News

May 22, 2020

Korein Tillery Secures an Important Ruling that Punitive Damages Are Available Against Commodity Price Manipulators under the Commodity Exchange Act

On May 22, 2020, Korein Tillery secured a favorable ruling for firm client AOT Holding AG (“AOT”), as the United States District Court for the Central District of Illinois denied a motion to dismiss filed by Archer Daniels Midland Company (“ADM”) in a class action alleging that ADM has manipulated a key benchmark for the settlement and pricing of ethanol futures and options contracts dating back to as early as November 2017, in violation of the Commodity Exchange Act (“CEA”). AOT is seeking to recover on behalf of itself and a putative class hundreds of millions of dollars in damages incurred in trading ethanol futures and options contracts at prices that were negatively impacted by ADM’s alleged manipulation.

In an eighteen-page ruling, Judge Colin Bruce ruled that AOT had “stated a claim that is plausible on its face and upon which relief could be granted” and “describe[d] the claim in sufficient detail to give ADM fair notice of what the claim is and the grounds upon which it rests.” While the Court dismissed two individual statutory bases for the claims AOT seeks, the primary claim – of market manipulation of ethanol prices and ethanol derivatives in violation of the CEA – survived.

In an important part of the ruling that will benefit all plaintiffs in future Commodity Exchange Act claims, the Court also upheld the availability of punitive damages under the CEA.  This was a key ruling on an issue of first impression because, as the Court noted, “there is a near total absence of case law about the availability of punitive damages [under the CEA] in circumstances analogous to those of the instant case.”

According to the Court, because ADM’s alleged manipulation impacted the price of ethanol derivatives traded on a registered entity (NYMEX), punitive damages were available because “the CEA violation in this case arises, at least partially, out of the execution of orders on the floor of a registered entity.” The Court further rejected ADM’s argument that punitive damages were available under the CEA only against floor brokers, and agreed with AOT that “the availability of punitive damages under [7 U.S.C] § 25(a)(3)(B) is not limited to only floor brokers who violate the CEA via the execution of orders on the floor, but are also available against the customers, such as ADM in this case, who gave the floor brokers those orders.”

The Court further held that allowing claims for punitive damages against customers who concoct schemes to manipulate derivatives serves the broader interests of the CEA: “to allow punitive damages only against the floor broker who executed the illegal trades, but not against the corporate entity customer that allegedly concocted the scheme and directed the broker’s actions, would not serve the CEA’s stated purpose of ensuring financial integrity of market transactions, protecting market participants from fraudulent/abusive sales practices, and especially to deter and prevent market price manipulations. Indeed, it would serve to insulate from liability the entity responsible for the scheme in many cases.”

This is a significant ruling for plaintiffs and an important legal precedent under the Commodity Exchange Act. The decision adds clarity that entities that manipulate commodity prices (and thereby impact derivatives tied to those commodities that are traded on exchanges) in a manner that violates the CEA face the possibility of punitive damages. Would-be manipulators will be further deterred from engaging in price manipulation in the commodities markets as a result.

Korein Tillery attorneys involved in this case include George Zelcs, Michael Klenov, Stephen Tillery, John Libra, Chad Bell, Carol O’Keefe, Ryan Cortazar, Jamie Steinmetz, and Aidan McNamara.

The case is AOT Holding AG v. Archer Daniels Midland Company, No. 19-cv-02240 (C.D. Ill.) (Bruce, J.). A copy of the ruling denying ADM’s motion to dismiss can be found at this LINK

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April 22, 2020

Korein Tillery & Co-Counsel File Class Action Antitrust Lawsuit Alleging 10 of the World’s Largest Banks Engaged in an Antitrust Conspiracy To Restrict Competition on Prices of Corporate Bonds for Odd-Lot Investors

On April 21, 2020, Korein Tillery and four co-counsel firms filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of Isabel Litovich and a proposed class of investors, alleging an antitrust conspiracy since August 1, 2006 by 10 of the world’s largest banks to restrain competition and fix prices on bid-offer spreads in so-called “odd lots” (lots of total size below $1 million) of corporate bonds. According to the complaint, this conspiracy violated § 1 of the Sherman Act, and may have cost odd-lot U.S. corporate bond investors billions of dollars over the proposed class period.

