In re Foreign Exchange Benchmark Rates Antitrust Litigation – Court denies Summary Judgement to Remaining Defendant

In re Foreign Exchange Benchmark Rates Antitrust Litigation – Court denies Summary Judgement to Remaining Defendant

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

Whistleblowing and the U.S. Sanctions Against Russia  

Whistleblowing and the U.S. Sanctions Against Russia  

In response to the Russian invasion of Ukraine, the last two weeks have seen the imposition of several rounds of sanctions against Russian and Belarussian individuals, banks, and other business.  How effective these sanctions are will depend entirely on their enforcement, and this is an area where whistleblowers have the potential to play an outsized role.  In this article, we will discuss who and what is covered by the sanctions, their potential impact, and possible pathways for whistleblower reporting. Continue reading Whistleblowing and the U.S. Sanctions Against Russia  

SECOND CIRCUIT DELIVERS BLOW TO ANTITRUST “UMBRELLA STANDING”

SECOND CIRCUIT DELIVERS BLOW TO ANTITRUST “UMBRELLA STANDING”

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”

Benchmark Manipulation: SIBOR Update, Part III

Benchmark Manipulation: SIBOR Update, Part III

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

Benchmark Manipulation: SIBOR Update, Part II

Benchmark Manipulation: SIBOR Update, Part II

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

Stock Loan Lowdown: Credit Suisse Settlement Update

Stock Loan Lowdown: Credit Suisse Settlement Update

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

Benchmark Manipulation: SIBOR Update, Part I

Benchmark Manipulation: SIBOR Update, Part I

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

In re. Foreign Exchange Benchmark Rates Antitrust Litigation – Summary Judgment Briefing

In re. Foreign Exchange Benchmark Rates Antitrust Litigation – Summary Judgment Briefing

While we’ve posted frequently on different aspects of the rigging of the foreign exchange markets (see here, here, and here, for example), we haven’t gone into much detail on one of the largest cases: In re Foreign Exchange Benchmark Rates Antitrust Litigation, Index. No. 13-cv-7789 (SDNY). I’m here to fix that! Today’s post will cover the motions (and cross-motions) for summary judgment, and, at the same time, try to fill any gaps left by our earlier discussions. Continue reading In re. Foreign Exchange Benchmark Rates Antitrust Litigation – Summary Judgment Briefing