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Recent Antitrust Settlements Are Providing New Recovery Opportunities, But Filing Claims Is Proving To Be Complicated

First there was Libor.  Next came credit default swaps and foreign exchange.  Now, highlighted by the over $2 billion settlement reached in the Foreign Exchange Antitrust Litigation, plaintiffs are pursuing a number of additional antitrust class actions against financial institutions alleging anti-competitive behavior in a number of markets affecting institutional investors. These include: the ISDA interest-rate benchmark litigation, the Euribor antitrust litigation, the U.S. Treasuries antitrust litigation, the stock lending antitrust litigation, and the gold and silver antitrust litigation.  Some defendants in some of these cases have agreed to settlements, including the over $2 billion in FX settlements, as well as partial settlements in the Libor, ISDAfix and Euribor cases for approximately $830 million combined.  Institutional investors who are active participants in these markets may be in-line for significant recoveries, and the claims filing deadlines are fast approaching.

Of course, it is axiomatic that a claimant has to file a claim before it can recover.  Mintz Levin’s Institutional Investor Class Action Recovery Practice is uniquely positioned to manage the claims filing process on behalf of institutional investors. The claims filing processes for these cases can be complex, and present an entirely new set of variables from typical securities cases.  Indeed, custodians and other service providers that typically handle claims filing for institutional investors in securities settlements may not be able, or willing, to file claims in these antitrust settlements. Please contact Peter Saparoff or Joel Rothman to learn if Mintz Levin could efficiently and effectively manage filing claims in these antitrust matters for you.

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Peter M. Saparoff is a securities litigator and Chair of Mintz's Institutional Investor Class Action Recovery Practice. The practice has recovered nearly $7 billion for thousands of mutual funds and other clients. Peter represents both plaintiffs and defendants in securities litigation matters.

Joel D. Rothman

Associate

Joel D. Rothman is an attorney who handles commercial, securities, insurance, and employment litigation matters for Mintz clients. Joel advises institutional investors on securities class actions, represents shareholders in merger disputes, and counsels insurers in coverage disputes.