Court Preliminarily Approves Deutsche Bank Silver Settlement
On November 23, 2016, the Honorable Valerie E. Caproni preliminarily approved a $38 million class action settlement between silver investors and Deutsche Bank AG, the first settlements of the antitrust suit accusing several large financial institutions of fixing silver market prices. Read more, here.
Lowey Dannenberg Wins Summary Judgement Dismissal of Class Action against Rawlings Company and Oxford Health Plans
On November 17, 2016, The Honorable Joan M. Azrack, United States District Court Judge for the Eastern District of New York, granted Rawlings’ and Oxford’s motion for summary judgment on Plaintiff Wurtz’s class action claims alleging violation of New York General Business Law § 349 and for restitution due to unjust enrichment, and denied Plaintiff’s cross motion for summary judgment on the unjust enrichment claim. Read more here.
Lowey Dannenberg Seeks Preliminary Approval for Deutsche Bank's $38M Settlement of Silver Price-Fixing MDL
On October 16, 2016, Lowey Dannenberg sought preliminary approval for Deutsche Bank AG to pay $38 million to settle multidistrict litigation claims alleging that it was part of a scheme to fix the price of silver. In re: London Silver Fixing Ltd. Antitrust Litigation, no. 14-md-02573 (SDNY). The suit continues against other defendants. Read more here.
Lowey Dannenberg Wins Denial of Motion to Dismiss in London Silver Fixing Litigation
On October 3, 2016, U.S. District Judge Valerie E. Caproni of the Southern District of New York denied Defendants HSBC and Bank of Nova Scotia’s motion to dismiss in large part, sustaining plaintiffs’ claims under the Sherman Act and the Commodity Exchange Act. See In re London Silver Fixing, Ltd., Antitrust Litigation, 14 MD-2573 (VEC) (S.D.N.Y). Read more here.
Federal Appeals Court Agrees with Lowey Dannenberg -- an Amazon.com Customer May Not Be Bound by the Website’s Arbitration Clause
On August 25, 2016, the United States Court of Appeals for the Second Circuit Court overturned a district court ruling dismissing a class action brought against Amazon.com. Read more here.
Lowey Dannenberg Defeats Defendants’ Motion to Dismiss in Kraft Wheat Futures Manipulation Litigation
On June 27, 2016, Lowey Dannenberg successfully defeated Defendants Kraft Foods Group, Inc. and Mondelez Global LLC’s motion to dismiss in the Kraft wheat futures manipulation case, Ploss v. Kraft Foods Group, Inc. et al., 15-cv-2937 (N.D. Ill.). Read more here.
Court Grants Preliminary Approval to HSBC & Citigroup's Yen Libor Settlements
Lowey Dannenberg secured New York U.S. District Judge George B. Daniels’ preliminarily approved $58 million in class settlements between investors and HSBC Holdings PLC, Citigroup and brokerage firm RP Martin Holdings Ltd., the first settlements of the antitrust suit accusing several large financial institutions of fixing yen-denominated Libor rates. Read more here.
Lowey Dannenberg wins Dismissal of Claims in Dispute over $72 million Contingency Fee
Lowey Dannenberg’s Richard Cohen and Uriel Rabinovitz successfully litigated Graubard Milller’s motion to dismiss the claims of a former partner in New York State Supreme Court. Mallis v. Miller, 2016 NY Slip Op 31133(U) (Sup. Ct., June 14, 2016). Read more here.
Lowey Dannenberg Settles Two Class Actions against HSBC
Lowey Dannenberg Cohen & Hart PC has resolved investors’ claims against HSBC Holdings PLC and HSBC Bank PLC in two proposed antitrust class actions alleging the bank fixed yen-denominated Libor rates. Read more here.
Lowey Dannenberg Wins Fight over European Documents
Lowey Dannenberg won another significant ruling in Laydon v. Mizuho Bank Ltd. et al., litigation concerning the conspiracy to manipulate the Yen-Libor benchmark interest rate, when a New York federal judge rejected a bid by Deutsche Bank AG, JPMorgan & Chase Co., Societe Generale, Sumitomo Mitsui Banking Corp., Mizuho Corporate Bank Ltd. and other banks to have investors pursue documents in the U.K. via the Hague Convention. In his ruling, Judge Henry B. Pitman said: “The moving defendants have failed to establish that they would suffer a hardship so significant to displace the Federal Rules in favor of the Hague Convention.” Read the Law360 article, “Banks Lose Fight over UK Document Chase In Yen Libor Suit”, and more here.
Lowey Dannenberg Announces $23 million Settlement with Citigroup, First Defendant to Settle in Yen-Libor and Euroyen Tibor Benchmark Interest Rate Litigation
After reaching agreement with class plaintiffs represented by Lowey Dannenberg, Citigroup Inc. will pay $23 million to end private U.S. antitrust litigation claiming that it conspired to manipulate the Yen-Libor and Euroyen Tibor benchmark interest rates in an "ice breaker" settlement that could spur some of the roughly 20 other bank defendants to settle. Read the Reuters story here and read the LAW360 story here. Read more about the case, here.
Barclays PLC to Pay $94 Million in First Settlement in the Euribor Litigation
Barclays PLC, one of 11 banks which conspired to manipulate the benchmark European Interbank Offered Rate (Euribor) and related derivatives, agreed to pay $94 million to settle antitrust litigation brought by Lowey Dannenberg Cohen & Hart PC on behalf of the California State Teachers' Retirement System. Read more, click here.