Commodities

In re LIBOR-Based Financial Instruments Antitrust Litigation,
No. 11-md-02262 (S.D.N.Y.). 

KM filed the first LIBOR manipulation lawsuit on behalf of investors and currently serves as court-appointed co-lead counsel for the exchange-based class alleging the fixing of prices of a benchmark interest rate. The case has resulted in partial settlements of $187 million, which combined represent the largest recovery in a “futures-only” commodities class action litigation.

Wacker v. J.P. Morgan Chase & Co.,
No. 15-cv-00994 (S.D.N.Y.).  

Representation of individual silver futures traders alleging manipulation of silver futures spreads. KM achieved a landmark appellate decision in this case establishing pleading standards for monopolization claims in futures markets. The case preceded a related Department of Justice criminal investigation into J.P. Morgan that resulted in an over-$920 million criminal penalty.

In re Credit Default Swaps Auctions Litigation,
No. 21-cv-00606 (D.N.M.).

We are acting as lead counsel on behalf of the New Mexico Attorney General’s Office and the New Mexico State Investment Council alleging that leading credit default swap (CDS) dealers took part in a more than decade-long, multibillion-dollar scheme to manipulate the benchmark prices used to value credit default swap contracts at settlement.

Dennis v. The Andersons, Inc.,
No. 20-cv-04090 (N.D. Ill.).

Co-lead counsel of a putative class of exchange-based investors alleging monopolization and manipulation of Chicago Board of Trade soft red winter wheat futures contracts in violation of federal antitrust and commodity exchange laws.

Sullivan v. Barclays PLC,
No. 13-cv-02811 (S.D.N.Y.). 

Class counsel in the benchmark rate antitrust litigation on behalf of a putative class of investors who traded derivative products linked to Euribor, including futures and options contracts on the NYSE LIFFE exchange. The case has already resulted in partial settlements of more than $300 million.

In re JPMorgan Treasury Futures Spoofing Litigation, 
No. 20-cv-03515 (S.D.N.Y.).

Lead counsel in an antitrust case alleging that J.P. Morgan unlawfully and intentionally manipulated U.S. Treasury Futures or Options on U.S. Treasury Futures traded on United States-based exchanges, including but not limited to the Chicago Mercantile Exchange, including its subsidiary the Chicago Board of Trade, during the Class Period in violation of the Commodity Exchange Act, 7 U.S.C. §§ 1, et seq. (the “CEA”) and the common law.  The case resulted in a settlement of $15.7 million.

In re Foreign Exchange Benchmark Rates Antitrust Litigation, 
No. 13-cv-07789 (S.D.N.Y.).

Special fiduciary representation for the exchange-based class for a putative class of participants who traded futures and options in the FX market. The case has already resulted in partial settlements of more than $2.3 billion.

In re Deutsche Bank Spoofing Litigation,
No. 20-cv-03638 (N.D. Ill.). 

Co-lead counsel on behalf of a putative class of investors in this trading markets manipulation case alleging manipulation through “spoofing” of U.S. Treasury futures traded on the Chicago Board of Trade and Eurodollar futures traded on the Chicago Mercantile Exchange. This matter is important because it seeks to curb manipulative and abusive practices by dominant financial institutions and make Treasury futures markets more efficient.

In re Bank of Nova Scotia Spoofing Litigation,
No. 20-cv-11059 (D.N.J.). 

As a court-appointed executive committee member, the firm has served in a leadership capacity in this case which alleges that defendants manipulated precious metals futures traded on the New York Mercantile Exchange and the Commodity Exchange, Inc. This matter is important in that it seeks to curb manipulative and abusive practices by dominant financial institutions and make metals futures markets more efficient.

In re Natwest Treasury Futures Spoofing Litigation,
No. 22-cv-00479 (N.D. Ill.).

Co-lead counsel on behalf of a putative class of investors in a trading markets manipulation case alleging manipulation through “spoofing” of U.S. Treasury futures. This matter is important in that it seeks to curb manipulative and abusive practices by dominant financial institutions and make Treasury futures markets more efficient.

In re Commodity Exchange, Inc., Gold Futures and Options Trading Litigation,
No. 14-md-02548 (S.D.N.Y.).  

