We have written extensively on LIBOR-related issues over the years, and we were interested to see the two recent publications by Andy Verity, the BBC’s economics correspondent, in The Times (see here and here). The linked articles are extracts from Verity’s upcoming book, Rigged, which investigates the LIBOR-rigging scandal—and presents claims that “investigating agencies, including the FBI in the United States and Britian’s financial regulator, were told in November 2010 of an international drive to get Libor and Euribor rates down, regardless of the real cost of borrowing cash.” Continue reading LIBOR Update: Rigged Revelations
The first in a series of posts on pre-trial activity examines the court’s decision to deny Credit Suisse’s motion to decertify the class.
Continue reading In re Foreign Exchange Benchmark Rates Antitrust Litigation – Court Denies Motion to Decertify Class
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.
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. That motion has since been decided, and—unfortunately for Plaintiffs—denied. Continue reading Mexican Government Bonds Antitrust Litigation: Reconsideration Motion Denied
The district court action is over, pending the outcome of a Second Circuit appeal. Continue reading Remaining Plaintiffs Settle in the In re Aluminum Warehousing Antitrust Litigation
A few weeks ago, we posted about a series of settlements in the SIBOR benchmark manipulation litigation: Plaintiffs filed a motion for preliminary approval of a settlement with Credit Suisse, Continue reading Benchmark Manipulation: Another SIBOR Settlement
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
Earlier this year, we posted a series of updates on briefing in the SIBOR benchmark manipulation litigation (You can find those posts here, here, and here.) Today, we’re back to talk about a new development: settlements! Continue reading Benchmark Manipulation: SIBOR Settlements
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
The London Silver plaintiffs argue that privity of contract should not be required for antitrust standing when the parties traded on an exchange. Continue reading The London Silver Plaintiffs File Their Opposition To Defendants’ Schwab II Motion