Traders must communicate to trade. And to collude. The Manipulation Monitor covers the manipulation of the financial markets in violation of the antitrust laws.
The parties have apparently settled the remaining claims in the Aluminum Warehousing MDL. Continue reading Apparent Settlement in the In re Aluminum Warehousing Antitrust Litigation
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
This post examines the Aluminum Warehousing defendants’ motionfor summary judgment against the remaining plaintiffs. Continue reading The Defendants Move for Summary Judgment in the In re Aluminum Warehousing Antitrust Litigation
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
Following up from last week, this post reviews how Schwab II arguments are already being raised by defendants in other actions we have covered in this space. Continue reading THE SECOND CIRCUIT’S SCHWAB II ANTITRUST STANDING DECISION IS ALREADY AFFECTING OTHER BENCHMARK CASES
Umbrella standing had been an open question in the Second Circuit, with district courts coming to different conclusion, but the Court of Appeals addressed the issue in December 2021, and its decision in Schwab Short-Term Bond Mkt. Fund v. Lloyds Banking Grp. PLC, 22 F.4th 103 (2d Cir. 2021) (“Schwab II”), dealt a major blow to umbrella standing proponents. Continue reading SECOND CIRCUIT DELIVERS BLOW TO ANTITRUST “UMBRELLA STANDING”
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
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
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
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
