NOTABLE CASES
The Critical ABCs of Antitrust Litigation and Recovery Opportunities
POSTED AUGUST 31, 2018
BACKGROUND
- Cases arose following the discovery that many large banks were submitting false data related to setting various benchmark interest rates and colluding to manipulate exchange rates.
- A relatively new phenomenon regarding litigation and shareholder recoveries.
- Many of the same defendants from case-to-case.
ANTITRUST SETTLEMENTS – SIX LARGEST U.S.-BASED SETTLEMENTS
| CASE NAME | # OF SETTLING DEFENDANTS | AMOUNT | CLAIMS ADMINISTRATOR | RANKING* |
| Foreign Exchange Benchmark Rates | 15 | $2,310,275,000 | Garden City Group | 8th Largest |
| Credit Default Swaps | 12 | $1,864,650,000 | Garden City Group | 9th Largest |
| LIBOR-Based Financial Instruments | 4 | $590,000,000 | Rust Consulting | 27th Largest |
| ISDAfix Transactions | 15 | $504,500,000 | Epiq Systems | 30th Largest |
| Euro Interbank Offered Rate | 3 | $309,000,000 | A.B. Data | 56th Largest |
| Euroyen-Based Derivatives | 5 | $236,000,000 | A.B. Data | 72nd Largest |
| *U.S. Settlement Rank, if case was a traditional class action | ||||
ANTITRUST SETTLEMENTS – TOP 10 NOTED DEFENDANTS
SETTLEMENT DETAILS
- Wide range of time (class period) during which the alleged collusion took place (from 3 years to 13 years).
- Multiple defendants within each case.
- Providing substantial settlements totaling over $5.8 billion.
COMMON THREADS
- Claimants domiciled within the U.S. (or trades conducted within the U.S.).
- Majority of settlements cover all relevant securities which were held at any point during the class period, as opposed to only trades conducted within the class period.
- Majority of settlements cover multiple types of securities (e.g., swaps, futures, forward rate agreements, swaptions, and other futures contracts).
- All cases pose challenges for shareholders to participate.
