Commercial Litigation Lawyers in NYC

In February 2013, Lowey Dannenberg filed a proposed class action against global financial institutions responsible for setting the Euro Interbank Offered Rate (Euribor), a global reference rate used to benchmark and price settle more than $200 trillion of financial products, including Euribor futures contracts traded on the NYSE LIFFE exchange. Lowey Dannenberg secured settlement agreements from three of the defendants— Barclays, Deutsche Bank, and HSBC —totaling $309 million. The Court has granted final approval to all three settlements.
The case is currently pending before Judge P. Kevin Castel and the litigation is ongoing. Defendants settled with global regulators, paid billions in fines, and were granted ACPERA conditional leniency from the DOJ for alleged anti-competitive conduct in the Euribor market.

Sullivan v. Barclays PLC et al., Case No. 13-cv-2811 (S.D.N.Y.)

In February 2013, Lowey Dannenberg filed a proposed class action against global financial institutions responsible for setting the Euro Interbank Offered Rate (Euribor), a global reference rate used to benchmark and price settle more than $200 trillion of financial products, including Euribor futures contracts traded on the NYSE LIFFE exchange. Lowey Dannenberg secured settlement agreements from three of the defendants— Barclays, Deutsche Bank, and HSBC —totaling $309 million. The Court has granted final approval to all three settlements.
The case is currently pending before Judge P. Kevin Castel and the litigation is ongoing. Defendants settled with global regulators, paid billions in fines, and were granted ACPERA conditional leniency from the DOJ for alleged anti-competitive conduct in the Euribor market.

Sullivan v. Barclays PLC et al., Case No. 13-cv-2811 (S.D.N.Y.)

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.) The case is currently pending before Judge P. Kevin Castel and the litigation is ongoing. Defendants settled with global regulators, paid billions in fines, and were granted ACPERA conditional leniency from the DOJ for alleged anti-competitive conduct in the Euribor market.

Sullivan v. Barclays PLC et al., Case No. 13-cv-2811 (S.D.N.Y.)

In February 2013, Lowey Dannenberg filed a proposed class action against global financial institutions responsible for setting the Euro Interbank Offered Rate (Euribor), a global reference rate used to benchmark and price settle more than $200 trillion of financial products, including Euribor futures contracts traded on the NYSE LIFFE exchange. Lowey Dannenberg secured settlement agreements from three of the defendants— Barclays, Deutsche Bank, and HSBC —totaling $309 million. The Court has granted final approval to all three settlements.
The case is currently pending before Judge P. Kevin Castel and the litigation is ongoing. Defendants settled with global regulators, paid billions in fines, and were granted ACPERA conditional leniency from the DOJ for alleged anti-competitive conduct in the Euribor market.

Sullivan v. Barclays PLC et al., Case No. 13-cv-2811 (S.D.N.Y.)

Lowey Dannenberg filed a proposed class action in July 2015 alleging that the 20 global financial institutions responsible for setting the Singapore Interbank Offered Rate (“SIBOR”) and the Singapore Swap Offer Rate (“SOR”) manipulated these benchmark rates to benefit their own derivatives positions at the expense of U.S. investors. The Monetary Authority of Singapore investigated, finding manipulation by these financial institutions in SIBOR and SOR, imposing fines and other remedial measures. In August 2017, Judge Alvin K. Hellerstein sustained plaintiffs’ Sherman Act claims against defendants Bank of America, Citibank, JPMorgan Chase Bank. FrontPoint Asian Event Driven Fund, L.P. v. Citibank, N.A., et al., 16-cv-5263 (S.D.N.Y.)
Sullivan v. Barclays PLC et al., Case No. 13-cv-2811 (S.D.N.Y.)

Lowey Dannenberg filed a proposed class action in August 2016 alleging that global financial institutions responsible for setting the Bank Bill Swap Reference Rate (“BBSW”), the primary interest rate benchmark used to price and settle Australian dollar-denominated derivatives, colluded to manipulate the benchmark rate to profit in their related derivatives positions at the expense of investors. Australia and New Zealand Banking Group, Limited and National Australia Bank have settled with the Australian Securities and Investments Commission, agreeing to pay 100 million Australian dollars in fines and admitting to wrongdoing. This case is currently pending before Judge Lewis A. Kaplan. Dennis, et al. v. JPMorgan Chase & Co., et al., Case No. 16-cv-06496-LAK (S.D.N.Y.)The case is currently pending before Judge P. Kevin Castel and the litigation is ongoing. Defendants settled with global regulators, paid billions in fines, and were granted ACPERA conditional leniency from the DOJ for alleged anti-competitive conduct in the Euribor market.

Sullivan v. Barclays PLC et al., Case No. 13-cv-2811 (S.D.N.Y.)

Lowey Dannenberg filed a proposed class action in August 2016 alleging that global financial institutions responsible for setting the Bank Bill Swap Reference Rate (“BBSW”), the primary interest rate benchmark used to price and settle Australian dollar-denominated derivatives, colluded to manipulate the benchmark rate to profit in their related derivatives positions at the expense of investors. Australia and New Zealand Banking Group, Limited and National Australia Bank have settled with the Australian Securities and Investments Commission, agreeing to pay 100 million Australian dollars in fines and admitting to wrongdoing. This case is currently pending before Judge Lewis A. Kaplan. Dennis, et al. v. JPMorgan Chase & Co., et al., Case No. 16-cv-06496-LAK (S.D.N.Y.)