NEWS, OPINION AND AWARDS
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Crypto Lawyers Bet Big on Class Action Lawsuits as Market Slides
As the Biden administration ramps up its scrutiny of the cryptocurrency industry, a handful of small litigation shops are piling up class actions against crypto exchanges and digital token issuers, pursuing theories that could shape how decades-old laws apply to the emerging field.
Northeastern Farmers Sue Nation’s Largest Dairy Cooperative for Antitrust Violations
Northeastern dairy farmers today filed a federal class action lawsuit accusing the nation’s largest dairy cooperative, Dairy Farmers of America (“DFA”), of violating federal antitrust laws.
L Brands Inks $90M Global Deal For ‘Toxic’ Workplace Suits
Multichain specialty retailer L Brands announced a $90 million corporate governance reform agreement Friday to settle multiple derivative lawsuits seeking damages arising from “toxic” workplace conditions, including sexual harassment.
Allianz Investment Arm Sued Over $1B Loss From Virus Crash
Scott+Scott filed suit on behalf of a Teamsters Union retirement plan against AllianzGI alleging it abandoned its risk controls and meaningful downside hedging strategies for a fund purportedly designed to weather extreme market volatility.
SHIPWRECK Millions of UK drivers could receive compensation after shipping company scam saw new car prices rise
Scott+Scott files legal action in the UK’s Competition Appeal Tribunal under the Consumer Rights Act in a bid to win back some money for consumers who bought or leased a new motor and may have been overcharged due to price-fixing scheme.
Crypto Mania: Behind the hype of cryptocurrencies
David Scott, the Firm’s managing partner, was recently interviewed by an Australian Broadcasting investigative reporter for an episode of Four Corners focused on the crypto craze.
Scott-Scott.com – A new look to reflect what we have become
Scott+Scott has experienced incredible growth over the past decade. Along with building our team and capabilities, we have greatly expanded our physical presence in new markets and jurisdictions with offices in 10 major cities, including New York, London, Amsterdam, and Berlin.
Scott+Scott hires Deutsche Bahn counsel to lead new office
Markus Hutschneider, former head of case management competition litigation for Deutsche Bahn, has joined Scott+Scott to head its new competition litigation-focused Berlin office.
TikTok Faces Suit Over Child Privacy From London Preteen
Judge rules in favor of allowing the 12-year-old plaintiff to remain anonymous in her pursuit of claims that the video-sharing app TikTok is illegally exploiting the personal data of children.
Perspective: Litigation – State of pay?
Scott+Scott managing partner David Scott comments on how changes in legislation like the UK’s Consumer Rights Act 2015 have led to an increase of class actions led by pension funds as they seek to recover investment losses and improve corporate governance.
Scott+Scott Launches Berlin Office With Antitrust Pro
US plaintiffs firm Scott+Scott Attorneys at Law LLP announced Thursday it is launching a Berlin office led by an antitrust expert from Deutsche Bahn in an effort to cater to large multinationals seeking damages for breaches of competition law.
Teamsters Fund Sues AllianzGI For Hedge Fund Losses
Scott+Scott filed suit on behalf of Participants in the Teamster Members Retirement Plan against Allianz Global Investors and its subsidiaries, saying investors in a hedge fund it managed lost nearly $1 billion.
Car Shipping Cartel Faces £150M Class Action
Five shipping companies fined for running a cartel for transporting cars to the UK have become the target of a £150 million ($189 million) US-style class action in London led by law firm Scott+Scott UK LLP.
Class action could mean refund of £60 per new car
Dealerships could be in line for a refund of up to £60 per new car that they bought, thanks to a class action against five major shipping companies.
Class Action Comes To UK With Major Forex Rigging Suit
Scott+Scott, who led a US class action against banking giants over allegations of foreign exchange rigging, files consumer antitrust suit in a test case for US-style class actions brought in England.
Gulf Utility Providers File Damages Suits Against Prysmian, Others Over Power-cable Cartel
Scott+Scott Netherlands files suit on behalf of state utility companies in the Gulf region against power-cable producers over their involvement in a multiyear global cartel.
The CAT and the (alleged) Fiddle. The currency trading scandal continues to dog the banks.
Scott+Scott filed a collective-action case at the Competition Appeal Tribunal (CAT) against currency traders for foreign exchange rigging. No one is laughing now.
Banks face £1 billion lawsuit over foreign exchange rigging
Five banks face a £1 billion class action lawsuit in Britain for allegedly rigging the foreign exchange market. Scott+Scott predicts that the class action will be joined by “tens of thousands” of entities, such as pension funds.
