• In Re LIBOR-Based Financial Instruments Antitrust Litigation: The firm is co-interim class counsel in the LIBOR antitrust action brought in the Southern District of New York on behalf of holders of corporate bonds whose interest payments were based on LIBOR rates (the Bondholder Action). Plaintiffs allege the defendant banks – members of the U.S. Dollar LIBOR panel – colluded to artificially suppress LIBOR rates between August 2007 and May 2010. On March 29, 2013, the Southern District of New York dismissed the Sherman Act antitrust claims in all LIBOR-related actions then pending before it, including the Bondholder Action in its entirety. Bondholder plaintiffs appealed to the Second Circuit, which, by Order dated October 30, 2013, dismissed the appeal. The United States Supreme Court granted Bondholder plaintiffs’ petition for a writ of certiorari. Following argument before the Supreme Court on December 9, 2014, by unanimous opinion dated January 21, 2015, the Supreme Court ruled in favor of the Bondholder plaintiffs, and directed that their appeal of the district court’s dismissal of the Sherman Act antitrust claims proceed. Briefing on the appeal before the Second Circuit was completed in August 2015, and oral argument was heard by a three judge panel of the Second Circuit on November 13, 2015. By opinion dated May 23, 2016, the Second Circuit reversed the District Court and remanded the Bondholder Action back to the District Court. Following briefing and oral argument on a second motion to dismiss, by Order dated December 20, 2016, the District Court again dismissed the Bondholder Plaintiffs' antitrust claim. This dismissal is presently on appeal to the Second Circuit.
• BP Propane Direct Purchaser Antitrust Litigation: The firm was one of the interim class counsel appointed by the Court in this direct purchaser antitrust action alleging that BP Products North America, by and through its employees, attempted to and did monopolize the supply of Mont Belvieu, Texas TET Propane in, among other possible times, early 2004. The claims were settled for $52 million, resulting in class members recovering over 100 cents on the dollar. The successful litigation of the action required intensive expert and industry work and cutting edge briefing on antitrust market corners and their recoverability under the Sherman Act.
• Christie’s International Antitrust Litigation: The firm was one of the principal counsel in this federal antitrust class action litigation brought on behalf of buyers and sellers in international auctions held by the Christie’s and Sotheby’s Auction Houses. The firm was instrumental in developing and briefing arguments on appeal before the Second Circuit resulting in vacating the District Court’s dismissal pursuant to the 1982 Foreign Trade Antitrust Improvements Act due to the fact class members bought and sold in art auctions held outside of the United States. The claims settled for $40 million, resulting in class members receiving 100 cents on the dollar for their damages.
• Salomon Brothers Treasury Antitrust Litigation: The firm played a leading role in this complex federal securities fraud, antitrust and RICO class action arising from Salomon Brothers’ alleged manipulation and “squeeze” of the cash and financing markets for a number of issues of United States Treasury Securities. The claims were settled for $100 million. The firm, with co-counsel, retained and closely coordinated the detailed factual and merits expert work that underpinned the evidence of the manipulation and the calculation of estimated damages upon which settlement negotiations were premised, and successfully defeated defendants’ application for a writ of mandamus to the Second Circuit related to the production of a key internal memorandum.