Trickery in High-Frequency Trading: Part 4
High Frequency Trading / Manipulation Monitor

Trickery in High-Frequency Trading: Part 4

Back in February, we posted an update on the high frequency trading litigation, covering the motion for class certification recently filed in the multi-district litigation. Today, we’re here with a quick update on a recent decision, this time on Defendant’s Rule 56 motion for summary judgment on the ground that Plaintiffs lack Article III standing.  Defendants simultaneously moved to exclude the expert testimony on which Plaintiffs relied to prove standing. The court granted both motions, stating that “Plaintiffs have not put forward evidence from which a jury could reasonably conclude they have suffered an injury in fact that is fairly traceable to the Exchanges’ sale of these products and services[.]” Continue reading Trickery in High-Frequency Trading: Part 4

In re Foreign Exchange Benchmark Rates Antitrust Litigation – Court denies Summary Judgement to Remaining Defendant
Foreign Exchange Market Manipulation / Manipulation Monitor

In re Foreign Exchange Benchmark Rates Antitrust Litigation – Court denies Summary Judgement to Remaining Defendant

A few weeks ago, we published an overview of the third consolidated amended class action complaint and the subsequent motion for summary judgment filed by Credit Suisse, the sole remaining Continue reading In re Foreign Exchange Benchmark Rates Antitrust Litigation – Court denies Summary Judgement to Remaining Defendant

Benchmark Manipulation: SIBOR Update, Part III
Benchmark Rate Manipulation / Manipulation Monitor

Benchmark Manipulation: SIBOR Update, Part III

motion to dismiss and Plaintiffs’ subsequent filing of their Fourth Amended Complaint (take a look here), followed by a post summarizing the opening and opposition briefing on Defendants’ latest motion to dismiss (you’ll find that post here).  Today, we’ll take a quick look at Defendants’ replies, along with Plaintiffs’ motion for a sur-reply and the resulting brief, and, finally, Defendants’ subsequent sur-sur-reply.   Continue reading Benchmark Manipulation: SIBOR Update, Part III

Benchmark Manipulation: SIBOR Update, Part II
Benchmark Rate Manipulation / Manipulation Monitor

Benchmark Manipulation: SIBOR Update, Part II

Before diving into this post, I’d recommend you click back to catch up on the Second Circuit’s vacatur and Plaintiffs’ filing of their Fourth Amended Complaint. In this installment, we will cover the opening and opposition briefing on the motion to dismiss; stay tuned for Part III for details on the reply and sur-reply briefing.   Continue reading Benchmark Manipulation: SIBOR Update, Part II

Stock Loan Lowdown: Credit Suisse Settlement Update
Manipulation Monitor / Stock Loan Market Manipulation

Stock Loan Lowdown: Credit Suisse Settlement Update

briefing in Iowa Public Employees’ Retirement System et al. v. Bank of America et al., 17-cv-6221 (KPF) (SDNY). (And if you weren’t around, click this link for a catch-up!) Between ongoing discovery and sealed briefing, we haven’t had much to update recently. That changed last week with the filing of a motion to preliminarily approve a settlement agreement with the Credit Suisse Defendants. Continue reading Stock Loan Lowdown: Credit Suisse Settlement Update

Benchmark Manipulation: SIBOR Update, Part I
Benchmark Rate Manipulation / Manipulation Monitor

Benchmark Manipulation: SIBOR Update, Part I

When we last posted about the litigation challenging alleged manipulation of SIBOR – the Singapore Interbank Offered Rate – the district court had just dismissed plaintiffs’ claims for lack of standing. But that wasn’t the end of the line for Fund Litigation, et al: Plaintiffs’ appeal of the standing decision was successful, and a fourth amended complaint has been filed—and, of course, a new motion to dismiss. This post will cover the Second Circuit’s decision and the latest complaint; next week, we’ll provide a full review of the motion to dismiss briefing.   Continue reading Benchmark Manipulation: SIBOR Update, Part I

In re. Foreign Exchange Benchmark Rates Antitrust Litigation – Summary Judgment Briefing
Foreign Exchange Market Manipulation / Manipulation Monitor

In re. Foreign Exchange Benchmark Rates Antitrust Litigation – Summary Judgment Briefing

While we’ve posted frequently on different aspects of the rigging of the foreign exchange markets (see here, here, and here, for example), we haven’t gone into much detail on one of the largest cases: In re Foreign Exchange Benchmark Rates Antitrust Litigation, Index. No. 13-cv-7789 (SDNY). I’m here to fix that! Today’s post will cover the motions (and cross-motions) for summary judgment, and, at the same time, try to fill any gaps left by our earlier discussions. Continue reading In re. Foreign Exchange Benchmark Rates Antitrust Litigation – Summary Judgment Briefing

Aluminum Warehousing Antitrust Litigation Update
Commodities Market Manipulation / Manipulation Monitor

Aluminum Warehousing Antitrust Litigation Update

WWhen we last wrote about In re Aluminum Warehousing Antitrust Litigation (Direct Purchaser Plaintiffs), Index No. No. 14-cv-3116-PAE (S.D.N.Y.), United States District Judge Paul A. Engelmayer had recently denied class certification. (See post here.) In this post, we will be doing a quick catch-up on last years’ decision on Defendants’ motion for summary judgment against claims brought by the Individual Purchaser (“IPs”) and First Level Purchaser Plaintiffs (“FLPs” and the subsequent briefing of the still-pending appeal. Continue reading Aluminum Warehousing Antitrust Litigation Update

Mexican Government Bonds Antitrust Litigation – Updates on Settlement and Reconsideration Motion
Government Bond Market Manipulation / Manipulation Monitor

Mexican Government Bonds Antitrust Litigation – Updates on Settlement and Reconsideration Motion

We’ve covered In re Mexican Government Bonds Antitrust Litigation, 18-cv-02830 (In re MGB) pretty extensively in the past so we thought it was appropriate to share one more post to wrap up our discussions of the settlements, and where the case goes from here. Continue reading Mexican Government Bonds Antitrust Litigation – Updates on Settlement and Reconsideration Motion