Barclays, JP Morgan among banks facing UK class action over currency-rigging
Barclays, JP Morgan, RBS, UBS, and Citigroup are being sued by investors over allegations they rigged the global foreign exchange market in a claim estimated to be worth more than £1 billion ($1.24 billion).
Barclays and RBS among banks hit by £1bn forex rigging lawsuit
Barclays and the Royal Bank of Scotland (RBS) are among five banks targeted in a £1 billion class action lawsuit over forex rigging that was filed today through the Competition Appeal Tribunal (CAT) as a collective action.
Barclays, JPMorgan Face UK Forex-Rigging Class Action
Five banks sued in a UK antitrust court by investors over allegations that they manipulated the global foreign exchange market in a US-style class action seeking more than £1 billion ($1.2 billion).
Five banks face civil lawsuit in London over forex dealing
Scott+Scott files European version of a class-action lawsuit that resulted in $2.3 billion of settlements in the US Claim dealers manipulated FOREX markets and caused investors losses on currency trades.
Scott+Scott hire three for new Amsterdam office
American firm Scott+Scott has hired Damien F. Berkhout to lead its Amsterdam office. Stefan Tuinenga has taken up the position of counsel and Marianne Meijssen has joined the firm as Senior Associate.
EU FINES FIVE BANKS €1.1BN OVER FOREIGN EXCHANGE CARTEL
Brussels has fined banks €1.07 billion for participating in cartels to manipulate the foreign exchange market for 11 currencies. Lawyers for investors in the US civil case have been waiting for the ruling to launch the European leg of claims.
EU fines Barclays, Citi, JP Morgan, MUFG and RBS $1.2 billion for FX rigging
Barclays, Citigroup, JP Morgan, MUFG, and Royal Bank of Scotland were fined a combined €1.07 billion ($1.2 billion) by the European Union for rigging the multi-trillion-dollar foreign exchange market.
UK banks fined €1bn by EU for rigging foreign exchange market
Five banks have been fined more than €1 billion (£875 million) by the European Union for rigging the multi-trillion-dollar foreign exchange market. European Commission says decision shows ‘collusive behaviour will not be tolerated.
Big Banks Fined by EU for Foreign-Exchange Market Misconduct
European Union authorities on Thursday fined five global banks a total of €1.07 billion ($1.2 billion) for manipulating the foreign-currency market by exchanging sensitive information and trading plans through online chat rooms to gain financially.
Scott, Lowey Take Lead Spot In Bond Price-Fix Suit
Scott+Scott Attorneys at Law LP and Lowey Dannenberg PC to head up a proposed class action on behalf of investors who say major banks plotted for several years to fix Fannie Mae and Freddie Mac bond prices.
Scott+Scott launches in Amsterdam
Scott+Scott opens an office in the Netherlands as it seeks to address client concerns about the effect of Brexit on competition litigation.
Scott+Scott Expands International Footprint with Amsterdam Office
Scott+Scott announces the opening of Scott+Scott Europe BV in Amsterdam, continuing its global expansion.
Scott+Scott Announces Class Action Suit on Behalf of R-CALF USA
Scott+Scott files a class action lawsuit in federal district court in Chicago alleging the nation’s four largest beef packers violated US antitrust laws by unlawfully depressing the prices paid to American ranchers.
Vodafone Hits Visa, MasterCard With UK Swipe Fee Suit
Vodafone and its affiliates allege that the merchant service charges they’re required to pay for each Visa and MasterCard credit and debit card transaction have been “material times higher” than they should be.
Scott+Scott responds to Sherman Joyce’s Law360 guest article, “Gov’t Opioid Suits Hide Attorney’s Personal Interests.”
New York’s banking regulator said Tuesday that Standard Chartered Bank will pay $40 million to resolve claims that it participated in a scheme to rig foreign exchange benchmark rates.
Banks Accused Of Rigging Libor After Post-Scandal Overhaul
Putnam Bank accuses the owner of the New York Stock Exchange of conspiring with some of the world’s largest banks to artificially deflate a key financial benchmark.
Kodak Takes Antitrust Row With Goldman, Others To UK
Eastman Kodak Co. units file a claim in the High Court of Justice of England and Wales against Goldman Sachs, Glencore and others with a lawsuit accusing them of manipulating aluminum prices.
Swipe Fee Ruling Opens Visa, MasterCard To Wave Of Claims
Three senior Court of Appeal judges ruled that Visa Inc. and MasterCard Inc. set the swipe fees, also known as interchange fees — the bank-to-bank charges levied on each credit card purchase — at an unlawful level that restricted competition.