Trading in corporate bonds in the United States occurs in an over-the-counter, secondary market where dealers, such as the defendant banks in the case (Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, NatWest, and Wells Fargo), serve as liquidity providers and set prices to buy and sell bonds within the market. The Defendant banks handled more than two-thirds of U.S. corporate bond underwriting, and from there were able to serve as dealers on perhaps as much as 90% of all U.S. trading volume in the secondary, over-the-counter market for U.S. corporate bonds.

In foreign bond markets with lower volumes and liquidity than the U.S. corporate bond market, odd-lots of bonds in a given series trade at prices that are nearly identical with so-called “round lot” trades (trades of greater than $1 million in par value) in that same series – a result that should have occurred in the United States as well, particularly as electronic trading and record-keeping drove transaction costs to minimal levels.

However, rather than compete on pricing of corporate bonds in a way that benefited all investors, the Defendant banks only competed on pricing for round lot trades for large, institutional investors, and actively suppressed competition on pricing for primarily retail odd-lot investors. This conduct included group boycotts by the Defendants – including the withholding of liquidity – from electronic platforms that threatened to increase retail odd-lot investor pricing transparency and/or threaten the Defendants’ central intermediary roles as dealers with competitive, all-to-all trading.

As a direct result of this anticompetitive conduct by Defendants, odd-lot investors since at least August 1, 2006 have paid significantly higher prices to Defendants when buying corporate bonds, and received significantly lower prices from Defendants when selling corporate bonds, than round-lot investors in the same bond series. According to academic studies, this differential may have been 10 or more basis points greater for odd-lot investors than round-lot investors per transaction – an amount that resulted in odd-lot investors paying tens of billions of dollars more to trade in corporate bonds with Defendants than they would have paid if they had traded at the same spreads as round lot investors over the 2006-present time period. No reasonable economic justification explains this pricing disparity, other than the anticompetitive and illegal conduct of Defendants.

Plaintiff Isabel Litovich is represented by Korein Tillery LLC; Scott+Scott Attorneys at Law LLP; Criden & Love, P.A.; Erez Law, PLLC; and Aldarondo & Lopez-Bras. Korein Tillery attorneys involved in the investigation and filing of this case include George Zelcs, Stephen Tillery, Steven Berezney, Michael Klenov, Robert Litan, Randall Ewing, Chad Bell, Carol O’Keefe, and Ryan Cortazar.

Individuals or companies who traded in odd lots of corporate bonds between August 1, 2006 and the present who believe that they might have received worse pricing in those trades due to this price-fixing conspiracy and who are interested in potentially joining the lawsuit are encouraged to contact George Zelcs of Korein Tillery (312-641-9750; gzelcs@koreintillery.com).

The case is Litovich v. Bank of America Corp., et al., Case No. 1:20-cv-03154 (S.D.N.Y.). Complaint

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October 25, 2019

Korein Tillery’s Stephanie Clerkin Wins 2019 Innovation Award for Stellar Women in e-Discovery

Korein Tillery is proud to announce that Stephanie Clerkin, Director of Litigation Support, won the Innovation Award for Stellar Women in e-Discovery  at Relativity Fest 2019. The annual conference helps educate and connect the national e-discovery community through breakout sessions, panel discussions, and workshops focused on technological advances and best practices. In winning the award, Ms. Clerkin was recognized by her peers as “a leader who elevates women in tech, breaks barriers, mentors others, makes learning a priority, and embodies a spirit of ‘paying it forward.’”

In addition to receiving well-deserved recognition at the Innovation Awards ceremony, Ms. Clerkin was also a panelist speaker for two sessions earlier in the conference. In “Dangerous Data: Using Relativity to Succeed with Precarious Data Sets,” she discussed the trickiest and most perilous data sets she has encountered and the workflows she used to successfully deal with them. Ms. Clerkin also joined the other finalists for the Stellar Women in e-Discovery Award in a panel discussion about the importance of mentorship and how the e-discovery community can elevate emerging leaders in the field.

Ms. Clerkin’s stellar showing at Relativity Fest highlights the firm’s commitment to being a leader in managing complex litigation e-discovery. Korein Tillery’s highly trained e-discovery team have mastered the skills necessary to effectively and efficiently navigate all e-discovery issues, including collecting data, reviewing and producing documents, and preparing document and data intensive cases for trial.

