Quinn Emanuel Urquhart & Sullivan associates David LeRay and Nicolas Siebert have become somewhat accustomed to basking in the glow of the firm's victories against big banks in high-stakes antitrust cases. LeRay and Siebert were part of the firm's Litigator of the Week award-winning team last month that struck a nearly half-billion deal with multiple banks accused of conspiring to prop up fees in the stock lending market. LeRay, who has been with the firm since 2013, also had roles on the firm's teams that brought antitrust cases related to credit default swaps and interest rate swaps.

Well, LeRay and Siebert got to celebrate another win late last week—and this one was perhaps a touch sweeter for the two of them given the heightened roles they played. U.S. District Judge Jesse Furman in Manhattan on Thursday granted class certification to about 13,000 issuers of variable rate demand obligations—a type of bond often used by municipalities to raise money for operating expenses, infrastructure projects and public services—who claim Bank of America, Barclays, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, the Royal Bank of Canada, and Wells Fargo conspired to inflate interest rates in the market.