2nd Circ. Will not revive the market rigging lawsuit against the big banks

Law360 (July 19, 2021, 8:42 p.m. EDT) – The Second Circuit on Monday upheld a partial final judgment dismissing antitrust complaints filed by investors who alleged that Citigroup, Barclays, Credit Suisse and others rigged the market for issued bonds governments, finding that investors “cast so wide a net” that their claims are implausible.

In its summary order, the panel dismissed the claims presented by the Alaska Department of Revenue, the Alaska Permanent Fund Corp. and the Iron Workers Pension Plan of Western Pennsylvania accusing financial institutions of an ongoing and ongoing plot to collude in the secondary sub-Saharan African bond market dominated by the US dollar …

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