Blogs

Posts Categorized: Government Bond Market Manipulation

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: December 10, 2020

Mexican Government Bond Litigation Update: Jurisdictional Issues Result in Dismissal

We write to update you on a recent decision granting motion to dismiss Plaintiffs’ Second Consolidated Amended Class Action Complaint (“SAC”) for lack of personal jurisdiction and improper venue issued by Judge Oetken on November 30, 2020 in the consolidated actions in the Southern District of New York known as In re Mexican Government Bonds... 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: 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 »