Here's a big bucks case to watch: Cohen Milstein Sellers & Toll and Quinn Emanuel Urquhart & Sullivan teamed up to file as class action against the nation's biggest banks on behalf of the Chicago Public School Teachers' Pension and Retirement Fund.

In an 88-page complaint filed Wednesday in Manhattan federal court, the powerhouse plaintiffs sued Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, the Royal Bank of Scotland, UBS and others for conspiring to engineer and maintain an anti-competitive stranglehold over the market for interest rate swaps.

Billions of dollars in interest rate swaps are traded every day. According to the complaint, the defendants conspired to keep buyers such as the pension fund off interest rate swap exchanges in order to force them to “trade with them in an opaque and inefficient over-the-counter market in which the dealer defendants hold all the cards,” wrote Cohen's J. Douglas Richards (former deputy general counsel of the Commodity Futures Trading Commission) and Quinn's Daniel Brockett (who won $1.9 billion in a recent antitrust settlement involving credit default swaps). Also on the complaint is Joseph Burns of Jacobs Burns Orlove & Hernandez.