In February 2015, Lowey Dannenberg filed a proposed class action against global financial institutions responsible for setting the London Interbank Offered Rate for the Swiss Franc (Swiss Franc LIBOR).

Defendants settled with global regulators, paid billions in fines and were granted leniency by the European Commission for alleged anti-competitive conduct in the Swiss Franc LIBOR and Swiss Franc LIBOR derivatives market.

Defendant JP Morgan agreed to a $22 million settlement and Judge Sidney Stein preliminarily approved this settlement on August 16, 2017. Judge Stein issued a decision on defendants’ motions to dismiss on September 25, 2017, finding personal jurisdiction over all of the bank defendants and granting leave to amend the complaint.

Sonterra Capital Master Fund Ltd. v. Credit Suisse Group AG et al., Case No. 15-cv-0871 (S.D.N.Y.)