NEW YORK (June 29, 2018) – Labaton Sucharow LLP, as class counsel, announced a proposed $96 million settlement with five financial firms in an antitrust class action alleging manipulation of the global swaps and options benchmark, ISDAfix. The latest group of settlements brings the total amount to $504 million in this massive case, which implicated 14 big banks and interdealer broker ICAP. The Court approved settlements of $408.5 million with the other defendant banks in May 2018.
The action alleges that these global financial institutions colluded to manipulate ISDAfix for the purpose of enriching themselves to the detriment of investors who purchased interest rate derivatives. Labaton, which filed its complaint in October 2014, was one of the few firms responsible for litigating the case. Audio recordings, chats and emails were used as evidence of the rigging.
Labaton Sucharow represents Genesee County Employees’ Retirement System. Our team includes partner Gregory Asciolla, of counsels Karin Garvey and Robin van der Meulen, and associate Matthew Perez.