Updated: April 26, 2019
Status: Ongoing Case
Labaton Sucharow has been appointed interim co-lead counsel in a class action lawsuit against certain financial institutions, including Bank of America and Royal Bank of Scotland, for participating in an alleged scheme to manipulate the prices of Eurozone Government Bonds that U.S. investors bought and sold.
Eurozone Government Bonds are sovereign debt issued by European central governments that have adopted the Euro as their official currency. The estimated market for these bonds is $9.4 trillion.
According to the complaint, from as early as January 1, 2007 and continuing through at least December 31, 2012, defendants colluded with each other to fix the prices at which they bought and sold Eurozone Government Bonds. Using electronic communications, including instant messages and chatrooms, traders from defendant banks discussed their respective customers’ identities and confidential information about the size and nature of their orders before deciding the prices they would quote to their customers.
The conduct was discovered by European regulators following an extensive investigation, which culminated with the European Commission issuing a Statement of Objections in January 2019 alleging that eight banks “participated in a collusive scheme that aimed at distorting competition when acquiring and trading European government bonds.”
The case is In re European Government Bonds Antitrust Litigation, No. 19-cv-2601 (S.D.N.Y.).
Useful Links
Our Locations
New York
140 Broadway
New York, NY 10005
212-907-0700
Delaware
300 Delaware Avenue, Suite 1340
Wilmington, DE 19801
302-573-2540
Useful Links
Washington, D.C.
1050 Connecticut Avenue, NW, Suite 500
Washington, D.C. 20036
202-772-1880
The materials appearing on this website are provided for informational purposes only and do not constitute legal advice. You should not take action based upon this information without consulting legal counsel. This site is not intended to create an attorney-client relationship. The hiring of a lawyer is an important decision that should not be based solely upon any single source of information, including advertising on this website. You may ask us to send you further information about us, and we urge you to review other sources of information about us.