Covington has been on the front lines of private antitrust litigation for major financial services providers for many years. We have successfully represented clients in a wide array of litigation, including class actions, arbitrations, civil and criminal investigations, and appeals. Our recent experience includes a diverse range of financial services, such as municipal derivatives products, ATM and credit card interchange fees, and secondary mortgage transactions.
Our lawyers bring to bear an in-depth understanding of financial institutions and their regulatory schemes, as well as extensive expertise in antitrust law, class action and arbitration procedure, trial practice, electronic discovery, criminal investigations, and appeals. We develop targeted and cost-effective litigation plans based on our clients’ ultimate goals, whether by summary judgment, trial, or settlement.
Representative Matters
- In re LIBOR-Based Financial Instruments Antitrust Litigation. Representation of Citibank in class action litigation involving antitrust, commodities fraud, and RICO claims relating to alleged manipulation of the London Interbank Offered Rate (“LIBOR”). The case is pending in the Southern District of New York.
- In re ATM Fee Antitrust Litigation. Representation of Bank of America in a class action litigation challenging interchange fees on ATM transactions. On July 12, 2012, the Ninth Circuit affirmed the district court’s summary judgment dismissal of the case for lack of antitrust standing.
- In re Late Fee and Overlimit Fee Litigation. Representation of Wells Fargo in class action litigation challenging certain credit card fees on antitrust and other grounds. The district court granted defendants’ motion to dismiss the Complaint and the plaintiffs have appealed.
- In re New Jersey Tax Sales Certificates Antitrust Litigation. Representation of a subsidiary of JPMorgan Chase in class action litigation alleging that purchasers of municipal tax liens conspired to manipulate interest rates associated with tax sale certificates sold at public auctions in New Jersey.
- Ross v. Bank of America. Representation of JPMorgan Chase in class action litigation alleging that major credit card issuers conspired to include mandatory arbitration provisions in their cardholder agreements.
- American Express v. MasterCard. Representation of JPMorgan Chase in multi-billion dollar antitrust litigation brought by American Express against Chase, Visa, MasterCard, and other major credit card issuers.
- In re Currency Conversion Litigation. Representation of Bank One and its successor JPMorgan Chase in an MDL class action proceeding alleging antitrust violations relating to the price at which foreign currency is converted into dollars in connection with credit card purchases made in foreign currencies. Following motions practice that eliminated a majority of the class, the case settled on favorable terms.
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