<strong><u>Swiss Franc LIBOR Class Action: Credit Suisse Settlement</u></strong>

Swiss Franc LIBOR Class Action: Credit Suisse Settlement

While we have written frequently on various LIBOR-related litigations, this post will focus on a yet-uncovered action—Sonterra Capital Master Fund, Ltd. V. Credit Suisse Group AG et al.—targeting the Swiss Franc LIBOR.

The 2015 class action complaint, brought by Sonterra Capital against Credit Suisse, JP Morgan, RBS, UBS, and a series of Doe defendants, alleged that Defendants had engaged in a conspiracy to manipulate Swiss Franc LIBOR and the prices of Swiss Franc LIBOR-based derivatives.  As with the many other LIBOR actions, the heart of the allegations concerns misreporting: namely, that Defendants failed to accurately report their borrowing costs—the basis for the Swiss Franc LIBOR calculation—and instead altered their pricing submissions to manipulate the prices of financial instruments based on that metric, for their own financial benefit. 

Continue reading Swiss Franc LIBOR Class Action: Credit Suisse Settlement

Mexican Government Bonds Antitrust Litigation: Reconsideration Motion Denied

Mexican Government Bonds Antitrust Litigation: Reconsideration Motion Denied

In our most recent post about In re Mexican Government Bonds Antitrust Litigation, 18-cv-02830, we discussed the recent settlements with JP Morgan and Barclays, as well as Plaintiffs then-outstanding motion for reconsideration of the court’s November 2020 Order dismissing the Second Amended Class Action Complaint (“SACC”) against a subset of the Defendants.[1]  That motion has since been decided, and—unfortunately for Plaintiffs—denied. Continue reading Mexican Government Bonds Antitrust Litigation: Reconsideration Motion Denied

The London Silver Plaintiffs And Defendants Dispute The Scope Of The Second Circuit’s Schwab II Decision

The London Silver Plaintiffs And Defendants Dispute The Scope Of The Second Circuit’s Schwab II Decision

The parties’ dispute in the London Silver Fixing antitrust litigation comes down to whether antitrust standing requires the plaintiff’s injury to have been directly caused by the defendant’s conduct or whether the injury must have directly benefited the defendant. Continue reading The London Silver Plaintiffs And Defendants Dispute The Scope Of The Second Circuit’s Schwab II Decision

<strong><u>Treasury Market Manipulation Action Dismissed Again</u></strong>

Treasury Market Manipulation Action Dismissed Again

igroup, Credit Suisse, Goldman Sachs, Morgan Stanley, RBS, and UBS, and three platform companies were accused of conspiracy to manipulate the primary and secondary markets for U.S. Treasury Securities.  Today we will cover the second order dismissing Plaintiff’s claims, this one issued a year to the date from the first. Continue reading Treasury Market Manipulation Action Dismissed Again