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Tuesday, April 16, 2024

Firefighter retirement plan files suit against banks over alleged manipulation, conspiracy

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WHITE PLAINS, N.Y. (Legal Newsline) - A firefighter retirement and pension group is suing several large banks and securities companies over alleged violations of antitrust laws.

The Oklahoma Firefighters Pension and Retirement System, individually and on behalf of themselves similarly situated, filed a class action lawsuit on Aug. 15 in the U.S. District Court for the Southern District of New York.

The plaintiffs argue that between Jan. 1, 2007, to the present, the actions of the defendants represented a breach of good faith, fair dealings, and unjust enrichment regarding U.S. Treasury securities.

They argue that the actions of the defendants manipulated the market of the U.S. Treasury securities including treasury bills, notes, bonds, treasury inflation-protected securities and floating notes.

The plaintiffs argue that the defendants conspired together and used their privileged position as dealers and traders to manipulate the treasury securities for their benefits, causing undue duress in the market and violating of antitrust laws.

The defendants are Bank of Nova Scotia, New York Agency; Barclays Capital Inc.; BMO Capital Markets Corp.; BNP Paribas Securities Corp.; Cantor Fitzgerald & Co.; CIBC World Markets Group; Citigroup Global Markets Inc.; Commerz Markets Inc.; Credit Suisse Securities LLC; Daiwa Capital Markets America Inc.; Deutsche Bank Securities Inc.; Goldman, Sachs & Co.; HSBC Securities Inc.; Jefferies LLC; J.P. Morgan Securities LLC; Merrill Lynch, Pierce, Fenner & Smith Inc.; Mizuho Securities USA Inc.; Morgan Stanley & Co. LLC; Nomura Securities International Inc.; RBC Capital Markets LLC; RBS Securities Inc.; SG Americas Securities LLC; TD Securities LLC; and UBS Securities LLC, citing violations of the Sherman Antitrust Act, the Clayton Antitrust Act and the Commodity Exchange Act.

The plaintiff is demanding a trial by jury and is suing for an undisclosed amount of treble damages from defendants, court and attorney fees, injunction against defendants for pursuing unlawful acts, and any other relief deemed just by the court. They are represented by Robert N. Kaplan, Frederic S. Fox, Donald R. Hall, Richard J. Kilsheimer, Gregory K. Arenson, Lauren I. Dubrick and Jason A. Uris from the law offices of Kaplan Fox Kilsheimer LLP in New York.

U.S. District Court for the Southern District of New York case number 1:15-cv-06474-PGG

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