830 (In re MGB), requesting 45 days to file an amended complaint. Previously, Plaintiffs’ Consolidated Amended Complaint, which alleged a conspiracy among several banks... Read more »

Posted: October 22, 2019

Plaintiffs in Mexican Bond Market Fixing Case Seek Time To Amend, Citing New Evidence

In our October 4, 2019, post we noted several news reports on the dismissal of an antitrust lawsuit alleging a conspiracy to inflate the price of Mexican government bonds. The original allegations of that suit are detailed in our post here. Specifically, Judge Oetken’s September 30, 2019, decision (found here) found that Plaintiffs’ complaint failed... Read more »

Posted: October 4, 2019

Court Dismisses Mexican Bond Price Fixing Suit

Reuters, Bloomberg, and Law360 are reporting that S.D.N.Y. Judge Paul Oetken has dismissed an anti-trust lawsuit alleging that 10 major banks, including JP Morgan Chase, Barclays, and Deutsche Bank, colluded to inflate the price of Mexican government bonds. The court found that the complaint lacked particularized allegations with regard to any of the defendants and... Read more »

Posted: September 6, 2019

Fannie Mae Bond-Fixing Suit To Proceed Against Goldman Sachs And Others

The New York Times is reporting (via Reuters) that Judge Jed Rakoff of the United States District Court for the Southern District of New York has ruled that an anti-trust action alleging price-fixing of Fannie Mae and Freddie Mac bonds can proceed against Goldman Sachs, Deutsche Bank, BNP Paribas, Morgan Stanley, and Merrill Lynch. Judge... Read more »

Posted: March 26, 2019

Lawsuits Filed Over Eurozone Bond Bid-Ask Rigging

On March 22, 2019, the Ohio Carpenters’ Pension Fund filed a proposed antitrust class action in the Southern District of New York. The complaint alleges that Bank of America and NatWest (f/k/a RBS) conspired to rig the bid-ask spreads of Eurozone government bonds between 2007 and 2012. The complaint specifically alleges that the defendants were... Read more »