Wall Street Banks to Settle CDS Lawsuit for $1.87 billion

Bloomberg

Wall Street Banks to Settle CDS Lawsuit for $1.87 billion

Cahill represented Barclays Bank plc in the highly publicized Credit Default Swaps (CDS) Antitrust Litigation in federal court in New York, which arose out of investigations by the European Commission and the U.S. Department of Justice concerning whether major banks colluded to limit competition in the credit default swap market in violation of U.S. antitrust laws. The total annual market for CDS is estimated to be valued in the tens of trillions of dollars but fluctuates widely with economic conditions. The massive class action case against fourteen defendants was scheduled for a 2017 trial, however, the parties reached a nearly $2 billion settlement of the action, which was approved by the court in April 2016.