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September 5, 2019

Korein Tillery Files Class Action Lawsuit Alleging Market Manipulation of Ethanol Futures and Options Prices by Archer Daniels Midland

Korein Tillery attorneys filed a class action lawsuit against Archer Daniels Midland Company (“ADM”) in the United States District Court for the Central District of Illinois, alleging that ADM has manipulated a key benchmark for the settlement and pricing of ethanol futures and options contracts dating back to as early as November 2017, in violation of the Commodity Exchange Act.

The pricing, settlement, and value of various ethanol futures and options contracts are tied directly to the so-called Chicago Ethanol (Terminal) price. This Chicago Ethanol (Terminal) price is determined daily by S&P Global Platts during a 30-minute trading period for ethanol at the Kinder-Morgan fuel terminal in Argo, Illinois.

The complaint filed on behalf of Korein Tillery client AOT Holding AG, alleges that ADM took outsized short positions in ethanol derivatives, betting that the price of ethanol would decrease. ADM then aggressively sold ethanol during the 30-minute window at the Argo Terminal at prices that were below what ADM could have received elsewhere and even below ADM’s own variable cost of production in order to manipulate the Chicago Ethanol (Terminal) price downward. ADM’s downward manipulation of the Chicago Ethanol (Terminal) price in turn artificially increased the value of ADM’s massive short positions in ethanol derivatives, thus allowing ADM to reap outsized profits despite low or negative margins on physical ethanol sales.

AOT Holding AG, on behalf of itself and a class consisting of all persons who traded in or settled positions in these ethanol futures and options contracts, alleges that ADM’s manipulation of the Chicago Ethanol (Terminal) price at the Argo Terminal violated the Commodity Exchange Act and caused hundreds of millions of dollars in damages to entities that traded in ethanol futures and options contracts tied to the Chicago Ethanol (Terminal) price. AOT Holding AG seeks actual damages, as well as punitive or exemplary damages, on behalf of itself and the proposed class. Korein Tillery’s investigation of this matter is ongoing.

Individuals or companies who traded in: (1) Chicago Ethanol (Platts) Futures (CME symbol: CU); (2) Chicago Ethanol (Platts) Average Price Option (CME symbol: CVR); and/or (3) the Ethanol Futures Contract (CME symbol: EH) from November 1, 2017 to the present and who are interested in discussing the lawsuit or any damages they incurred in the ethanol markets during this timeframe are encouraged to contact George Zelcs (312-641-9750; gzelcs@koreintillery.com).

The case is AOT Holding AG v. Archer Daniels Midland Company, No. 19-cv-02240 (C.D. Ill.) (Bruce, J.). A copy of the complaint can be found at this link. Complaint

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February 8, 2019

Korein Tillery & Co-Counsel File Complaint Alleging Conspiracy to Manipulate ICE LIBOR

On January 15, 2019, Korein Tillery attorneys with four co-counsel firms filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of Putnam Bank alleging a conspiracy since February 2014 to manipulate the daily ICE LIBOR financial benchmark in violation of Section 1 of the Sherman Antitrust Act.

ICE LIBOR benchmark rates are set jointly and published each business day based on daily submissions by a group of multinational banks. Intercontinental Exchange, Inc. (“ICE”), which owns and operates the New York Stock Exchange, is the administrator of ICE LIBOR and is charged with calculating the benchmark rate based upon these daily bank submissions. Hundreds of trillions of dollars in floating-rate financial instruments, such as floating-rate notes and interest rate swaps, are indexed to ICE LIBOR.

Putnam Bank, on behalf of a class consisting of all persons or entities residing in the United States that directly transacted with a bank defendant in a USD ICE LIBOR financial instrument, alleges that ICE conspired with 18 of the world’s largest banks to manipulate and depress USD ICE LIBOR submissions and rates. Putnam Bank claims that USD ICE LIBOR submissions and rates were consistently lower than what they should have been from February 1, 2014, through the present. While investigation is ongoing, Putnam Bank claims that the interest rate on excess reserves paid by the Federal Reserve, general collateral rates, and credit default swap spreads of the bank defendants are evidence of the alleged manipulation.

The damages caused by ICE LIBOR suppression are immense. The lawsuit alleges that every basis point movement in USD ICE LIBOR downward would save the bank defendants more than $100 million in payments on such instruments over the class period. Putnam Bank seeks various relief, including treble damages under the Sherman Antitrust Act and the Clayton Act.

