Skadden secured dismissal of an antitrust class action on behalf of Citigroup in the U.S. District Court for the Southern District of New York. The lawsuit alleged a conspiracy between several major banks to restrain trade in the U.S. dollar-denominated market for supranational, sub-sovereign and agency (SSA) bonds in violation of Section 1 of the Sherman Act. Judge Edgardo Ramos granted the defendants’ motion to dismiss for failure to state a claim, holding that the plaintiffs failed to establish antitrust injury because they failed to allege that they were party to any transactions allegedly manipulated as a result of collusion.
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates