News & Events

Simpson Thacher’s Antitrust Practice was honored with a top prize at Global Competition Review’s GCR Awards 2025. The Firm’s work representing JPMorgan in obtaining the Ninth Circuit’s affirmance of dismissal in an ICE LIBOR lawsuit against several major banks was named “Litigation of the Year – Cartel Defense.” In the litigation, Simpson Thacher represented JPMorgan against a group of credit card borrowers and loan consumers who alleged that it and other banks and financial institutions to fix the LIBOR rate and manipulate the price of LIBOR-linked instruments. In October 2023, the U.S. District Court for the Northern District of California dismissed the case because, among other reasons, plaintiffs—none of whom transacted with any defendant—were too indirect purchasers of LIBOR-linked products to establish that they had antitrust standing. In affirming, the Ninth Circuit reasoned that plaintiffs injuries were both too indirect, as plaintiffs had not transacted with any defendant, and too speculative, due to the impact of independent factors (i.e., price changes by the direct lender with whom they transacted) on the alleged price of loans and credit. Abram Ellis, Co-Head of the Firm’s International Trade Regulation Practice, was named a finalist for “Litigator of the Year” for his role representing JPMorgan in this litigation.

Additionally, the Firm’s work representing Mattress Firm in its acquisition by Tempur Sealy International, including in litigation against the Federal Trade Commission, was shortlisted for “Merger Control Matter of the Year – Americas.” Cisco’s acquisition of Splunk, on which Simpson Thacher advised Cisco with respect to Foreign Direct Investment matters, was also shortlisted for “Merger Control Matter of the Year – Americas.”

Held annually, the GCR Awards honor the most significant antitrust and competition cases from the past year. Winners are selected by a vote of GCR readers, competition advisors and lawyers. To learn more, and to view the full list of winners, please click here (subscription required).