Posts Categorized: Market Manipulation Lawsuits

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: April 30, 2021

Second Circuit Grants Article III Standing On Appeal and Revives SIBOR Class Action

Second Circuit Grants Article III Standing On Appeal and Revives SIBOR Class Action In Fund Liquidation Holdings LLC v Bank of Am. Corp., the Second Circuit overturned the Southern District’s decision to dismiss two Cayman Islands investment funds’ claims against numerous international banking institutions for lack of subject-matter jurisdiction. In doing so, the Second Circuit... Read more »

Posted: April 16, 2021

ICE LIBOR Update: Second Circuit Grants Permission to Intervene

In City of Livonia Employees’ Retirement System, et al. v. Intercontinental Exchange, Inc., et al., No. 20-1492, the Court of Appeals for the Second Circuit granted leave for DYJ Holdings, LLC (“DYJ”) to intervene in a pending appeal, and denied a motion to dismiss the appeal as moot, in the wake of the plaintiff-appellants’ announced... 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 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: 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 »