HSBC Wins Dismissal of Antitrust Claims

Skadden secured the dismissal of HSBC Holdings PLC and affiliated entities from a putative antitrust class action alleging a conspiracy by 10 banks to manipulate the market for debt securities issued by the Mexican government. On September 30, Judge J. Paul Oetken of the U.S. District Court for the Southern District of New York granted the defendants’ joint motion to dismiss for failure to state a claim because the plaintiffs’ complaint impermissibly relied on group pleading by failing to differentiate among the defendants in their allegations.