Credit Suisse’s BBSW Suit


A Cahill litigation team prevailed on behalf of Credit Suisse in defeating a purported class action brought by plaintiffs alleging that Credit Suisse, other bank defendants, and certain broker-dealers manipulated the Bank Bill Swap Reference Rate (“BBSW”), an Australian benchmark interest rate. Plaintiffs brought claims under the Sherman Act, the Commodity Exchange Act, the RICO Act, and state common law alleging that the defendants harmed investors who purchased or sold financial instruments related to BBSW.

On November 26, 2018, Judge Lewis A. Kaplan of the U.S. District Court for the Southern District of New York granted Credit Suisse’s motion to dismiss all claims against it, ruling that plaintiffs had failed to adequately allege that the court had jurisdiction over Credit Suisse and that certain plaintiffs lacked capacity to bring the suit because they had been dissolved prior to filing their complaint.

Cahill advised with a team including David G. Januszewski (Picture), Elai Katz, Sheila C. Ramesh, Herbert S. Washer, Stephen Behymer, Cyrus N. Bordbar, Connor Carroll, Sesi Garimella, Emma Kramer, Merriam Mikhail, Adam S. Mintz and Benjamin A. Taylor

Involved fees earner: Stephen Behymer – Cahill Gordon & Reindel; Cyrus Bordbar – Cahill Gordon & Reindel; Connor Carroll – Cahill Gordon & Reindel; Sesi Garimella – Cahill Gordon & Reindel; David Januszewski – Cahill Gordon & Reindel; Elai Katz – Cahill Gordon & Reindel; Emma Kramer – Cahill Gordon & Reindel; Merriam Mikhail – Cahill Gordon & Reindel; Adam Mintz – Cahill Gordon & Reindel; Sheila Ramesh – Cahill Gordon & Reindel; Herbert Washer – Cahill Gordon & Reindel;

Law Firms: Cahill Gordon & Reindel;

Clients: Credit Suisse;

Author: Ambrogio Visconti