Commodities

Overview

Pioneering Commodities Manipulation and Antitrust Litigation

Kirby McInerney is a national leader in commodities manipulation litigation, representing investors, traders, and institutions in complex cases under the Commodity Exchange Act and federal antitrust laws. The Firm is frequently appointed by courts throughout the country to lead groundbreaking cases that protect market integrity and extend the benefits of class action litigation to commodities investors, futures traders, and other market participants.
The Firm’s experience spans financial derivatives including U.S. Treasury, foreign exchange, and Eurodollar-linked futures, as well as physically-settled commodities such as precious metals, crude oil, gasoline, propane, live cattle, wheat, and agricultural products.

Record-Breaking Recoveries and Landmark Achievements

Kirby McInerney’s commodities cases have recovered hundreds of millions of dollars while curbing manipulative practices by major financial institutions and market participants.

Kirby McInerney achieved the largest futures-only recovery achieved for a private settlement for claims arising under the Commodity Exchange Act with $190.45 million in settlements in the landmark LIBOR manipulation litigation, where the Firm served as court-appointed co-lead counsel for exchange-based plaintiffs. The Firm secured a landmark Second Circuit appellate decision establishing pleading standards for monopolization claims in futures markets in Wacker v. JP Morgan Chase & Co. The Firm also participated in seminal litigation involving Sumitomo Corporation’s copper market manipulation. These cases have shaped commodities law while achieving excellent results for clients, classes, and market integrity.

CFTC Whistleblower Leadership

The Firm represented a whistleblower who received nearly $200 million—the largest CFTC whistleblower award ever—for providing information about manipulation of key financial benchmarks. This achievement demonstrates Kirby McInerney’s unique expertise at the intersection of commodities regulation and whistleblower advocacy.

Protecting Investors and Market Efficiency

Kirby McInerney represents individual traders, speculation traders, hedge funds, public pension funds, investment firms, energy companies, precious metals clients, and market makers. The Firm welcomes referrals from attorneys, and our team is available to evaluate potential commodities cases.

Experience

In re Shale Oil/WTI Crude Oil Futures & Derivatives Litigation, No. 25-cv-00447 (D.N.M.)

KM acts as court-appointed interim co-lead counsel for a putative class of investors who transacted in West Texas Intermediate (WTI) crude oil-based derivatives. The case alleges that several of the largest U.S. shale oil producers conspired to constrain output, directly moving the prices of derivatives tied to WTI crude oil.

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

KM acted as court-appointed co-liaison counsel for all class actions in the multi-district litigation and co-lead counsel for the exchange-based class in the high-profile In re LIBOR-Based Financial Instruments Antitrust Litigation and FTC Capital GmbH v. Credit Suisse Group AG, alleging the fixing of prices of a benchmark interest rate. The case resulted in settlements totaling $190.45 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.).

KM represented individual traders alleging manipulation of silver futures spreads by JP Morgan. KM achieved a landmark appellate decision in this case establishing pleading standards for monopolization claims in futures markets, Wacker v. JP Morgan Chase & Co., 678 F. App’x 27 (2d Cir. 2017). The case preceded a related Department of Justice criminal investigation into JP Morgan that resulted in over $920 million in criminal penalties.

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

KM acts as interim co-lead counsel on behalf of a class led by the New Mexico Office of the Attorney General, the New Mexico State Investment Council, the Public Employees Retirement Association of New Mexico, and the New Mexico Educational Retirement Board. The case alleges 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.).

KM acts as co-class counsel on behalf of a certified 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.).

KM acts as class counsel in this 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 resulted in partial settlements of more than $650 million.

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

KM acted as court-appointed co-lead counsel on behalf of a putative class of investors alleging that JPMorgan manipulated U.S. Treasury futures and options 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.).

KM acted as special fiduciary counsel for exchange-based investors for a putative class of investors alleging that major banks conspired to fix prices in the foreign exchange (FX) market, which harmed traders who transacted in FX futures and options on U.S.-based exchanges. The case resulted in partial settlements of more than $2.3 billion.

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

KM acts as interim co-lead counsel on behalf of a putative class of investors alleging manipulation through “spoofing” of U.S. Treasury futures and Eurodollar futures and options by a major bank.

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

KM attorneys served as members of the court-appointed executive committee in this case alleging manipulation of precious metals futures and options by a major bank. The case resulted in a settlement of $6.6 million.

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

KM acts as court-appointed interim co-lead counsel on behalf of a putative class of investors alleging manipulation through “spoofing” of U.S. Treasury futures and options by a major bank.

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

KM acted as class counsel on behalf of a putative class of investors alleging a scheme by major banks to manipulate the global benchmark price of gold, which harmed traders who transacted in gold futures and options on U.S.-based exchanges. The case resulted in settlements totaling $152 million.

In re Cattle and Beef Antitrust Litigation,
No. 22-cv-03031 (D. Minn.).

KM acts as court-appointed executive committee member and class counsel on behalf of a putative class of cattle producers and cattle futures and options traders, alleging that the “Big 4” meatpacking firms conspired to suppress prices for fed cattle and manipulate live cattle futures and options prices. The case has already resulted in a $83.5 million settlement with one of the defendants.

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

KM acted as class counsel on behalf of a putative class of investors alleging manipulation of West Texas Intermediate (WTI) crude oil futures and options. 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.).

KM acted as the sole court-appointed interim lead counsel on behalf of a putative class of investors alleging manipulation of the Platts Brent Crude Oil benchmark by major oil producers, which harmed traders who transacted in derivatives tied to the benchmark.

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

KM acted as court-appointed co-lead class counsel on behalf of a class of retail gas consumers alleging manipulation of the standard-setting process for low-emissions reformulated gasoline in California. The case resulted in a $48 million settlement.

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

KM represented a defendant in a case brought by the CFTC under the Commodity Exchange Act for violations of an administrative order related to the gold futures market.

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

KM acted as court-appointed interim co-lead counsel on behalf of a putative class of propane purchasers alleging that BP manipulated the prices of propane. The case resulted in a $15 million settlement.

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

KM served as a member of the lead counsel structure representing purchasers of potash alleging that the largest potash producers conspired to artificially inflate prices. The case resulted in a $13 million settlement.

News

05/13/2024 | Firm News Partner Anthony E. Maneiro named Rising Star of the Plaintiffs’ Bar by National Law Journal

The National Law Journal has named Partner Anthony Maneiro a Rising Star of the Plaintiffs’ Bar as part of its Elite Trial Lawyers awards for 2024.

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.”

Contacts

David E. Kovel

Managing Partner

212.699.1149

Anthony F. Fata

Partner

312.767.5180

Featured Case

Whistleblower Spotlight

KM represented the person who received nearly $200 million, the largest-ever individual commodities whistleblower award (CFTC WB Award No. 21-WB-07). The information the whistleblower provided catalyzed investigations by the Commodity Futures Trading Commission (CFTC), a U.S. federal regulator, and a foreign regulator into the manipulation of crucial financial benchmarks used by global banks as the basis for the pricing of fixed income securities and derivative products. The CFTC initially rejected the whistleblower’s award application, but the firm’s advocacy resulted in a successful appeal for the client.

LEARN MORE

You may share a link to this page on any of the sites listed below or send link via email: