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News & Insights

Morgan Stanley Wins Dismissal of Putative Antitrust Class Action Against Major Banks

September 19, 2024

On September 13, 2024, the United States District Court for the Southern District of New York dismissed a putative class action antitrust lawsuit brought by Oklahoma Firefighters Pension and Retirement System, a public pension fund for Oklahoma firefighters, against five banks and their United States affiliates, including Cravath client Morgan Stanley and co‑defendants Deutsche Bank, Citigroup, HSBC and RBC.

Plaintiff alleged that the banks conspired over a five‑year period to fix the bid‑ask spreads of Gilts, which are government bonds issued by His Majesty’s Treasury through the United Kingdom Debt Management Office. Judge John G. Koeltl granted the defendants’ joint motion to dismiss for failure to state a claim and failure to plead antitrust injury. The court held that plaintiff failed both to put forth direct evidence of a price‑fixing conspiracy or to allege parallel conduct among the defendants accompanied by adequate plus factors required to properly plead circumstantial evidence of a conspiracy.

The Cravath team included partners Michael A. Paskin, who argued the motion on behalf of the defendants, Damaris Hernández and Lauren M. Rosenberg and associates Melissa A. Syring and Frances C. McDonald.

The case is Oklahoma Firefighters Pension & Retirement System v. Deutsche Bank Aktiengesellschaft, et al., No. 1:23‑cv‑5095‑JGK (S.D.N.Y.).

Related Practices & Industries

  • Litigation
  • Antitrust
  • Class Action Defense
  • Financial Services and Insurance

People

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Name
Michael A. Paskin
Title
Litigation
Title
Partner
Email
mpaskin@cravath.com
Phone
+1-212-474-1760
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    Education

    • J.D., 1995, Fordham University School of Law
    • B.A., 1992, University of Pennsylvania
      cum laude

    Admitted In

    • New York
    Photo
    Name
    Damaris Hernández
    Title
    Litigation
    Title
    Partner
    Email
    dhernandez@cravath.com
    Phone
    +1-212-474-1486
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      Education

      • J.D., 2007, New York University School of Law
        AnBryce Scholar
      • A.B., 2003, Harvard College
        magna cum laude

      Admitted In

      • New York
      Photo
      Name
      Lauren M. Rosenberg
      Title
      Litigation
      Title
      Partner
      Email
      lrosenberg@cravath.com
      Phone
      +1-212-474-1159
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        Education

        • J.D., 2011, Columbia Law School
          Harlan Fiske Stone Scholar
        • B.A., 2008, University of Pennsylvania
          Phi Beta Kappa, summa cum laude

        Admitted In

        • New York

        Related News & Insights

        Deals & Cases

        March 31, 2023

        Morgan Stanley Wins Decision Affirming Dismissal of Antitrust Suit Against Major Banks

        On Friday, March 24, a three‑judge panel for the U.S. Court of Appeals for the Second Circuit ruled in favor of Cravath client Morgan Stanley, banks Merrill Lynch, Credit Suisse, Goldman Sachs, J.P. Morgan and UBS, and EquiLend, a provider of electronic stock lending services.

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