The article NY Court Requires a different remain extension in FX benchmark speed repairing case appeared initially on FinanceFeeds.
The plaintiffs in a Forex benchmark rate fixing suit targeting some of the world’s major banks had been dealt a bitter blow to Thursday, as Judge Lorna G. Schofield of the New York Southern District Court granted an additional expansion of the discovery remain in the situation.
The case has been brought by Go Everywhere, Inc., Valarie Jolly, Mad Travel, Inc., Lisa McCarthy, John Nypl, also William Rubinsohn. The plaintiffs represent a putative class of consumers and end-user companies who allege they paid inflated Forex rates brought on by an alleged conspiracy among the suspect banks to resolve prices of FX benchmark rates in violation of Section 1 of the Sherman Antitrust Act, 15 U.S.C. sec. 1 et seq..
The plaintiffs note that this is the piecemeal stay sought by the DOJ in this case. According to the plaintiffs, these remains make it very hard, if not impossible, so they can program, manage, schedule, or even educate their case against the defendants. As stated by the plaintiffs, the bias to them was manifest, and indeed used against them suggesting that the remains have delayed the prosecution of the case.
Within their reply filed on Wednesday, that the plaintiffs — buyers and also end-user businesses alleging they paid inflated Forex rates brought on by an alleged conspiracy among the defendant banks to resolve costs of FX benchmark prices, contended that the remain extension should not be granted.
- United States v. Aiyer, 18-cr-333, is set for trial before Judge Koeltl of the Southern District of New York on October 21, 2019.
- United States v. Johnson, 18-1503-cr, is on appeal to the Second Circuit. The case is fully briefed and has been argued on May 31, 2019.
The Judge, apparently, sided with the DOJ.
The Judge ordered that the testamentary discovery stay is extended through the end of the trial in United States v. Aiyer, No. 18 Cr. 333, now scheduled for October 21, 2019. On November 1, 2019, the Department of Justice is defined to file a letter apprising the Court on the condition of the trial in Aiyer.
Let us recall that, a couple of weeks before, the DOJ asked a three-month extension of the limited discovery remain of certain depositions and interviews in the issue. The Department said that the stay has been necessary given the upcoming trial and appeal at just two FX-related instances: