John is joined by Dan Brockett, partner in Quinn Emanuel’s New York office and Chair of the firm’s Financial Institution Litigation practice. They discuss how Dan and his team recently recovered over $581 million from JPMorgan Chase, Morgan Stanley, Goldman Sachs, UBS, and Credit Suisse, as well as significant injunctive relief, in one of the largest antitrust class action settlements in history. They discuss how these large banks act as brokers profiting with little to no risk in $1.7 trillion stock loan market and how they allegedly agreed to boycott new technologies, particularly new electronic platforms, which posed a threat to the banks’ lucrative position. They also discuss how the case developed as a result of years of research by a Quinn Emanuel team at the firm’s expense, the five and a half year history of the litigation, and how a settlement was achieved in mediation after a Magistrate Judge recommended that the class be certified. Finally, they discuss the injunctive relief reforming the market that the Quinn Emanuel team was able to obtain.
Published: Sep 21 2023