Raymond P. Girnys focuses on prosecuting commodities manipulation and antitrust violations. Some of Mr. Girnys’ current commodity manipulation and antitrust cases include:
- Brent Crude Oil/Platts. On May 22, 2013, Lowey Dannenberg on behalf of its client Prime International Trading, Ltd., filed the first class action against some of the world’s largest oil companies on behalf of traders who transacted in Brent Crude oil futures contracts on the New York Mercantile Exchange (“NYMEX”) and the Intercontinental Exchange, Inc. (“ICE”). The lawsuit alleges that, between 2002 and the present, Defendants intentionally and unlawfully conspired to manipulate North Sea Brent Crude oil prices by deliberately reporting false trade information to Platts, the leading global provider of physical Brent Crude oil prices and benchmarks for the trillion dollar Brent Crude oil market. Prime International Trading, Ltd. v. BP PLC et al., Case No. 13-cv-3473 (S.D.N.Y.).
- Yen-LIBOR/Euroyen TIBOR. Lowey Dannenberg is court-appointed Lead Class Counsel in a proposed class action against the numerous financial institutions responsible for the setting of the London Interbank Offered Rate (“LIBOR”) for the Japanese Yen and the Euroyen Tokyo Interbank Offered Rate (“TIBOR”). The lawsuit alleges that the Defendants manipulated these global benchmark rates in an artificial direction that financially benefitted their Yen-LIBOR and Euroyen-based derivatives positions. Defendants named in the lawsuit have already pled guilty to criminal charges of price fixing and paid billions in fines to regulators. Further, Defendant UBS AG has been granted conditional leniency from the U.S. Department of Justice (“DOJ”) pursuant to the Antitrust Criminal Penalty Enhancement and Reform Act (“ACPERA”) for alleged anticompetitive conduct relating to the Euroyen market. Laydon v. Mizuho Bank, Ltd. et al., Case No. 12-cv-3419 (S.D.N.Y.).
- Euribor. On February 12, 2013, Lowey Dannenberg filed a proposed class action against numerous global financial institutions responsible for the setting of the Euro Interbank Offered Rate (“Euribor”), a global reference rate used to benchmark and price settle over $200 trillion of financial products, including Euribor futures contracts traded on the NYSE LIFFE exchange. Defendants named in the lawsuit have already settled with global regulators, paid billions in fines, and have sought and been granted ACPERA conditional leniency from the DOJ for alleged anticompetitive conduct in the Euribor market. Sullivan v. Barclays PLC et al., Case No. 13-cv-2811 (S.D.N.Y.).
Mr. Girnys is also active in Lowey Dannenberg’s securities litigation practice, including as a member of the Lowey team currently prosecuting the securities class action against Community Health Systems, Inc. (Norfolk Retirement Sys. v. Community Health Sys., 11-cv-0433 (M.D. Tenn). His practice also covers a wide variety of litigation matters in federal and state courts, including a successful litigation in Colorado state court against investment advisors for investments in the Rye Fund, a Madoff feeder fund, and pending litigation in California state court against Bank of America and Countrywide relating to allegations of fraud in the sale of mortgage-backed securities.
Mr. Girnys also worked on the amicus curiae brief filed by Lowey Dannenberg on behalf of the New York State Common Retirement Fund, the New York City Pension Funds, and the New York State Teachers’ Retirement System in the New York Court of Appeals in Assured Guar. (UK) Ltd. v. J.P. Morgan Inv. Management Inc. (Dec. 20, 2011). In that successful outcome, the Court of Appeals held that New York’s Blue Sky law, the Martin Act, does not pre-empt investors from asserting common law causes of action. Assured Guar. (UK) Ltd. v. J.P. Morgan Inv. Mgmt. Inc., 18 N.Y.3d 341 (2011).
Mr. Girnys contributed to “Don’t Bend ‘American Pipe’” New York Law Journal, November 7, 2012 as well as co-authored “NECA-IBEW Health & Welfare Fund v. Goldman Sachs & Co.: The Implications on Class Standing and Why We Should Think About Amici Support Now,” The NAPPA Report, Vol. 26, Number 4, November 2012. Mr. Girnys also co-authored “No Antitrust Injury in Libor Rate-Setting?—What Happened to Effects,” Competition Policy International, May 30, 2013.
Mr. Girnys received his B.A. (magna cum laude) in history and political science from The University of Scranton in 2008 where he also played Varsity Baseball. Mr. Girnys received his J.D. (summa cum laude) from New York Law School in 2011. While at New York Law School, Mr. Girnys was a John Marshall Harlan Scholar affiliated with the Center on Business Law & Policy and served as an Associate in the Center on Financial Services Law. Mr. Girnys also served as an Articles Editor of the New York Law School Law Review.
Prior to joining Lowey Dannenberg, Mr. Girnys served as an Intern in the U.S. Attorney’s Office, Eastern District of New York. Mr. Girnys is admitted to practice in both New York and New Jersey and the U.S. District Court for the Southern District of New York.