The bank defendants in the lawsuit are Bank of America, Citigroup, JPMorgan, Barclays, BNP Paribas, Bank of Tokyo-Mitsubishi, Credit Agricole, Credit Suisse, Deutsche Bank, HSBC, Lloyds, Norinchukin, Rabobank, RBC, RBS, Société Générale, Sumitomo, and UBS.

Putnam Bank is represented by Scott+Scott Attorneys at Law LLP, Korein Tillery LLC, Lowey Dannenberg PC, Robbins Geller Rudman & Dowd LLP, and Robins Kaplan LLP.

Individuals or companies who believe that they might have received lower interest payments on their financial instruments due to a depressed ICE LIBOR rate after February 1, 2014, and who are interested in potentially joining the lawsuit are encouraged to contact Steven Berezney of Korein Tillery (314-450-4063; sberezney@koreintillery.com).

The case is Putnam Bank v. Intercontinental Exchange Inc., et al., Case No. 1:19-cv-00439 (S.D.N.Y.) (Daniels, J.).

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January 18, 2019

Korein Tillery Files Complaint Alleging Market Manipulation In Connection with February 5, 2018 “Volmageddon”

Korein Tillery attorneys filed a lawsuit in the United States District Court for the Northern District of Illinois on behalf of LJM Partners, Ltd. and the commodity pools and investor accounts it managed, alleging violations of the Commodity Exchange Act by as-yet unidentified John Doe Defendants stemming from the so-called “Volmageddon” – an artificial and manipulated spike in the CBOE’s VIX volatility index on February 5, 2018.

On February 5, 2018, as the S&P 500 was experiencing a significant but hardly unprecedented 4.1% decline, the VIX Index (which measures implied volatility of large cap U.S. stocks) saw an increase of 116% — the largest single day percentage increase ever recorded in the VIX. Korein Tillery’s and LJM’s investigation, as set forth in the complaint, discovered that this spike in the VIX was caused not by legitimate market activity, but rather by willful manipulation by as-yet unidentified John Doe Defendants, undertaken to profit their position in VIX options, VIX futures, and VIX-linked exchange traded notes.

To accomplish this manipulation, the John Doe Defendants placed manipulative and artificial bid and ask quotes on certain out-of-the-money SPX Options. Prices (or bid-ask spread midpoints) of these options, traded on the CBOE, are used to calculate the VIX level every 15 seconds during trading hours. By widening the bid-ask spread on these out-of-the-money SPX Options, John Doe Defendants were able (at little or no cost or risk to themselves) to increase level of the VIX.

However, these John Doe Defendants did not merely manipulate the VIX upwards – they also created artificial prices in other commodities and derivatives that are highly correlated to SPX Options, including the options on S&P 500 futures and E-mini S&P 500 futures products that LJM traded heavily in on the CME. LJM and its funds lost over $400 million on February 5-6, 2018 – losses attributable, in whole or in part, to the artificial prices created by John Doe Defendants’ manipulation.

Korein Tillery continues to investigate these claims, and will be pursuing discovery to identify the John Doe Defendants responsible.

COMPLAINT – LINK

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December 18, 2018

Korein Tillery Files Amici Brief Supporting Access to Literacy

On behalf of eighteen professional organizations that advocate for students, parents, and educators, attorneys in Korein Tillery’s Chicago office (George Zelcs, Randall Ewing, and Ryan Cortazar) filed an amici curiae brief today asking the Sixth Circuit Court of Appeals to reverse a district court’s order granting a motion to dismiss. The underlying suit, filed in September 2016, argued that students at some of the Detroit’s most underperforming schools — serving mostly racial minorities — had been denied “access to literacy” because of underfunding,  mismanagement and discrimination. The amici brief explains how clear metrics can be used to measure the adequacy and efficacy of school environments in order to determine whether they are conducive to learning to read. A copy of the brief is available HERE.

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October 10, 2018

Korein Tillery sends two speakers to the Relativity Fest e-discovery conference

Korein Tillery, a leader in the in-house management of complex litigation e-discovery, showcased its experience at Relativity Fest 2018. This annual event designed to educate and connect the e-discovery community on technological advances and best practices in the field, was held September 30th through October 3rd in Chicago.

