skip to main content

Paul, Weiss is widely recognized as having one of the nation’s preeminent securities litigation and regulatory practices. For two decades, our lawyers have guided global corporations and financial institutions through a series of “bet-the-company” securities-related crises, consistently reducing or eliminating their most damaging claims and negotiating favorable resolutions.

Paul, Weiss Partners Recognized by The American Lawyer for Citigroup, Goldman Sachs Win

Litigation partners Ken Gallo, Roberto Gonzalez, Bob Sperling and Staci Yablon were recognized by The American Lawyer on December 22 for securing, on behalf of clients Citigroup and Goldman Sachs, the denial of class certification in multidistrict litigation related to interest rate swap trading.

In their lawsuit, a putative class of purchasers of interest rate swaps alleged that our clients and various other banks that act as dealers and brokers in the market for interest rate swaps conspired to reduce competition in interest rate swap trading, raising prices for purchasers of the swaps. The plaintiffs sought declaratory and injunctive relief, as well as unspecified treble damages.

In their opposition to the motion for class certification, our clients and co-defendants successfully argued, among other things, that the plaintiffs did not satisfy the predominance requirement—in other words, they failed to affirmatively demonstrate that questions of fact or law common to the class predominate over questions affecting individual members. In particular, we argued that the plaintiffs failed to demonstrate class-wide antitrust impact of the alleged conspiracy. The court agreed and denied the motion.

Ken and Roberto represented Citigroup, and Bob and Staci represented Goldman Sachs.

» read the article

© 2024 Paul, Weiss, Rifkind, Wharton & Garrison LLP

Privacy Policy