Class Action & Multidistrict Litigation

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Overview

With potential exposure that may climb into the billions of dollars, class action and multi-district litigation can threaten the life of a business. Such litigation is often accompanied by governmental investigations, and few firms have the sophistication and experience to manage both complex civil litigation and regulatory exposure. RK&O has over 25 years’ experience delivering positive outcomes for our clients in such cases, from obtaining dismissal of claims and reducing the scope of our clients’ potential liability, transferring and consolidating actions in favorable forums, managing broad-gauge discovery and achieving favorable outcomes through dispositive motions or settlements. more +

Clients have repeatedly turned to RK&O for high-stakes class action and multi-district litigation, including cases involving:

  • Securities fraud
  • Antitrust
  • Derivatives claims
  • Civil RICO

One of our group’s strengths is our deep knowledge of federal court practice, civil claims and regulatory enforcement. This allows us to develop and execute a comprehensive strategy that anticipates and protects our clients from the civil actions that often run concurrent with government investigations. Our litigators, who greatly benefit from a close collaborative relationship with our Chambers-cited white collar and regulatory groups, are recognized by clients for deftly handling government investigations.

Experience

  • NEX plc (f/k/a ICAP plc) and other inter-dealer brokers in multiple class actions alleging violations of the antitrust laws, RICO, and the Commodity Exchange Act in connection with alleged efforts to manipulate USD LIBOR, Yen LIBOR, Euroyen TIBOR, Euribor, and the Bank Bill Swap rate. We also represent an ICAP affiliate in the defense of claims brought in a Dutch class action proceeding in the Netherlands alleging manipulation of multiple IBOR benchmarks.
  • The Demand Committee of the Board of a multinational investment bank responding to a shareholder demand letter alleging that the Board violated its fiduciary duties.
  • Former director of CBS Corp. in a federal class action against CBS and various officers and directors alleging violations of the securities laws related to #MeToo allegations. Defendants successfully moved to dismiss.
  • An ICAP affiliate in defense of antitrust claims arising out of the alleged manipulation of the ISDAFIX benchmark. We litigated the case through fact and class discovery, settling the case on favorable terms of the eve of the class certification hearing.
  • Former and current senior executives involved in a federal class action alleging antitrust violations arising out of a claimed conspiracy among banks to stymie the growth of open access markets for interest rate swaps on swap execution facilities following implementation of the Dodd-Frank Act.
  • A Canadian company focused on the cannabis-growing market in the defense of Exchange Act and Rule 10b-5 claims alleging that it made materially false and misleading statements about certain of its policies.
  • The special committee of a public company that approved two corporate transactions and whose members were later sued for alleged breaches of fiduciary duties.
  • Monoline insurer FGIC in actions in New York, Alabama, California, Louisiana and Arizona that raised extremely complex issues involving the subprime mortgage crisis, structured finance, municipal finance and the system of dual credit ratings for municipalities and corporations.
  • The chief financial officer of MF Global Holdings Ltd. in securities and commodities class actions pending in the Southern District of New York.
  • A hedge fund and investment adviser in consolidated multidistrict litigation involving class action and derivative claims arising out of mutual fund market timing.
  • Former senior executives of Sunterra Corp, a vacation-ownership-interval company in a federal court action brought by a litigation trustee asserting breaches of fiduciary duties and in related bankruptcy and insurance-coverage actions.
  • The former president and chief executive officer and the acting chief financial officer of Alphastar Insurance Group in an $80 million action brought by a Chapter 7 trustee, which was dismissed at the pleading stage.

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