Stephanie Clerkin, Korein Tillery’s Director of Litigation Support, was an invited panelist for “Generation e-Discovery: How Boomers, GenXers, and Millennials Work Together (or Apart) in Today’s e-Discovery Landscape.”  As the “Millennial” representative on the panel, Ms. Clerkin, an ACEDS Certified e-Discovery Specialist and Relativity Certified Administrator, shared her experiences with how different generations within the firm have approached working with and adapting to e-discovery advances.

Jeanine Bermel, an attorney in Korein Tillery’s St. Louis office, focuses on electronic discovery and technology issues. With nearly three decades of litigation experience, Ms. Bermel was an invited panelist for “What Do YOU Consider Privileged?” in which she offered her own hard won practical insights into the varieties of state and federal privileges and issues to consider when reviewing for potential privilege claims or contesting privilege claims.

Korein Tillery maintains its own in-house e-discovery platform and highly trained personnel to manage the largest and most complex of matters. From collection to review to counterparty production, Korein Tillery has demonstrated an ability to skillfully manage all aspects of the e-discovery process in cases featuring scores of parties and tens of millions of documents.

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October 5, 2018

Korein Tillery partner Robert Litan advocates for mandatory debate education

Robert Litan, a partner with Korein Tillery and Non-Resident Senior Fellow at the Brookings Institution, recently published a post on the Brookings Institute blog calling for mandatory debate training for America’s school children. Litan contends that debate training would not only improve American education and students’ interest in learning, but also contribute to a healing of political and economic rifts. He believes that debate teaches a number of skills critical for a healthy democracy and society, namely how to “research; think critically and do it on your feet; back up arguments with evidence (not fake news!); work collaboratively with partners; speak persuasively in a civil fashion; and, perhaps most importantly, be[ ] able to argue both sides of most any issue or subject.” Litan’s article has been cited favorably by a number of sources, including journalists James Fallows of The Atlantic and Robert Mackey of The Intercept, as well as the New York City Urban Debate League.

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October 1, 2018

Korein Tillery files suit against United Airlines over undisclosed “kickbacks”

Korein Tillery attorneys, joined by their co-counsel León Cosgrove, LLP, filed a class action suit in Illinois federal court today alleging that United Airlines engaged in deceptive and misleading practices related to the sale of travel insurance. Customers purchasing airline tickets on United’s website must purchase or explicitly refuse travel insurance offered by a third party before being allowed to purchase their tickets. The complaint alleges that United receives undisclosed “kickbacks” for the policies sold on their website. Despite these payments, United does not provide anything in return for the kickback payments. Moreover, United is not licensed to sell travel insurance.

The complaint alleges that United’s marketing is intended to create the impression that the trip insurance is in the customer’s best interest—while hiding the fact that United is pushing the product because it is in its financial interest to generate sales. In other words, the customer is deceived into believing that United is acting in the customer’s best financial interest, and not its own.

Korein Tillery continues to investigate other airlines who have engaged in similar conduct.

Complaint <LINK>

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September 12, 2018

Korein Tillery mourns the loss of our dear friend and former colleague with the passing of Sandy Korein

Sandor “Sandy” Korein passed away peacefully on September 9, 2018, leaving behind a loving wife, three children, six grandchildren, and four great grandchildren.

Sandy was born on May 5, 1932, in Zalaszengrote, Hungary. The son of an American and a first-generation Hungarian immigrant, his family remained in Hungary for two years before traveling to the United States on the U.S.S Manhattan, arriving in New York City on November 1, 1934. They settled in East St. Louis, where Sandy spent much of his childhood working in his grandparents’ grocery store at the corner of 13th and Division. He went on to attend East St. Louis Senior High School and Washington University in St. Louis, receiving his bachelor’s degree in 1955 and his law degree in 1956. He entered the United States Army upon completion of his studies, serving first at Fort Benning, GA and then at Fort Riley, KS, where he was assigned to the 1st Infantry Division.

Just after his graduation from infantry school and as his legal career was beginning, Sandy married Carolyn Jean Glass in St. Louis on March 31, 1957.

He was admitted to practice law in Missouri and Illinois in 1956 and 1957, respectively. He began his work in compensation law, soon seeking out trial experience by asking other lawyers for those cases they did not want to try. He opened his own office in the First National Bank Building in East St. Louis in 1960, continuing to build a reputation for taking on any challenge.

An avid student and practitioner of maritime law, he tried dozens of cases on behalf of sailors and other maritime workers who had suffered personal injuries during their work, all under the Jones Act. He went on to practice before the United States Courts of Appeal for the Sixth, Seventh and Eighth Circuits and the United States Supreme Court. During the course of his career, Sandy tried to conclusion more than one hundred and fifty civil cases.

