As recent price-fixing conspiracies in the financial, technology, and automotive sectors have shown, price-fixing cartels rarely occur in just one country. Companies and investors affected by international cartels require global advice and representation.
With offices across the United States and Europe, Scott+Scott lawyers have been involved in some of the most prominent antitrust and cartel damages cases, involving a wide array of market sectors, in the world. With unmatched experience prosecuting these claims and providing conflict-free representation to multinational corporations and institutional investors, our transatlantic perspective and presence have proven crucial to companies affected by international cartels. And having spent a significant portion of their careers in the world’s top law firms, our firm’s lawyers possess a depth of experience that brings necessary insight from both sides of the bar.
Examples of representative cases include:
- Foreign Exchange Litigation: In the United States, the Firm was appointed lead counsel in a nationwide class action alleging that the world’s largest banks colluded to fix prices in the $5.3 trillion a day foreign exchange market. Since then, the firm has secured billions of dollars in monetary relief, as well as cooperation, from the defendant banks. In Europe, the Firm has been retained by hedge funds, institutional investors, and multinational corporations to assist them recouping losses for victims of manipulation that traded outside the United States.
- ISDAfix Litigation: In the United States, the Firm is co-lead counsel in a nationwide class action alleging that the Wall Street banks responsible for setting the daily rate for ISDAfix conspired to rig the benchmark and obtain higher profits on financial instruments that are pegged to it. Since filing the lawsuit, the Firm has obtained hundreds of millions in recovery for its clients.
- Private Equity Litigation: The Firm served as co-lead counsel in a nationwide class action in the United States alleging that the largest private equity firms conspired to suppress prices that were paid to shareholders of public companies in connection with leveraged buyouts. The case settled for $590.5 million.
- Currency Conversion: This internationally reported lawsuit alleged that card-issuing banks and credit card networks fixed exchange rates that applied to the use of certain payment cards for foreign transactions. The case settled for $336 million.
- Municipal Derivatives: The Firm represented several public entities in individual lawsuits against Wall Street’s largest financial firms, alleging price fixing and bid rigging in the municipal bond and derivatives market. The cases were successfully resolved in settlement negotiations.
- Scrap Metal: The Firm served as co-trial counsel, obtaining tens of millions from a jury, in a case alleging that Northeastern Ohio scrap metal dealers had conspired to rig the bidding process for buying scrap metal from industrial manufacturers.
- Medical Anesthesia Equipment: The Firm filed a lawsuit alleging that leading manufacturers of medical anesthesia equipment excluded independent service organizations from the market. The case was successfully resolved in settlement negotiations before trial.
- Visa and MasterCard Interchange Fees: In Europe, the Firm has been retained by several large multinational companies to recoup losses stemming from the interchange fees that Visa and MasterCard impose in connection with the acceptance of payment cards.
- High Voltage Power Cables: The Firm has been retained by several large companies to recover losses caused by a decade-long and worldwide cartel to fix the prices and allocate markets in the cables sector.
- Trucks Cartel: The Firm has been retained by several large multinational companies to assess losses stemming from the fourteen-year cartel in the medium and heavy trucks sector, and to offer advice on recoupment.
The Firm has also been retained by some of the world’s largest multinational corporations to create cartel monitoring and private enforcement policies, monitor opportunities for financial recovery, and advise on recoupment strategies. The Firm has designed and helped implement policies that are tailored and sensitive to its clients’ businesses and resources.
The Securities Litigation Group has been one of the cornerstones of the Firm since its inception. The group routinely represents institutional and individual investors in cases brought under the United States securities laws, and we have recovered hundreds of millions of dollars for investors in state and federal court.
The practice group consists of former prosecutors and large firm lawyers who have spent their entire careers prosecuting high-profile securities and complex fraud cases. We routinely handle cases against the nation’s largest companies and have the lawyers, experience, and resources necessary to obtain the greatest possible recovery for our shareholder clients.
Examples of representative cases include:
- In re Priceline.com Securities Litigation: The Firm was appointed co-lead counsel in a nationwide securities class action alleging that Priceline.com misled investors about the company’s attempts to expand its business model from travel to the sale of groceries online. The case settled for $80 million.
- Cornwell v. Credit Suisse Group: The Firm served as co-lead counsel in a securities class action alleging that Credit Suisse Group misled investors about its exposure to subprime loans and its ability to limit losses from those loans. The case settled for $70 million.
- Bank of America Trustee Litigation: The Firm served as co-lead counsel in a nationwide class action brought on behalf of investors who purchased Washington Mutual residential mortgage-backed securities. The complaint alleged that Bank of America and US Bank breached their fiduciary duties when serving as the trustee for the securities. The case settled for $69 million.
