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May 1, 2024

In Re Credit Default Swaps Auctions Litigation

In 2022, an Amended Complaint was filed on behalf of an investor class alleging a group of Defendant banks conspired to manipulate benchmark prices used to settle Credit Default Swaps or CDS (In Re Credit Default Swaps Auctions Litigation, 1:21-cv-00606).  A CDS allows bond portfolio investors including asset managers, corporations, hedge funds and others to enhance their bond portfolio performance through CDS swap positions opposite Defendant banks.

Econ One Managing Director Dr. Jeff Armstrong was asked by counsel for Plaintiffs to provide statistical and econometric evidence of Defendant banks’ collusion and price impacts for an Amended Complaint.  In ruling against Defendant banks’ motion to dismiss the case, the judge stated in his decision “the Court agrees with Plaintiffs that the statistical allegations, standing alone, allege a plausible antitrust conspiracy sufficient to deny the [Defendants’] Motion as to these claims.”

Industries: Financial Markets

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