The firm continues to strive to serve with the skill, dedication, honor and heart that Sandy demonstrated throughout his practice. He will be deeply missed.

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September 4, 2018

Korein Tillery is pleased to announce that Ryan Z. Cortazar has joined the firm as a litigation associate in the Chicago office

Ryan graduated cum laude from Harvard Law School where he was an articles editor of the Harvard Law Review. After law school, Ryan clerked for Judge David F. Hamilton on the U.S. Court of Appeals for the Seventh Circuit. Before the clerkship, he was a Redstone Fellow at the Chicago Lawyers Committee for Civil Rights where he advocated for voting rights and police reform, working on coalitions that passed automatic voter registration in Illinois and pressured the City of Chicago to enter a consent decree to end unconstitutional police practices. In addition to this work, Ryan represented employment discrimination plaintiffs in the Northern District of Illinois and the Illinois Department of Human Rights.

At Korein Tillery, Ryan looks forward to pursuing economic justice for the firm’s clients in important and complex cases. He plans to work in the areas of antitrust, securities, and toxic tort litigation and is excited to work alongside a team dedicated to success at every stage of litigation.

Managing Partner Steve Tillery said: “We think Ryan is a great addition to the Korein Tillery family. Ryan’s sterling academic credentials and passion for civic duty fit right in. We are dedicated to providing the highest quality legal representation to individuals and institutions seeking justice and accountability.”

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August 9, 2018

Korein Tillery attorneys attend 2018 Block(Legal)Tech Conference

Several attorneys from Korein Tillery’s Chicago office recently attended the Block(Legal)Tech Conference sponsored by the Chicago-Kent College of Law. The day-long conference focused on the evolving regulatory and legal issues in the blockchain and cryptocurrency space. The event featured a number of talks, interviews, and debates including a key note address from Ken Blanco, Director of the Financial Crimes Enforcement Network (FinCEN).

Korein Tillery attorneys have been keeping a close eye on developments in the blockchain and cryptocurrency industry over the past several years. The general public’s heightened interest in cryptocurrencies and the proliferation of Initial Coin Offerings (ICOs) has resulted in an environment rife with fraud and deceit. Korein Tillery is committed to helping individuals and companies who have been impacted by misleading and fraudulent business practices hold bad actors accountable.

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August 6, 2018

Judge Schofield approves $2.3 billion in settlements with 15 banks in In re Foreign Exchange Benchmark Rates Antitrust Litigation

Judge Lorna G. Schofield of the Southern District of New York granted Plaintiffs’ Motion for Final Approval of 15 settlements with the world’s largest banks in In re Foreign Exchange Benchmark Rates Antitrust Litigation, 13-cv-7789 (S.D.N.Y.). The Court also granted Final Approval to the Notice and Plan of Distribution.

The settlements totaling $2,310,275,000 represent one of the largest antitrust settlements ever achieved. These settlements resolve claims against Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, MUFG, RBC, RBS, Société Générale, Standard Chartered, and UBS. Plaintiffs continue to litigate against the sole remaining defendant Credit Suisse.

Claimants can find more information about the Settlements, including copies of the Final Approval Orders, at <LINK>

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July 26, 2018

Korein Tillery selected by the National Law Journal as a 2018 Elite Lawyers finalist in three practice areas

The National Law Journal has selected Korein Tillery as a Finalist in the areas of Antitrust, Business Torts and Financial Products in this year’s “Elite Trial Lawyers” survey.  Editors and reporters from the ALM organization reviewed more than 300 submissions across 23 categories to arrive at this year’s list of Finalists. The lawyers and law firms selected “have demonstrated exemplary performance in cutting-edge work on behalf of plaintiffs over the last 18 months.”

