Citigroup, Other Banks Win Dismissal of Antitrust Class Action

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.