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 represents more than [30?] of the nation’s largest health insurers, including Anthem, Aetna, Cigna, Humana, and [#] BlueCross BlueShield licensees in connection with their claims relating to widespread price-fixing of generic pharmaceutical products. Some of this litigation has been centralized before the Honorable Cynthia M. Rufe in In re Generic Pharmaceuticals Pricing Antitrust Litig., MDL No. 2724 (E.D. Pa.). Lowey Dannenberg’s clients collectively purchased billions of dollars of these drugs during the alleged price-fixing conspiracies.

The case is pending before The Honorable Cynthia M. Rufe and the litigation is ongoing.