Counsel for plaintiff on behalf of gold purchasers in a market manipulation case. The case has already resulted in partial settlements of $60 million.

In re Cattle Antitrust Litigation,
No. 19-cv-1222 (D. Minn.).

Court-appointed executive committee member and class counsel representing cattle producers and cattle futures traders in a lawsuit alleging that the “Big 4” meatpacking firms conspired to suppress prices for fed cattle and manipulated live cattle futures traded on the Chicago Mercantile Exchange.

In re Crude Oil Commodity Futures Litigation, 
No. 11-cv-03600 (S.D.N.Y.).  

Class counsel on behalf of WTI crude oil futures purchasers in a market manipulation case.  The case resulted in a settlement of $16.5 million.

In re North Sea Brent Crude Oil Futures Litigation,
No. 13-md-02475 (S.D.N.Y.). 

Sole lead counsel on behalf of a proposed class of Brent crude oil futures traders alleging benchmark manipulation.

In re Reformulated Gasoline (RFG) Antitrust and Patent Litigation and Related Actions,
No. 05-cv-01671 (C.D. Cal). 

Co-lead counsel in an antitrust class action pertaining to Unocal’s alleged manipulation of the standard-setting process for low-emissions reformulated gasoline in California, which plaintiffs claim caused inflated retail prices. KM obtained a $48 million settlement for indirect purchasers.

CFTC v. Shak,
No. 14-cv-01632 (D.D.C.).  

Representation of a defendant in a case brought by the CFTC under the Commodity Exchange Act’s newest provisions for violations of an administrative order in the gold futures market.

In re BP Propane Indirect Purchaser Antitrust Litigation,
No. 06-cv-03541 (N.D. Ill.). 

Co-lead counsel for the propane purchaser class. KM secured a $15 million settlement.

In re Potash Antitrust Litigation,
No. 08-cv-06910 (N.D. Ill.).  

Member of the leadership group which secured a $13 million settlement for a class of potash purchasers.

11/13/2023  |  Firm News Kirby McInerney Recognized in Chambers Dispute Resolution Regional Spotlight 2024 Guide

Kirby McInerney is proud to report that it has been ranked in the 2024 edition of Chambers Regional Spotlight for Dispute Resolution in New York. 

08/29/2023  |  Firm News KM Files Amicus Brief Regarding Second Circuit Decision Exempting Overseas Manipulation of US Futures Exchanges from CEA

The Second Circuit decision exempts manipulation of US futures exchanges from the Commodities Exchange Act—the main body of law governing such exchanges—provided the conduct is carried out from overseas locations. It poses a fundamental threat to the integrity of those markets, with far-reaching adverse economic consequences for American businesses and consumers. 

06/06/2023  |  Firm News Law360 Reports on Major Milestone in Proposed Investor Class Action Against Big Wall Street Banks Led by New Mexico Attorney General

Law360 has published an article discussing a major positive decision for plaintiffs in In re: Credit Default Swaps Auctions Litigation, 1:21-cv-00606 (D.N.M.), a class action alleging major banks took part in a more than decade-long, multibillion-dollar scheme to manipulate the benchmark prices used to value credit default swap contracts at settlement.

10/27/2022  |  Firm News Co-Managing Partner David Kovel speaks at 22nd Annual Taxpayers Against Fraud Conference on October 26, 2022

Co-Managing Partner David Kovel recently spoke at the 22nd annual Taxpayers Against Fraud (TAF) conference on Wednesday, October 26, 2022. TAF is a non-profit, public interest organization committed to supporting and encouraging whistleblowers who reveal fraud in government and financial markets.

03/15/2022  |  Firm News Anthony F. Fata, Prominent Plaintiff’s Litigator in Commodities and Securities Litigation, Opens Kirby McInerney’s New Chicago Office - A veteran commodities lawyer at the very top of plaintiffs’ side litigation in Chicago 

Kirby McInerney LLP has added Anthony F. Fata, a leading plaintiffs’ litigator in commodities, securities, and whistleblower matters, as a partner in the firm’s new Chicago office. 

03/03/2020  |  Articles and TV Investors’ $187M Big Bank Deals OK’d In Libor Rigging Case

The exchange-based investor class, represented by attorneys at Kirby McInerney LLP and Lovell Stewart Halebian Jacobson LLP, won initial approval of a $187 million settlement with Deutsche Bank, JPMorgan and five other big banks in a complex, multidistrict case claiming that the banks rigged the London Interbank Offered Rate benchmark.

