Category: Government Bond Market Manipulation

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

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

In Board of Directors of the San Diego Association of Governments, acting as the San Diego County Regional Transportation Commission v. Bank of America Corporation et al., No. 1:21-cv-04893 (JMF), an organization representing the City Government of San Diego, California brought a class action suit against leading financial institutions alleging a conspiracy to manipulate interest rates for Variable Rate Demand Obligations (“VRDO’s”), and related misconduct. Continue reading San Diego County Files New Complaint Alleging VRDO Bond Price Fixing

On March 31, 2021, District Judge Gardephe dismissed a multidistrict litigation against Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Goldman Sachs, Morgan Stanley, RBS, and UBS, and three platform companies. The plaintiffs are 21 retirement and benefit funds, unions, banks, individuals and companies that claim the Wall Street giants violated federal anti-trust laws and state laws by conspiring to manipulate the U.S. Treasury Securities primary and secondary markets. Continue reading N.Y. Federal Judge Dismisses Treasury Auction Manipulation Case Against Big Banks

I know I said that our last post on the GSE litigation would be the last in that series (heck, I even called it the “Wrap-Up”!), but I hope you’ll forgive the lapse. This update actually comes, not from the Southern District case we all know and love, but from a nearly-identical case that has been progressing in the Pelican State. Continue reading SOS to GSEs: A Resurrection

This post reports on S.D.N.Y. Judge Jesse M. Furman’s recent decision largely denying a motion to dismiss a proposed class-action complaint alleging a conspiracy to fix interest rates on Variable Rate Demand Obligations (VRDO) bonds. Continue reading VRDO-Bond Price Fixing Claims Survive Motion to Dismiss

The SSA Bonds action concerns allegations that secondary-market dealers for SSA bonds colluded to manipulate prices. As previously reported in this blog, Bank of America, Deutsche Bank, and HSBC settled settled for a combined $95.5 million, and the court subsequently dismissed all claims against the remaining foreign and domestic defendants, including Barclays, Citgroup, RBC, Credit Suisse, Credit Agricole, and TD Bank. This post focuses on aspects of the plaintiffs’ plan to allocate the settlement funds, supported in motion papers, which was given preliminary approval by Judge Edgardo Ramos on July 15, 2020. Continue reading Preliminary Approval Given For SSA Bond Settlement Allocation Plan

For this Manipulation Monitor post, I’m going to dig up something from the archives for an update. If you’ve been reading for a while, you might remember our March 2019 post on a new litigation concerning government-sponsored enterprises, or GSE. If that’s not ringing any bells, or if you think you could just use a refresh after eighteen months, you can take a look back here: SOS to GSEs: Your Bonds are a Beautiful Mess. As you might suspect, things haven’t been quiet over in the Southern District. This post will cover the highlights: two motions to dismiss, motion to certify a class, and a global settlement. There’s a lot to cover, so let’s get started! Continue reading SOS to GSEs: A Wrap-Up

We write to update you on events in the consolidated actions in the Southern District of New York before Judge Oetken known as In re Mexican Government Bonds Antitrust Litigation, 18-cv-02830 (In re MGB), which relates to allegations of a conspiracy among several banks to inflate the price of Mexican Government Bonds, debt securities issued by the Mexican government at regularly scheduled weekly auctions. Continue reading Update on Alleged Manipulation of the Market for Mexican Government Bonds