We have written extensively on LIBOR-related issues over the years, and we were interested to see the two recent publications by Andy Verity, the BBC’s economics correspondent, in The Times (see here and here). The linked articles are extracts from Verity’s upcoming book, Rigged, which investigates the LIBOR-rigging scandal—and presents claims that “investigating
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In re Foreign Exchange Benchmark Rates Antitrust Litigation – Court Denies Motion to Decertify Class
As we reported here and here, although all but one of the defendants in the In re Foreign Exchange Benchmark Rates Antitrust Litigation, 1:13 civ 07789 (LGS), have settled, Credit Suisse has not. (Technically, the defendants are three separate Credit Suisse entities, which are being treated as one for all relevant purposes.) Since our…
Swiss Franc LIBOR Class Action: Credit Suisse Settlement
While we have written frequently on various LIBOR-related litigations, this post will focus on a yet-uncovered action—Sonterra Capital Master Fund, Ltd. V. Credit Suisse Group AG et al.—targeting the Swiss Franc LIBOR.
The 2015 class action complaint, brought by Sonterra Capital against Credit Suisse, JP Morgan, RBS, UBS, and a series of Doe defendants, alleged…
Mexican Government Bonds Antitrust Litigation: Reconsideration Motion Denied
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…
Remaining Plaintiffs Settle in the In re Aluminum Warehousing Antitrust Litigation
We have previously reported that the In re Aluminum Warehousing Antitrust Litigation, 13 MD 2481 (PAE) defendants moved for summary judgment against the remaining plaintiffs, Reynolds Consumer Products LLC and Southwire Company LLC in February 2022, and that the plaintiffs did not file opposition but instead notified the court that a settlement was in process. …
Benchmark Manipulation: Another SIBOR Settlement
A few weeks ago, we posted about a series of settlements in the SIBOR benchmark manipulation litigation: Plaintiffs filed a motion for preliminary approval of a settlement with Credit Suisse, Deutsche Bank, HSBC, and ING Bank. In that post, we noted that Plaintiffs’ filing contemplated a future settlement with the remaining 13 defendants. Well, that…
The London Silver Plaintiffs And Defendants Dispute The Scope Of The Second Circuit’s Schwab II Decision
As we noted at the time, the Second Circuit’s “umbrella standing” decision in Schwab Short-Term Bond Mkt. Fund v. Lloyds Banking Grp. PLC, 22 F.4th 103 (2d Cir. 2021) (“Schwab II”), was likely to spin off a series of further disputes, and the first of these has crystallized; as we previously discussed here and…
Benchmark Manipulation: SIBOR Settlements
Earlier this year, we posted a series of updates on briefing in the SIBOR benchmark manipulation litigation. (You can find those posts here, here, and here.) Today, we’re back to talk about a new development: settlements!
On May 13, 2022, Plaintiffs (Fund Liquidation Holdings, Moon Capital Partners, and Moon Capital Master Fund)…
Treasury Market Manipulation Action Dismissed Again
Last year, we wrote about the first motion to dismiss in a multi-district litigation in which Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Goldman Sachs, Morgan Stanley, RBS, and UBS, and three platform companies were accused of conspiracy to manipulate the primary and secondary markets for U.S. Treasury Securities. Today we will cover…
The London Silver Plaintiffs File Their Opposition To Defendants’ Schwab II Motion
We have been following the effects of the Second Circuit’s decision paring back antitrust “umbrella standing” in Schwab Short-Term Bond Mkt. Fund v. Lloyds Banking Grp. PLC, 22 F.4th 103 (2d Cir. 2021) (“Schwab II”), on the actions we have been following, including the LIBOR action (in which the decision was made), the SIBOR action,…