Cases & Investigations
The Bank of Nova Scotia, Barclays Bank plc, Deutsche Bank Ag, HSBC Bank plc and Société Générale are all members of the London Gold Market Fixing Ltd., which conducts the London Gold Fixing. The London Gold Fixing is a twice daily process where the defendants set an important benchmark price for gold.
Berger Montague is counsel to a proposed class of investors who transacted in Eurodollar futures contracts and options on futures contracts on the Chicago Mercantile Exchange (“CME”) between August 2007 and May 2010. The consolidated class action lawsuit, In Re: Libor-Based Financial Instruments Antitrust Litigation, alleges that the banks colluded to misreport and manipulate Libor rates, thereby harming investors in futures, swaps, and other Libor-based derivative products.
Berger Montague filed a Consolidated Amended Class Action Complaint on November 5, 2012, in which it alleged that individuals and entities associated with the MF Global debacle — including PricewaterhouseCoopers LLP, CME Group, Inc., and former Senator Jon Corzine — violated numerous laws, including the Commodity Exchange Act, when more than $1 billion disappeared from MF Global’s customers’ accounts.
Berger Montague served as co-lead counsel in a class action on behalf of futures account holders of PFG Best/Peregrine, whose segregated account funds have been effectively frozen following reports of “accounting irregularities” at the futures brokerage firm and a reported suicide attempt by its founder and owner Russell R. Wasendorf, Sr.