Visa and MasterCard interchange fees restricted competition, English court rules
Visa and MasterCard have lost appeals in their long-running battle against a host of retailers, as an English court found their multilateral interchange fee schemes restrict competition.
Deutsche Bank To Pay $190M In Forex Rigging Deal
Deutsche Bank AG agreed to pay $190 million to settle allegations that it rigged foreign exchange rates, making it the latest in a line of global banks that have settled class action claims totaling $2.3 billion to date.
US Fines HSBC $175m Over ‘unsound’ FX Trading
HSBC has been fined $175 million by the US Federal Reserve for failing to stop its traders from misusing confidential customer information and for telling competitors about their own trading positions.
$111M Forex Deals Get Preliminary OK, 15th Bank Settles
A federal judge gave preliminary approval to proposed settlements of $111.2 million between five banks and investors in a suit accusing the world’s largest banks of rigging foreign exchange rates, bringing the total of banks that have settled to 15.
Standard Chartered is among five banks paying $111m over foreign-exchange rigging
Standard Chartered is among five banks that have collectively agreed to settle American legal claims relating to rigging prices in the $5 trillion-a-day foreign exchange market.
Banks settle currency manipulation claims for $111m
Five more banks have agreed to settle claims that they manipulated currency markets, as the foreign exchange scandal continues to haunt the financial industry.
UBS, HSBC Pen $28M Settlement In Swaps-Rate Class Action
Banking giants agree to pay $14 million to settle class action claims that they participated in a conspiracy with other banks to manipulate a benchmark interest rate used to set terms for swaps transactions.
Visa, Mastercard Hit With More UK Swipe Fee Antitrust Claims
A group of London restaurateurs and private clubs, the Bourne Leisure travel group, and discount retailer Poundland have filed another round of competition claims in the UK against Visa and MasterCard over interchange fees.
Watch Out Big Banks: The Claims Are Coming, And Here’s The Lawyer Who’s Bringing Them
After securing settlements of over $2 billion for people in the US who purchased foreign currency and foreign exchange instruments from big banks, David Scott, managing partner of Scott+Scott, has been assessing the appetite for similar claims in the EU.
A Hole in the Market: Scott+Scott Opens in the City With Plans to Exploit Conflicts and Cash in on Competition Class Actions
Connecticut-based Scott+Scott hired Freshfields Bruckhaus Deringer competition litigation lawyer Belinda Hollway to head up its first City office and European base.
Seven Banks to Pay $324 Million to Resolve ISDAfix Claims
Seven banks have agreed to pay $324 million to settle claims they conspired to rig the ISDAfix benchmark, which is used in the sale of interest-rate derivatives and other financial instruments.
Scott+Scott’s London Calling Grows Stronger
US claimant class action firm establishes new links with London’s distinguished Brick Court Chambers as it develops further plans for Forex litigation.
Scott+Scott Obtains Restraining Order in Action Over Madoff Losses
Scott+Scott LLP’s New York-based partner Beth Kaswan and her team of litigators won a critical court order yesterday on behalf of the firm’s client New York University.
NOVEL INVESTOR RECOVERY: Scott + Scott successfully sues two large banks under the Trust Indenture Act of 1939- a first in federal securities litigation.
Scott+Scott filed suit on behalf of the investor Plaintiffs claiming that when the two banks took over trustee duties on a portfolio of loans from Washington Mutual NA, they ignored the presence of loans with underwriting defects. Scott +Scott was the first firm ever to seek to assist investors by pursuing remedies under the Trust Indenture Act of 1939.
Google – Record-setting $310 million corporate reform settlement
In a derivative lawsuit settlement with one of the highest dollar values ever, Google parent Alphabet agreed to establish a diversity, equity, and inclusion fund as part of the settlement of the consolidated derivative litigation relating to the Company’s alleged mishandling of sexual harassment allegations against senior executives and overall culture of sexual discrimination and harassment.
Wendy’s Data Breach – $50 Million Settlement and Improved Security Protocols
In 2016, First Choice Federal Credit Union and other financial institutions sued Wendy’s fast food restaurant over a five-month-long data breach, citing the vulnerabilities in the chain’s data security systems that allowed hackers to access 18 million payment cards. Scott+Scott acted as co-lead counsel representing the financial institution and the putative class in this action.
Foreign Exchange – $2.3 Billion in Settlements
In 2013, Scott+Scott brought suit against some of the world’s largest banks alleging the banks colluded to fix the prices of foreign exchange transactions. Scott+Scott represents individuals and institutional investors, public pension funds, police and fire pension funds, and Taft-Hartley union funds.