Dennis et al v. JPMorgan Chase & Co. et al, 1:16-cv-06496-LAK-GWG

March 30, 2021

On March 30, 2021, the Honorable Lewis A. Kaplan entered an order granting conditional class certification for purposes of the class action settlement with Westpac Banking Corporation. Plaintiffs allege that traders at large banks manipulated a key currency benchmark at least as early as January 1, 2003, thereby injuring investors. This currency benchmark is known as the Australian Bank Bill Swap Reference Rate (“BBSW”). BBSW is a benchmark interest rate intended to represent the observed price of money market instruments traded each Sydney business day.  BBSW is used to price Australian-dollar denominated derivatives traded globally, including swaps, foreign exchange forwards, and futures contracts. The litigation asserts claims on behalf of investors under the Sherman Antitrust Act, the Commodity Exchange Act, and other laws.

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