 

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March 22, 2018

Sherman Act and Commodity Exchange Act violations alleged in new class action case

A class action complaint has been filed in Illinois federal court against the Chicago Board Options Exchange by a group of investors alleging collusion and manipulation of its Volatility Index. Jeffery Tomasulo v. CBOE Exchange, Inc., CBOE Global Markets, Inc., CBOE Futures Exchange, LLC, and John Does The Volatility Index is a benchmark index that measures the 30-day expected volatility of the S&P 500 Index for large cap U.S. stocks. The complaint claims violations of the Sherman Act and the Commodity Exchange Act. Korein Tillery lawyers participating in the filing include Stephen Tillery, George Zelcs, Robert Litan, Robert King, Aaron Zigler and Michael Klenov.  <Complaint>

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January 26, 2018

Judge Rosenstengel orders Kmart must follow FCA settlement or be sanctioned

U.S. District Judge Nancy J. Rosenstengel ordered Kmart and its lawyers to deliver executed mortgage documents to the title company by 5 p.m. Friday, and for both Kmart and the guardian of the FCA whistleblower’s estate to keep her apprised of all work done toward closing on the property. <LINK>

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January 12, 2018

Plaintiffs ask Court to finally approve 15 settlements totaling $2.3 billion in In re Foreign Exchange Benchmark Rates Antitrust Litigation

Plaintiffs asked Lorna G. Schofield of the Southern District of New York to finally approve 15 settlements with the world’s largest banks in In re Foreign Exchange Benchmark Rates Antitrust Litigation, 13-cv-7789 (S.D.N.Y.).

The settlements totaling $2,310,275,000 represent one of the largest antitrust settlements ever achieved. These settlements resolve claims against Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, MUFG, RBC, RBS, Société Générale, Standard Chartered, and UBS. Plaintiffs continue to litigate against the sole remaining defendant Credit Suisse.

Claimants can find more information about the Settlements, including copies of the Final Approval Orders, at <LINK>

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December 22, 2017

KMart agrees to pay $59 million to resolve False Claims Act case alleging it overcharged Federal and state governments for pharmaceutical reimbursement

Kmart Corp. will pay $59 million to put to rest claims its in-store pharmacies overbilled federal health-care programs for generic drugs. The agreement resolves whistleblower allegations that Kmart pharmacies failed to report discounted prescription drug prices to Medicare Part D, Medicaid, and TRICARE, the health program for uniformed service members and their families.

The lawsuit against Kmart, filed by whistleblower James Garbe in 2008, alleged Kmart pharmacies offered discounted generic drug prices to cash-paying customers but didn’t disclose those prices when reporting its usual and customary prices to federal health programs. The usual and customary prices are generally what a retail customer pays out-of-pocket for a particular drug and are used by the government for Medicare and Medicaid drug pricing.

“Pharmacies that are not fully transparent about drug pricing can cause federal health programs to overpay for prescription drugs,” Chad A. Readler, acting assistant attorney general for the Justice Department’s Civil Division, said in a Dec. 22 statement. “This settlement should put pharmacies on notice that there will be consequences if they attempt to improperly increase payments from taxpayer-funded health programs by masking the true prices that they charge the general public for the same drugs,” he said.

Garbe, the whistleblower who brought the case, will receive $9.3 million.

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January 12, 2017

Korein Tillery files amicus brief in Michigan literacy litigation

On behalf of the  International Literacy Association (ILA), the National Association for Multicultural Education (NAME), and Kappa Delta Pi (KDP), Korein Tillery filed an amicus curiae brief in the U.S. District Court for the Eastern District of Michigan in support of litigation aimed at providing Detroit public school children with “access to the most basic building block of education: literacy.”<Brief> <KDP Press Release>

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October 25, 2016

These two law firms made $1 billion from mortgage-crisis litigation

Newly disclosed information from a federal government agency gives an intriguing look at two law firms that scored big from the financial crisis. According to the disclosure from the National Credit Union Administration, more than $1 billion in contingency fees were paid… <Read More>

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March 15, 2016

Korein Tillery files amicus curiae on behalf of Senator Charles Grassley

SAINT LOUIS, March 14, 2016 (GLOBE NEWSWIRE) — Korein Tillery has filed an amicus curiae brief on behalf of U.S. Senator Charles E. Grassley in support of the Respondents in Universal Health Services, Inc. v. United States and Commonwealth of Massachusetts ex rel. Julio Escobar and Carmen Correa. <Read More>

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October 20, 2015

Commentary: Lawyers, Judges and All That Cash

The U.S. is in an era of high-priced judicial elections. It’s hard to see how we can have judicial independence when judges depend on a handful of big donors to get them elected … <Read More>

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August 6, 2015

How sports got blitzed by the plaintiffs bar

In the past two years plaintiffs lawyers have gone on the offensive against major sports, hitting some of the world’s most powerful organizations with suits that challenge the economic underpinnings of their businesses and raise questions about the safety of players and fans. <Read More>

