Robbins Geller Helps Secure $500 Million Recovery in ISDAfix Price Fixing Antitrust Litigation
Last week, Judge Jesse M. Furman of the United States District Court for the Southern District of New York granted preliminary approval of a $96 million settlement with the 5 remaining financial firms in an antitrust class action against 14 major banks and broker ICAP plc. If granted final approval, the settlement will bring the total recovery to more than $500 million for plaintiffs.
The case alleges that defendants conspired to manipulate U.S. Dollar ISDAfix (“ISDAfix”), the key interest rate for a broad range of interest rate derivatives and other financial instruments, in contravention of the competition laws, to benefit their own trading positions. Additionally, the case alleges that ICAP assisted in the manipulation to earn brokerage commissions, all to the substantial detriment of plaintiffs and other counterparties to defendant banks.
Alaska Electrical Pension Fund v. Bank of America, N.A., No. 1:14-cv-07126-JMF-OTW, Order Preliminarily Approving an Additional Settlement and the Related Plan of Distribution, and Approving the Manner and Forms for Notice (S.D.N.Y. June 26, 2018).