A lawyer for a group of major banks on Monday opposed an effort to revive an antitrust lawsuit based on claims that a judge who belatedly revealed owning stock in two of the companies involved defendants should have been sidelined, reported Reuters.
The investor plaintiffs’ request to reassign the case from US District Judge Edgardo Ramos in Manhattan in order to “void” his earlier rulings is “meritless,” Sullivan & Cromwell partner Matthew Porpora said in a court filing on behalf of the defendants.
Porpora and the plaintiffs’ attorneys separately responded to an invitation from the New York federal court clerk to address Ramos’ acknowledgment of a “potential conflict” based on his ownership of stock in Citigroup Inc and Credit Suisse Group AG. Ramos’ financial holdings “neither affected nor impacted his decisions in this case,” the clerk said.
The lawsuit, filed in 2016, accused about a dozen banks of colluding to manipulate prices in the roughly $9 trillion government agency bond market.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Japanese Regulator Approves Korean Air’s Merger with Asiana Airlines
Jan 31, 2024 by
CPI
Netgear Files Antitrust Lawsuit Against Huawei Alleging Patent Misuse
Jan 31, 2024 by
CPI
Tennessee and Virginia Attorneys General Challenge NCAA’s NIL Rules in Federal Lawsuit
Jan 31, 2024 by
CPI
Argentina Appoints New Head Of Competition Commission
Jan 31, 2024 by
CPI
UK Antitrust Regulator Launches Probe into Supermarkets’ Loyalty Pricing
Jan 30, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – The Rule(s) of Reason
Jan 29, 2024 by
CPI
Evolving the Rule of Reason for Legacy Business Conduct
Jan 29, 2024 by
CPI
The Object Identity
Jan 29, 2024 by
CPI
In Praise of Rules-Based Antitrust
Jan 29, 2024 by
CPI
The Future of State AG Antitrust Enforcement and Federal-State Cooperation
Jan 29, 2024 by
CPI