Today, United States District Judge Naomi Reice Buchwald in Manhattan issued LIBOR VII, in which the court granted class certification under Rule 23(b)(3) to a class of plaintiffs who bought over-the-counter instruments that paid interest in terms of the London Interbank Offered Rate (LIBOR) and who allege that LIBOR-setting banks conspired to suppress LIBOR
No Class?
A question of numbers
Class actions can save courts and parties a lot of time and money. But what if the class includes just a few members? How much time and money will the class action device save then?
The Third Circuit grappled with that “numerosity” question in In re Modafinil Antitrust Litig., 837 F.3d 238 (3d Cir. 2016).
The answer it gave — that a class with 20+/- mostly big members may not pass the test — could reshape how courts handle antitrust cases worth billions of dollars.Continue Reading No Class?
Bad News for Price-Fixers
A dilemma
A price-fixer cheats his buyers, but he may also do something worse — frighten them into doing nothing about it.
Last week, the Third Circuit made a ruling that will calm victims’ fears. Instead of bringing a claim they don’t want to prosecute, the court held, they may freely assign it to someone
LIBOR Price-Fixing Case Returns
Scary case
After a trip to the Supreme Court and back, a massive case against 16 of the world’s largest banks for rigging the London inter-bank offer rate (LIBOR) — “the world’s most important number” — will return to the district court in Manhattan scarier than ever for the defendants. Gelboim v. Bank of Am.
LIBOR Price-Fixing Claims Get Reprieve; Second Circuit Must Hear Appeal, Supreme Court Decides
Unanimous Court orders review of key district court ruling
The Second Circuit made a mistake when it refused to hear an appeal, the Supreme Court held 9-0 today in Gelboim v. Bank of Am. Corp., No. 13-1174 (U.S. Jan. 21, 2015); see Supreme Court Takes LIBOR Case, Blawgletter®, July 1, 2014.
The Court's ruling will
Illinois Brick Goes Global
Dear Blawgletterati:
A rebuke
Drop dead, the Seventh Circuit on November 26 told U.S. firms that want to collect treble damages under the Sherman Act for fixing prices on their foreign subs' purchases overseas.
Either have your subs buy the stuff in the U.S., the panel ruled, or purchase the goods for import into the
Dow Loses $1.2 Billion Price-Fixing Appeal; Large Victory for Class Actions
Big damages . . . and a big win for class actions
A Tenth Circuit panel of judges has upheld a $1.2 billion verdict and judgment against Dow Chemical for its role in a price-fixing conspiracy that involved urethane chemical products. Dow Chemical Co. v. Seegott Holdings, Inc., No. 13-3215 (10th Cir. Sept. 29, 2014)
Don’t Weep for Apple . . . or Blame the DOJ
Apple settles
Apple has settled up to $841 million of antitrust claims by state attorneys-general and a nationwide class of consumers who bought e-books from Apple and its publisher co-conspirators.
The pact comes almost a year after U.S. District Judge Denise Cote in New York held Apple civilly liable for conspiracy to fix prices, a
Susman Godfrey Associate Wins Antitrust Appeal
A Chance to Shine
How often do fourth-year associates get an opportunity to argue before a U.S. court of appeals?
That sort of thing occurs a lot at the place where Blawgletter has worked since 1985.
It happened most recently to Amanda Bonn, an associate in Susman Godfrey's Los Angeles office. Let us tell you the story.
Apple Fixed E-Book Prices, Trial Judge Rules
Did Apple collude with publishers to jack up the price of e-books?
You betcha, U.S. District Judge Denise L. Cote ruled in Manhattan today after a three-week trial.
A damages trial will follow.
Apple pursued a nutty defense, which held that it and the publishers did no wrong