“Fixing” with the Fix? Market Manipulation Litigation for Precious Metals and their Spot and Derivatives
Commodities Market Manipulation / Manipulation Monitor

“Fixing” with the Fix? Market Manipulation Litigation for Precious Metals and their Spot and Derivatives

There is indeed gold “in them hills” if you are willing to lie to get it, at least according to the allegations in a number of precious metals litigations that have sprung up since 2013. Currently there are no less than two multi-district litigations relating to gold and silver, and a separate action with respect to platinum and palladium. Continue reading “Fixing” with the Fix? Market Manipulation Litigation for Precious Metals and their Spot and Derivatives

High Frequency Trading: Trickery Take Two
High Frequency Trading / Manipulation Monitor

High Frequency Trading: Trickery Take Two

The December 2017 decision from the Second Circuit held that the Exchanges were not entitled to absolute immunity with respect to the securities fraud claims, thus vacating the lower court’s dismissal. Defendant’s motion to dismiss the SCAC was accordingly limited to grounds for dismissal not yet addressed—and much pithier than earlier briefings, as a result. Continue reading High Frequency Trading: Trickery Take Two

SSA Swindling?
Government Bond Market Manipulation / Manipulation Monitor

SSA Swindling?

Since late 2016, 13 actions have been consolidated in In re SSA Bonds Antitrust Litigation, No. 1:16-cv-03711-ER (SDNY) (“In re SSA”). In this post, we focus on the facts alleged in In re SSA. In an upcoming post we will discuss the ongoing settlements and the motion to dismiss briefing in this consolidated action. At core, the allegations paint a picture of bank market maker collaboration and collusion to the harm of secondary market purchasers and participants. Continue reading SSA Swindling?

NY Fines Deutsche Bank $205 Million for Forex Market Manipulation
Foreign Exchange Market Manipulation / Manipulation Monitor

NY Fines Deutsche Bank $205 Million for Forex Market Manipulation

On June 20, 2018, the New York State Department of Financial Services announced that it has fined Deutsche Bank $205 million for “for violations of New York banking law, including efforts to improperly coordinate trading activity through online chat rooms, improperly sharing confidential customer information, trading aggressively to skew prices, and misleading customers.” Continue reading NY Fines Deutsche Bank $205 Million for Forex Market Manipulation

Stock Loan Lowdown, Part Two: To Dismiss or Not to Dismiss?
Manipulation Monitor / Stock Loan Market Manipulation

Stock Loan Lowdown, Part Two: To Dismiss or Not to Dismiss?

It’s time to dig in to the defenses put forward by the Prime Broker Defendants in their motion to dismiss papers, filed back in January 2018. Defendants’ arguments cover four main topics: first, Plaintiffs failed to adequately allege a violation of the Sherman Act; second, Plaintiffs lack antitrust standing; third, Plaintiffs’ claims are time barred; and fourth, Plaintiffs have failed to state a claim for unjust enrichment. Continue reading Stock Loan Lowdown, Part Two: To Dismiss or Not to Dismiss?

Banks Put the “Lie” in LIBOR
Benchmark Rate Manipulation / Manipulation Monitor

Banks Put the “Lie” in LIBOR

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 Libor”). Continue reading Banks Put the “Lie” in LIBOR