Schulte successfully represented National Bank of Canada and various of its Canadian and U.S. subsidiaries (“NBC”) in a major litigation relating to the alleged manipulation of a benchmark rate known as the Canadian Dollar Offered Rate (“CDOR”).
On March 14, 2019, Judge Analisa Torres of the U.S. District Court for the Southern District of New York dismissed a putative class action alleging the manipulation of CDOR in its entirety, thereby adopting many of the arguments made by the Schulte team on behalf of NBC and the other defendants (Schulte was one of the two lead law firms coordinating the defense on behalf of all the defendants in this case.). The court dismissed all of the foreign defendants on personal jurisdiction grounds; the antitrust claims for lack of antitrust standing (and in part on statute of limitations grounds), the RICO claims as impermissibly extraterritorial (and in part on statute of limitations grounds) and the Commodity Exchange Act claims on statute of limitations grounds in their entirety and declined to exercise pendant/supplemental jurisdiction over the state law claims.
The Schulte team representing NBC was led by litigation partner Harry Davis (Picture) and special counsel Brian Kohn and included associate Thomas DeFranco.
Law Firms: Schulte Roth & Zabel;
Clients: National Bank of Canada Financial Inc.;