01/28/2020  |  Articles and TV Roche Cyrulnik, Kirby McInerney Bid For Lead In Bitcoin Suit

Kirby McInerney filed a motion for interim lead counsel in the recently consolidated case in the Southern District of New York, highlighting the firm’s in-depth pre-filing investigation of market participants in consultation with experienced experts.

01/27/2020  |  Articles and TV Quartet of Bitcoin Manipulation Cases Consolidated in SDNY

The Southern District of New York consolidated a case brought by Kirby McInerney and three others that all concern the manipulation of Bitcoin prices by cryptocurrency companies, costing investors hundreds of billions of dollars. 

07/11/2019  |  Articles and TV Cattle Price-Fixing Cases Consolidated in Minnesota

A Minnesota federal court ruled Wednesday that some of the country’s largest meatpacking companies, including Tyson and Cargill, will now face consolidated allegations of colluding to drive down prices of cattle used for beef production.

06/26/2019  |  Articles and TV Philly And Citibank Resolve Libor-Rigging Claims in MDL

Up next on Judge Buchwald’s docket is the distribution agreement of $182 million worth of deals the exchange-based plaintiffs struck with Bank of America, Barclays, Citibank, Deutsche Bank, HSBC and JP Morgan.

05/24/2019  |  Articles and TV Schwab, Investors Ask 2nd Circ. To Revive Libor Claims

Charles Schwab Corp. and investors in financial instruments tied to the London Interbank Offered Rate on Friday urged the Second Circuit to reinstate claims against a slew of banks over their alleged manipulation of the benchmark, arguing they have proper antitrust standing and that the litigation belongs in U.S. federal courts.

05/17/2019  |  Articles and TV Citi, JPM Get Nod For $182.5M Euribor Settlement Payout

A Manhattan federal judge on Friday approved a $182.5 million settlement between JPMorgan Chase & Co., Citigroup and investors who accuse the two megabanks of rigging a key euro rate, signing off also on a roughly $36 million haul for plaintiffs’ firms that brought the antitrust class action.

12/05/2018  |  Articles and TV J.P. Morgan Chase precious metals markets rigging lawsuit paused

11/27/2018  |  Articles and TV JPMorgan Pushes Back On Depo Bid In Silver Trading Suit

11/13/2018  |  Articles and TV How Ex-JP Morgan Silver Traders Guilty Plea Could Boost Manipulation Suit

04/20/2014  |  Articles and TV Hess, Mercuria Units Added to Brent Crude Price-Fixing Lawsuit

Mercuria Energy Group Ltd. and Hess Corp. (HES:US)’s oil trading businesses were added to a lawsuit claiming they conspired with companies including BP Plc (BP), Statoil ASA (STL) and Royal Dutch Shell Plc (RDSA) to manipulate Brent crude oil prices.

03/30/2014  |  Firm News Daniel Shak Settles with CFTC

Kirby McInerney LLP’s client, Daniel Shak, has agreed to settle with the Commodity Futures Trading Commission (CFTC) over claims he traded during the closing minute in the gold futures market. Mr. Shak admitted to accidentally trading a 2-lot of gold 14 seconds into the closing range after he had agreed not to trade during that period under a prior CFTC order.

11/06/2013  |  Articles and TV Brent Crude Traders Claim Proof BFOE Boys Rigged Market

Four longtime traders in the global oil market claim in a lawsuit that the prices for buying and selling crude are fixed — and that they can prove it.

03/29/2013  |  Firm News Federal District Court Allows Most of Kirby McInerney’s Exchange-Based Commodities Claims to Proceed

Judge Buchwald in the Southern District of New York issued her memorandum and order in In re LIBOR-Based Financial Instruments Antitrust Litigation, MDL No. 2262, No. 1:11-md-2262-NRB (S.D.N.Y.), the coordinated LIBOR litigation, on motions to dismiss the various actions.

09/01/2012  |  Articles and TV Arrests Mount In Libor Manipulation Probe

Kirby McInerney’s David Kovel talks about the global probes into tampering with the libor rate. He speaks on Bloomberg Television’s “Market Makers.”