In re Foreign Exchange Benchmark Rates Antitrust Litigation (S.D.N.Y.)
The Firm serves as Plaintiffs counsel in a putative antitrust class action alleging a massive global conspiracy by some of the largest financial institutions who are alleged to have manipulated the WM/Reuters Closing Spot Rates for foreign currency transactions in the foreign exchange (“FX”) market. Defendants are the dominant dealers in the FX market (where daily trading averages exceed $5.3 trillion) and are alleged to have exchanged confidential customer order information and trading positions and to have agreed on concerted strategies for trading in and around the setting of the Spot Rates. The collusive tactics included front running/trading ahead and other prohibited acts, and have resulted in investigations by law enforcement and regulatory authorities in the United States, Europe, Asia, Australia and New Zealand. We filed our Consolidated Amended Class Action Complaint on March 31, 2014 and the litigation is now in the preliminary motion phase. Following rulings by the Court on initial motions directed to the pleadings, extensive discovery procedures are anticipated in domestic and foreign jurisdictions.