Competition Economics Director Dr. Michael A. Williams assists $504.5 million settlement agreement in an antitrust class action over the ISDAfix

Competition Economics Director Dr. Michael A. Williams assisted in a $504.5 million settlement agreement in an antitrust class action over the ISDAfix.
 
Several pension funds and municipalities had accused 14 large investment banks of conspiring to manipulate the benchmark rate known as ISDAfix to benefit their own trading positions. The ISDAfix is a key interest rate benchmark in the global derivatives market. In addition, the case alleged that the broker ICAP assisted in the manipulation to earn brokerage commissions. The period of alleged misconduct spans from 2006 to 2014.
 
In early June 2018 a federal judge gave final approval to $408.5 million in settlements with 10 of the banks accused. Approximately six months later, in November 2018, a judge approved the last of the Defendants’ settlements, thus bringing the total recovered from 14 banks, in addition to ICAP, to be $504.5 million.
 
The case is noteworthy because the amount recovered for the class, over $500 million, is one of the most significant recoveries in an antitrust class action proceeding.
 
The case is Alaska Electrical Pension Fund et al v. Bank of America NA et al, at the U.S. District Court, Southern District of York, case no. 14-07126.
 
The Plaintiffs were represented by Scott & Scott Attorneys at Law LLP, Quinn Emanual Urquhart & Sullivan LLP, and Robbins Geller Rudman & Dowd LLP.

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