Simpson Thacher Successful in Second Circuit Appeal in Auction Rate Securities Antitrust Litigation
03.05.13
This is only gets display when printing
In an opinion issued on March 5, 2013, the Second Circuit affirmed the dismissal of antitrust claims against 10 financial institutions in connection with the auction rate securities market. The claims stemmed from the widespread failures of ARS auctions in February 2008 and were asserted in two complaints—one brought on behalf of putative class of issuers of ARS and another brought on behalf of a putative class of investors in ARS. In affirming the District Court’s dismissal, the Second Circuit held that “Plaintiffs do not allege a plausible conspiracy to violate Section 1 of the Sherman Act.”
Jonathan K. Youngwood argued the appeal on behalf of all defendants. In addition to Mr. Youngwood, the Simpson Thacher team included Thomas C. Rice, Peter H. Bresnan, Hillary C. Mintz, Ian R. Dattner and Jane J. Lee.