Blogs

The Manipulation Monitor: A Guide to Financial Market Manipulation Antitrust Litigation

Commentary on Antitrust and Other Competition Law Litigation Relating to the Financial Services Industry.
Posted: July 1, 2020

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

In June 1, 2020, filings related to Plaintiffs’ motion to preliminarily approve Class Settlements, Plaintiffs in In re Mexican Government Bonds Antitrust Litigation revealed that Barclays and JPMorgan have agreed to settle the claims against them in exchange for providing evidence supporting Plaintiffs’ claims, including chatroom transcripts.

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Posted in Financial Competition Litigation, In re: Treasury Securities Auction Antitrust Litigation, Government Bond Market Manipulation
Posted: January 9, 2020

SSA Bond Litigation Update

It’s been a while since we’ve checked in on the In re SSA Bonds Antitrust Litig., 16-cv-3711 (ER), and things have not been going smoothly for the plaintiffs. In early October, Judge Ramos granted a motion to dismiss certain foreign defendants from the case for lack of personal jurisdiction. See In re SSA Bonds Antitrust Litig., 2019 WL 4917608 (S.D.N.Y...

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Posted in Financial Competition Litigation, Government Bond Market Manipulation
Posted: December 2, 2019

Analysis of the Second Circuit’s Reversal of the Dismissal of Complaints in In re Aluminum Warehousing Antitrust Litigation

On August 27, 2019, the United States Court of Appeals for the Second Circuit reversed Judge Katherine B. Forrest’s dismissal of three consolidated complaints appearing in In re Aluminum Warehousing Antitrust Litigation, 13 MD 2481. Eastman Kodak Co. v. Henry Bath LLC, 936 F.3d 86 (2d Cir. 2019), vacating and remanding In re Aluminum Warehousing Antitrust Litig., No. 13-MD-2481 (KBF),...

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Posted in Financial Competition Litigation, In re: Aluminum Warehousing Antitrust Litigation, Commodities Manipulation
Posted: November 13, 2019

The VIX Is Fixed?! Judge Shah Says This Complaint Must Be Kicked.

After such a long blogging hiatus, I am back and bursting with a multitude of manipulation-related updates. To keep this post under ten pages, today’s target will be Judge Shah’s decision on the first motion to dismiss in In re: Chicago Board Options Exchange Volatility Index Manipulation Antitrust Litigation. And yes, I said the “first” motion to dismiss – the...

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Posted in Financial Competition Litigation, Commodities Manipulation
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 to allege facts that “plausibly...

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Posted in Financial Competition Litigation, In re Mexican Government Bonds Antitrust Litigation, Government Bond Market Manipulation
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 instead relied on impermissible “group...

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Posted in Financial Competition Litigation, Government Bond Market Manipulation
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 Rakoff’s decision was based upon...

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Posted in Financial Competition Litigation, Government Bond Market Manipulation
Posted: September 3, 2019

Second Circuit Reinstates Aluminium Antitrust Lawsuit

Law360 (subscription required) and nasdaq.com are reporting that the Second Circuit Court of Appeals has ruled in favor of Eastman Kodak, Fujifilm and other plaintiffs by reversing a lower court’s dismissal of antitrust claims they brought against Goldman Sachs, JP Morgan Chase, and other entities. The plaintiffs are manufacturers who allege that the price they paid for aluminium was inflated...

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Posted in Financial Competition Litigation, Commodities Manipulation
Posted: July 29, 2019

SIBOR Claims Dismissed for Lack of Standing

LAW 360 (subscription required) reports that a suit in the S.D.N.Y. against various banks alleging manipulation of the Singapore Interbank Offered Rate (“SIBOR”) has been dismissed by U.S. District Judge Alvin K. Hellerstein on grounds related to Plaintiff Fund Liquidation Holdings LLC’s standing. Specifically, Judge Hellerstein found that an agreement between the Plaintiff and FrontPoint Asian Event Driven Fund Ltd....

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Posted in Financial Competition Litigation, Benchmark Rate Manipulation
Posted: June 5, 2019

Chicago Board Options Exchange Dismissed From VIX Manipulation Lawsuit

Reuters and the Wall Street Journal are reporting that an Illinois Federal judge has dismissed claims against Cboe Global Markets Inc. arising out of alleged manipulation of the CBOE’s VIX volatility index. Judge Manish Shah held that common-law negligence claims were preempted by federal law, and that the plaintiffs had failed to plead violations of federal anti-trust and securities laws...

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Posted in Financial Competition Litigation, Commodities Manipulation