In re. Foreign Exchange Benchmark Rates Antitrust Litigation – Summary Judgment Briefing
Foreign Exchange Market Manipulation / Manipulation Monitor

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

Aluminum Warehousing Antitrust Litigation Update
Commodities Market Manipulation / Manipulation Monitor

Aluminum Warehousing Antitrust Litigation Update

WWhen we last wrote about In re Aluminum Warehousing Antitrust Litigation (Direct Purchaser Plaintiffs), Index No. No. 14-cv-3116-PAE (S.D.N.Y.), United States District Judge Paul A. Engelmayer had recently denied class certification. (See post here.) In this post, we will be doing a quick catch-up on last years’ decision on Defendants’ motion for summary judgment against claims brought by the Individual Purchaser (“IPs”) and First Level Purchaser Plaintiffs (“FLPs” and the subsequent briefing of the still-pending appeal. Continue reading Aluminum Warehousing Antitrust Litigation Update

Mexican Government Bonds Antitrust Litigation – Updates on Settlement and Reconsideration Motion
Government Bond Market Manipulation / Manipulation Monitor

Mexican Government Bonds Antitrust Litigation – Updates on Settlement and Reconsideration Motion

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

Trickery in High Frequency Trading: Part 3
High Frequency Trading / Manipulation Monitor

Trickery in High Frequency Trading: Part 3

It has been a long while since we have updated this particular blog series, but we’re back again with a look at some of the more recent developments in the set of related litigations targeting certain practices adopted by several stock exchanges (the “Exchange Defendants”) which increase the speed at which high-frequency traders (“HFTs”) can execute their trades. For a full refresher, I’d encourage you to take a peek at our two previous posts on this topic, but let it suffice to say here that the investor plaintiffs believe that the Exchange Defendants – motivated by the increased fees associated with the rise of high-frequency trading – created products and services that allowed the HFT firms to prey on other investors via allegedly manipulative trading schemes. Continue reading Trickery in High Frequency Trading: Part 3

San Diego County Files New Complaint Alleging VRDO Bond Price Fixing
Government Bond Market Manipulation / Manipulation Monitor

San Diego County Files New Complaint Alleging VRDO Bond Price Fixing

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

N.Y. Federal Judge Dismisses Treasury Auction Manipulation Case Against Big Banks
Government Bond Market Manipulation / Manipulation Monitor

N.Y. Federal Judge Dismisses Treasury Auction Manipulation Case Against Big Banks

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

Breaking LIBOR was Easy. Fixing it May be Hard.
Benchmark Rate Manipulation / Manipulation Monitor

Breaking LIBOR was Easy. Fixing it May be Hard.

This post is the first in a series of posts on the particularly complex issue of LIBOR transition on asset-backed securities, such as residential mortgage-backed securities, which face the additional complication of there being two levels of transition: LIBOR-indexed mortgage notes that are assets of the securitization trust and LIBOR-indexed interest rates paid on the securities issued the securitization trust. Continue reading Breaking LIBOR was Easy. Fixing it May be Hard.