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June 30, 2014

Minor League Baseball Fair Wages Lawsuit

Korein Tillery attorney, and former minor league player, Garrett Broshuis, interviewed on MSNBC. He discusses the current status of the Fair Labor Standards Act suit filed against Major League Baseball on behalf of current and former minor leaguers. Watch Video >

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May 22, 2014

Korein Tillery Installs Relativity In-House

In the world of complex litigation, the ability to efficiently analyze millions of documents is critical. Korein Tillery has installed Relativity, a state of the art web-based e-discovery platform by KCura with fully integrated processing capabilities.
Read More >

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October 22, 2013

National Law Journal’s "Plaintiffs' Hot List" - 2013

Korein Tillery has once again been named to the National Law Journal’s “Plaintiffs’ Hot List” as one of the top plaintiffs’ litigation firms in the country. The list identifies 19 elite firms that “are at the cutting edge of plaintiffs’ work” and that possess “an impressive track record” of wins for their clients in complex, high-stakes litigation. This is the seventh time Korein Tillery has been named to the list in the last ten years. Read More > Press Release >

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May 31, 2012

Federal Judge Gives Preliminary Approval to $105 Million Atrazine Settlement For Public Water Systems

A federal judge in Southern Illinois granted preliminary approval Wednesday to a national class-action settlement over contamination of drinking water by the weed killer atrazine that will distribute $105 million to community water systems (CWS) providing drinking water to more than 52 million Americans, lead plaintiffs’ lawyer Stephen M. Tillery of Korein Tillery LLC in St. Louis announced. Read More >

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May 25, 2012

Syngenta pays $105 million to settle herbicide lawsuit

Swiss chemicals maker Syngenta’s agreement to pay $105 million to settle a nearly 8-year-old lawsuit over one of its popular agricultural herbicides could help reimburse nearly 2,000 community water systems that have had to filter the chemical from its drinking water, a plaintiffs’ attorneys said today. Read More >

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October 3, 2011

National Law Journal’s "Plaintiffs' Hot List" - 2011

St. Louis-based Korein Tillery has chalked up big wins for small clients against large corporations in the past year. The firm won a case for 18,000 retirees who were shortchanged when their pension plan didn’t add a cost-of-living adjustment. The firm also represented more than 200 Missouri cities in a series of suits against wireless carriers to recover unpaid municipal taxes. Read More >

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2008

National Law Journal’s "Plaintiffs' Hot List" - 2008

Korein Tillery doesn’t rest on its laurels. Best known for its $10.1 billion trial verdict against Philip Morris USA Inc. in 2003, the firm remains in hot pursuit of malefaction involving pension funds, insurance, securities, computer technology and corporate fraud. It has been named class counsel in more than 50 class actions. During the past 12 months, it played a major role in major litigation against De Beers diamond cartel. The 20-attorney firm as offices in St. Louis, Chicago and Belleville, Ill. Read More >

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2007

National Law Journal’s "Plaintiffs' Hot List" - 2007

Korein Tillery is a 20-attorney law firm with offices in St. Louis and Chicago and a reputation for aggressive prosecution of insurance, securities, antitrust and consumer fraud litigation. Notable for its $10.1 billion judgment in 2003 against Philip Morris in the first consumer action over “light” cigarettes, the firm has distinguished itself during the past year with actions involving prescription drugs and consumer protection. Read More >

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2004

National Law Journal’s "Plaintiffs' Hot List" - 2004

Korein Tillery’s national class action practice comprises insurance claims, securities and consumer fraud, products liability and antitrust. The firm’s 18 lawyers also prosecute personal injury claims. Based in St. Louis with Illinois offices in Belleville and Chicago, Korein Tillery is probably best known for its $10.1 billion judgment in 2003 against Philip Morris in the first consumer class action over “light” cigarettes. Read More >

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2003

National Law Journal’s "Plaintiffs' Hot List" - 2003

A 20-lawyer firm in St. Louis, Korein Tillery earlier this year won a $10.1 billion judgment against Philip Morris, including $3 billion in punitive, in the first consumer fraud class action over “light” cigarettes. The firm’s specialty practice areas include class actions (consumer fraud and ERISA), mass torts, individual tobacco cases, products liability and medical malpractice. Read More >

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