- Washington Mutual MBS Litigation: The Firm served as co-lead counsel in a nationwide securities class action against Washington Mutual for making false and misleading statements about its residential mortgage-backed securities. The case settled for $26 million.
- SAC Capital Securities Litigation: The Firm served as co-lead counsel in a nationwide class action against SAC Capital for allegedly engaging in insider trades of Wyeth common stock. The case settled for $10 million.
- MetLife Securities Litigation: The Firm served as lead counsel in a class action against MetLife that was brought on behalf of investors in MetLife’s common equity units. The complaint alleged that MetLife made false and misleading statements about its business practices in order to inflate the price of the equity units prior to a public offering. The case settled for $10.25 million.
The Firm’s Corporate Governance and Shareholder Rights Group prosecutes actions involving breach of fiduciary duty claims and proxy violations on behalf of institutional and individual investors. The practice group represents clients in both state and federal court.
The group has prosecuted derivative actions involving a variety of industries and conduct. Among other things, the group has experience with:
- Alleged illegal conduct by company directors
- Issues regarding excessive executive compensation and
- Improper disclosure of information
In the context of corporate mergers, the group has advised clients on their rights to challenge a merger and/or to seek a more appropriate price for their shares.
Examples of representative matters include:
- Bio-Rad Laboratories Derivative Litigation: The Firm was appointed co-lead counsel in a matter addressing violations of the Foreign Corrupt Practices Act and retaliatory conduct against the company’s general counsel.
- OSI Systems Derivative Litigation: The Firm was appointed co-lead counsel in a matter addressing alleged violations of the Securities and Exchange Act of 1934 and deceptive conduct in connection with the sale of products to the federal government.
- DaVita Healthcare Partners Inc. Derivative Litigation: The Firm was appointed lead counsel in a matter addressing violations of the Anti-Kickback Act and alleged violations of the False Claims Act.
- Baxter International Inc. Derivative Litigation: The Firm was appointed lead counsel in a matter addressing a failure to properly remediate defects in a widely distributed medical device.
Scott+Scott and its attorneys also have a proven track record of obtaining significant recoveries for consumers. Scott+Scott is one of the premier advocates in the area of consumer protection law and has been appointed to a number of prominent leadership positions. Scott+Scott is currently serving in a leadership capacity in a number of class action consumer protection cases, including:
- In re: The Home Depot, Inc., Customer Data Security Breach Litigation: The Firm brought claims involving data breach and theft of the personal and financial information of 56 million credit and debit card holders resulting in preliminary approval of a $27.25 million settlement, exclusive of attorneys’ fees.
- First Choice Federal Credit Union v. The Wendy’s Co.: The Firm filed a lawsuit involving data breach and theft of the personal and financial information of millions of credit and debit card holders.
The Firm’s Arbitration Group has experience in international commercial and investment treaty arbitration and in proceedings before the courts in various jurisdictions relating to the enforcement of arbitral awards and related remedies.
Members of the group have particular expertise in the oil and gas, energy and financial services sectors, and in relation to disputes arising out of share sale transactions, joint ventures and civil fraud, and have acted for both investors and sovereigns in claims filed pursuant to bilateral and multilateral investment treaties.
Examples of representative matters in which the members of the group have been involved include:
- Acting for a consortium of oil and gas companies in several multi-billion dollar LCIA arbitrations concerning the exploitation of oil and gas assets in the Middle East.
- Acting for the operator of one of the world’s largest gas condensate fields in proceedings under the UNCITRAL rules in relation to a dispute concerning the construction of certain oil and gas processing facilities.
- Acting for a major international energy company in parallel proceedings in the ICC and under the UNCITRAL rules in connection with a gas price review.
- Representing parties in a joint venture in an LCIA arbitration in relation to a dispute concerning a put option right and various other claims totalling in excess of US$500 million arising out of the operation of a large Eastern European machine-building enterprise.
- Advising an international investment bank in connection with allegations made against it in the context of a complex financial fraud committed against a large emerging market financial institution.
- Advising a major international pharmaceutical company in a number of linked Bermuda-form arbitrations against its insurers arising out of the settlement of a US class action.
- Acting for a Caribbean state in ICSID arbitral proceedings concerning an oil exploration lease.
- Acting for a multinational who brought ICSID proceedings against Venezuela in relation to expropriated manufacturing plants.
In addition to representing clients in arbitration proceedings, the group also advises clients on enforcement strategies, on the drafting and negotiation of arbitration agreements in order to ensure that disputes are resolved in the clients’ preferred forum and on the use of arbitration as a means of protecting investments.