Dennis et al v. JPMorgan Chase & Co. et al, No. 1:2016cv06496 - Document 469 (S.D.N.Y. 2021)
Court Description: MEMORANDUM OPINION: Defendants' motions for judgment on the pleadings [Dkts. 390,396] are denied. SO ORDERED. (Signed by Judge Lewis A. Kaplan on 5/11/2021) (vfr)
Download PDF
<![CDATA[
Dennis et al v. JPMorgan Chase & Co. et al Doc. 469 Case 1:16-cv-06496-LAK-GWG Document 469 Filed 05/11/21 Page 1 of 15 Dockets.Justia.com Case 1:16-cv-06496-LAK-GWG Document 469 Filed 05/11/21 Page 2 of 15 Case 1:16-cv-06496-LAK-GWG Document 469 Filed 05/11/21 Page 3 of 15 Case 1:16-cv-06496-LAK-GWG Document 469 Filed 05/11/21 Page 4 of 15 Case 1:16-cv-06496-LAK-GWG Document 469 Filed 05/11/21 Page 5 of 15 Case 1:16-cv-06496-LAK-GWG Document 469 Filed 05/11/21 Page 6 of 15 Case 1:16-cv-06496-LAK-GWG Document 469 Filed 05/11/21 Page 7 of 15 Case 1:16-cv-06496-LAK-GWG Document 469 Filed 05/11/21 Page 8 of 15 8 "represents the duration of the [forward] contract."24 II The FX Litigation In 2013, a class of investors brought the FX Litigation, which accused a variety of banks, including all of the Moving Defendants except Royal Bank of Canada,25 of manipulating the Fixes in violation of the Sherman Act and the CEA. The FX plaintiffs' "core allegation" was that the banks manipulated the Fixes to favor their trading positions with respect to "FX instruments," including FX forwards, that are "priced at or by the Fix[es]."26 According to the FX plaintiffs, the FX defendants manipulated the Fixes by using chat rooms, instant messages, and email to "execut[e] concerted trading strategies. "27 For instance, in chat rooms "with evocative names such as 'The Cartel,' 'The Bandits' Club,' 'The Mafia' and 'One Team, One Dream,"' FX traders primarily based in London allegedly manipulated the WM/Reuters Closing Spot Rates by "shar[ing] inappropriate 'market-sensitive information with rivals' including 'information about pricing,' their customers' orders and their net trading positions in advance of 4 p.m. London time. The 24 FX Comp!. ,r 282. 25 See In re Foreign Exch. Benchmark Rates Antitrust Litig., 74 F. Supp. 3d 581, 585-87 (S.D.N.Y. 2015); FX Comp!. ,r,r 5, 50, 53, 58, 59, 62. Royal Bank of Canada's wholly owned subsidiary RBC Capital Markets LLC later was added as a defendant in the FX Litigation. Id. ,r 58; SAC ,r 338. 26 In re Foreign Exch. Benchmark Rates Antitrust Litig., 74 F. Supp. 3d at 585-87; .see also FX Comp!. at 2 n.5. 27 In re Foreign Exch. Benchmark Rates Antitrust Litig., 74 F. Supp. 3d at 587. Case 1:16-cv-06496-LAK-GWG Document 469 Filed 05/11/21 Page 9 of 15 Case 1:16-cv-06496-LAK-GWG Document 469 Filed 05/11/21 Page 10 of 15 Case 1:16-cv-06496-LAK-GWG Document 469 Filed 05/11/21 Page 11 of 15 Case 1:16-cv-06496-LAK-GWG Document 469 Filed 05/11/21 Page 12 of 15 Case 1:16-cv-06496-LAK-GWG Document 469 Filed 05/11/21 Page 13 of 15 Case 1:16-cv-06496-LAK-GWG Document 469 Filed 05/11/21 Page 14 of 15 Case 1:16-cv-06496-LAK-GWG Document 469 Filed 05/11/21 Page 15 of 15
]]>
Some case metadata and case summaries were written with the help of AI, which can produce inaccuracies. You
should read the full case before relying on it for legal research purposes.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
