Posted: June 20, 2018
On June 18, 2018, the CFTC entered an order requiring JPMorgan Chase to pay a $65 million penalty for attempted manipulation of the ISDAfix benchmark rate. The CFTF order states that the CFTC found that between January 2007 and January 2012, JPMorgan Chase “made false reports and attempted to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix (USD...
Posted: June 17, 2018
Bloomberg reports that Citigroup has agreed to pay $100 million to settle claims by 42 states against it relating to”misrepresent[ing] the integrity of the Libor benchmark to state and local governments, not-for-profit organizations and institutional trading counterparties.” According to Bloomberg, “[t]he settlement agreement quoted extensive electronic and phone communications obtained in the case, including a communication on March 28, 2008,...
Posted: June 6, 2018
There have been at least 76 actions filed across the United States since 2011 relating to manipulation of LIBOR or the London Interbank Offered Rate for the U.S. dollar. Since August 2011, 71 of these actions have been transferred to a Multi-District Litigation in the Southern District of New York: In Re: Libor-Based Financial Instruments Antitrust Litigation, 11-MD-02262 (“In re...
Posted: June 1, 2018
Coming up today on the Manipulation Monitor’s compendium of curious competition cases is an overview of claims of chicanery in the high frequency trading markets. Specifically, this post will provide an overview of five litigations, listed below, all of which concern the operation of stock exchanges and the Barclay’s Liquidity Cross (or “LX”) dark pool, and which have been MDL’d...
Posted: May 25, 2018
On May 22, 2018, Judge Victor Marrero of the SDNY issued an order winding up In Re: Municipal Derivatives Antitrust Litigation, 1:08-cv-02516-VM-GWG). This multi-district litigation was a 2008 case; the cases that were combined in the multi-district litigation likely were from even earlier. The reasons complex litigations such as these take so long are many and complicated. I leave it...
Posted: May 17, 2018
In the past two months, three antitrust class actions have been filed alleging the manipulation of the market for Mexican government bonds. Oklahoma Firefighters Pension & Retirement System v. Banco Santander, was filed on March 30, 2018, Manhattan and Bronx Surface Transit Operating Authority Pension Plan v. Banco Santander, was filed on May 3, 2018, and Boston Retirement System v....
Posted: May 9, 2018
First up on the Manipulation Monitor’s catalog of current and compelling competition law litigation will be issues arising in the stock loan market. This post will examine allegations in two pending actions: Iowa Public Employees’ Retirement System et al v. Bank of America Corporation et al., concerning manipulation of the stock loan market, and QS Holdco Inc. v. Bank Of...
Posted: May 2, 2018
The Associated Press reports that Goldman Sachs agreed to pay a fine of over $110 million to settle allegations by the New York State Department of Financial Services and the Federal Reserve Board that its foreign exchange traders “participated in chat rooms, sometimes using code names, to discreetly share confidential customer information with other global bank traders to affect foreign...
Posted: May 2, 2018
Welcome to Schlam Stone and Dolan LLP’s newest blog, The Manipulation Monitor: A Guide to Financial Market Manipulation Antitrust Litigation. What Will We Be Writing About In the Manipulation Monitor, we will discuss developments in antitrust and other competition law litigation relating to the financial services industry. If you read our Commercial Division Blog (and you should), you know that...
Posted in Financial Competition Litigation
, Fire & Police Pension Association of Colorado v Bank of Montreal
, FrontPoint Asian Event Driven Fund v Citibank
, In re: Aluminum Warehousing Antitrust Litigation
, In Re: Barclays Liquidity Cross and High Frequency Trading Litigation
, In re: Credit Default Swaps Antitrust Litigation
, In re Foreign Exchange Benchmark Rates Antitrust Litigation
, In re: Interest Rate Swaps Antitrust Litigation
, In re: LIBOR-Based Financial Instruments Antitrust Litigation
, In re: London Silver Fixing Antitrust Litigation
, In re: Platinum and Palladium Antitrust Litigation
, In re: Treasury Securities Auction Antitrust Litigation
, In re: SSA Bonds Antitrust Litigation
, Iowa Public Employees' Retirement System v Bank of America Corporation
, Oklahoma Firefighters Pension & Retirement System v Banco Santander
, Antitrust Class Actions
, Benchmark Rate Manipulation
, Commodities Manipulation
, Foreign Exchange Market Manipulation
, Government Bond Market Manipulation
, High-Frequency Trading
, Indirect Purchasers
, Market Definition
, Personal Jurisdiction and Applicability of US Antitrust Laws
, Stock Loans
, Swap Market Manipulation
, Market Manipulation Lawsuits