Antitrust Class Action: The Road Ahead

Allison Gosman, Senior Marketing Specialist, Financial Recovery Technologies

The pace of antitrust settlements is accelerating. Of the more than 50 active antitrust matters, at least six have partially settled with hundreds of millions sitting in escrow accounts. In most of the cases, litigation continues against other defendants, creating the potential for more recoveries in the future.

Most notably in FOREX, antitrust cases tend to involve more complex settlement administrations and financial instruments. Case counsel and administrators rely heavily on experts to assess damages and formulate distribution plans. These involve complex modeling to estimate artificial inflation of an instrument’s price or spread. Investors, organizers and administrators may experience difficulty identifying and obtaining data for antitrust matters, which require more granular trading details.

Here are the top 3 Antitrust Cases that should be on your radar to file for:

CASESETTLEMENT AMOUNTSNATURE OF SUITFILING DEADLINE
ISDAfix$504.5 millionAlleged manipulation of the ISDAfix benchmark rate, used to set the rate for interest rate derivative products from plain vanilla interest rate swaps and swaptions to more complex financial instruments such as swapnote futures, cash settled swap futures etc.July 16, 2018
EURIBOR$309 millionAlleged fixing of the Euro Interbank Offered Rate (Euribor), the benchmark rate used to price and settle Euribor futures contracts traded on the NYSE LIFFE exchange, and OTC instruments includingAugust 1, 2018
EUROYEN$236 millionAlleged manipulation of the Yen-Libor and Euroyen Tibor benchmark rates and the prices of Euroyen-based derivatives, instruments used to hedge against impact of currency fluctuations on Yen-based investmentsSeptember 25, 2018 (Extended from February 20, 2018)

While not all antitrust cases receive significant publicity, there is a large pool of opportunities across the globe from which investors can attempt to recover their losses. As a matter of corporate governance, investors should evaluate the optimal approach for them to participate in antitrust actions, both in the U.S. and across the globe.

How can FRT help? As pioneers in Antitrust recovery, FRT has developed repeatable, controlled workflows designed especially for the purpose of handling unique antitrust cases:

  • Timely notifications of recovery opportunities from the FRT Antitrust pipeline
  • Opportunity analysis detailing case eligibility, data mapping, transaction analysis, loss/damage calculations and the required steps for each opportunity
  • Knowledgeable legal and operations teams for pre-filing guidance, ongoing support, custom research and where possible, filing and recovery coordination
  • Access to FRT’s legal team for ongoing support and custom research

Given the complexity of antitrust matters, it is more challenging for investors to identify and address antitrust litigation than securities claim filings. Nonetheless, it is critical that systems be in put in place now so you do not leave any money on the table.

For those who may be struggling to assemble, organize, and file the large volumes of data for these antitrust litigations, outsourcing your class actions can save time, reduce risk, and maximize your recoveries to add real value back to your firm.

Upcoming Deadlines

  • ISDAfix – July 16, 2018
  • Euribor – August 1, 2018
  • EuroYen – September 25, 2018 (Extended from February 20, 2018)

For more information about FRT Antitrust, contact your FRT representative or email us at learnmore@frtservices.com.

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About FRT

U.S. CLAIMS  I  GLOBAL GROUP LITIGATION  I  ANTITRUST  I  LITIGATION MONITORING  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is the leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.