Antitrust Litigation
Lowey Dannenberg:
leaders in high-stakes
Antitrust Litigation
Experts in the prosecution of anticompetitive practices.
Lowey Dannenberg has 50 years of experience representing sophisticated clients in complex securities, antitrust and RICO-based litigation, successfully achieving billions of dollars in recovery on behalf of consumers and investors. As one of the premier antitrust law practices in the United States, Lowey serves clients who pay higher prices because of anti-competitive practices. From conspiracies to boycotts, to exclusive dealings, we can chart the proper litigious course to fight activities that obstruct price competition.
Lowey Dannenberg has pioneered the prosecution of complex antitrust cases against some of the world’s largest financial institutions for antitrust conspiracy, commodities manipulation, and RICO violations in global financial markets. The firm’s experience and expertise in litigating international price-fixing cases is second to none.
Representative Cases
Ongoing Prosecution of Leading Antitrust Cases
Euribor. Lowey Dannenberg is leading the prosecution against the global financial institutions responsible for the setting of the Euro Interbank Offered Rate (“Euribor”), a global reference rate used to benchmark, price and settle over $200 trillion of financial products, including Euribor futures contracts traded on the NYSE LIFFE exchange. 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. To date, Lowey Dannenberg has secured settlement agreements from three of the defendants— Barclays, Deutsche Bank, and HSBC —totaling $309 million. The Court preliminarily approved all three settlements. The case is currently pending before Judge P. Kevin Castel and the litigation is ongoing.
Sullivan v. Barclays PLC et al., Case No. 13-cv-2811 (S.D.N.Y.)
London Silver Fixing. Lowey Dannenberg was appointed co-lead counsel in a class action, alleging that a group of 8 major financial institutions colluded to fix the outcome of the London Silver Fix, a global benchmark that impacts the value of more than $30 billion in silver and silver financial instruments. The case alleges violations of the CEA and antitrust laws in a conspiracy to fix prices in the over-the-counter silver and silver futures market. To date, Lowey has secured a $38 million settlement from defendant Deutsche Bank and valuable cooperation material that it is using in the ongoing prosecution of the case against the remaining defendants.
In re London Silver Fixing Ltd. Antitrust Litigation, Case No. 14-md-2573 (VEC) (S.D.N.Y.)
Swiss Franc LIBOR. Lowey Dannenberg is the court-appointed sole lead counsel in a class action against numerous 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. To date, Lowey has secured a $22 million settlement from one defendant, JP Morgan, which Judge Sidney Stein preliminarily approved. Litigation against the remaining Defendants is still ongoing.
Sonterra Capital Master Fund Ltd. v. Credit Suisse Group AG et al., Case No. 15-cv-0871 (S.D.N.Y.)
SIBOR/SOR. 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.)
Generic Pharmaceuticals Price Fixing. Lowey Dannenberg, with co-counsel, is leading the prosecution of Humana Inc.’s antitrust claims against 37 generic pharmaceutical manufacturers relating to their collusion to dramatically raise the prices of several generic drugs. Humana purchased billions of dollars of these drugs during the alleged price-fixing conspiracies.
The case is currently pending before The Honorable Cynthia M. Rufe and the litigation is ongoing.
Humana Inc. v. Actavis Elizabeth, LLC, et al. Civil Action No. 18-3299 (E.D. Pa.)
“The Lowey[] complaint reveals a particularly outstanding effort due to the thorough and contemporaneous nature of the allegations…[and] feature[s] attorneys with laudable expertise in handling class actions in general and CEA and antitrust law in particular.”
Landmark Outcomes
Lowey Dannenberg is the court-appointed co-lead counsel in a class action alleging that several major financial institutions colluded to fix the outcome of the London Silver Fix, a global benchmark that impacts the value of more than $30 billion in silver and silver financial instruments. To date, Lowey has secured $38 million in settlement. The case is pending before the Hon. Judge Valerie E. Caproni.
In re London Silver Fixing Ltd. Antitrust Litigation, Case No. 14-md-2573 (VEC) (S.D.N.Y.)
“The Lowey[] complaint reveals a particularly outstanding effort due to the thorough and contemporaneous nature of the allegations…[and] feature[s] attorneys with laudable expertise in handling class actions in general and CEA and antitrust law in particular.”
Landmark Outcome
Lowey Dannenberg is the court-appointed co-lead counsel in a class action alleging that several major financial institutions colluded to fix the outcome of the London Silver Fix, a global benchmark that impacts the value of more than $30 billion in silver and silver financial instruments. To date, Lowey has secured $38 million in settlement. The case is pending before the Hon. Judge Valerie E. Caproni.
In re London Silver Fixing Ltd. Antitrust Litigation, Case No. 14-md-2573 (VEC) (S.D.N.Y.)
Additional Notable Achievements
Cardizem. In 1998, Lowey Dannenberg filed the first-ever pay-for-delay class action on behalf of consumers and third party payers against Aventis S.A. and Andrx Corp., alleging the brand pharmaceutical company engaged in anti-competitive agreements regarding the blood pressure drug Cardizem CD to prevent more affordable generic equivalents from entering the market. Lowey served as lead counsel and argued before the United States Court of Appeals for the Sixth Circuit in a landmark decision that unanimously affirmed a summary judgment of per se liability against defendants. Lowey successfully negotiated an $80 million class settlement.
In re Cardizem CD Antitrust Litigation, MDL No. 1278 (E.D. Mich.)
Wellbutrin. Lowey Dannenberg served as class counsel in a generic pay-for-delay case against GlaxoSmithKline and Valeant (f/k/a Biovail), alleging they formed an anti-competitive agreement to prevent the market entry of a cheaper, generic version of the blockbuster antidepressant drug, Wellbutrin XL. Lowey achieved a $11.75 settlement with Valeant.
In re Wellbutrin XL Antitrust Litig., Case No. 08 Civ. 2433 (E.D. Pa.)
Litton Loan Servicing. Lowey Dannenberg served as class counsel and recovered $4.1 million on behalf of a class of homeowners who alleged that several mortgage servicers colluded to force them to buy unnecessary lender-placed insurance on their property.
Lyons v. Litton Loan Servicing LP, et al., No. 13-cv-00513 (S.D.N.Y.)
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More than 50 years of landmark results.