Pleading Antitrust Benchmark Conspiracy Claims in the Second Circuit
An examination of the numerous cases litigated in recent years alleging that market makers conspired to manipulate various financial benchmarks. Some cases were dismissed at the pleading stage while others survived, despite similarities among them for the grounds on which the plaintiffs based their conspiracy allegations.
September 17, 2020 at 10:00 AM
8 minute read
U.S. Court of Appeals for the Second Circuit
Following the U.S. Court of Appeals for the Second Circuit's decision in Gelboim v. Bank of America Corp. (LIBOR), 823 F.3d 759 (2d Cir. 2016) there have been additional antitrust cases filed in the Southern District of New York challenging alleged conspiracies to manipulate benchmark rates used in financial instruments and derivatives. Two examples where complaints were dismissed on Rule 12(b)(6) motions are In re ICE LIBOR Antitrust Litigation ("ICE LIBOR"), No. 19 Civ. 439 (GBD), 2020 WL 1467354 (S.D.N.Y. Mar. 26, 2020), and In re Mexican Government Bonds Antitrust Litigation, 412 F. Supp. 3d 380 (S.D.N.Y. 2019). Dennis v. JPMorgan Chase & Co. ("BBSW"), 343 F. Supp. 3d 122 (S.D.N.Y. 2018) provides a contrary example where the court held the allegations sufficient to state an antitrust conspiracy claim.
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