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FIRM NEWS

In re: Platinum and Palladium Commodities Litigation 10-cv-3617 (S.D.N.Y.)–On July 15, 2014, the Honorable William H. Pauley III preliminarily approved the Futures Plaintiffs’ partial settlement of this action with (a) the Moore Capital Defendants for $48,400,000, and (b) Defendant Joseph Welsh for a judgment of $35,000,000 in respect of the negligence claim against him collectable solely from his personal assets consisting of his rights against certain insurers. Defendant MF Global, Inc. is not part of the proposed settlement. Lovell Stewart is sole lead counsel for the Futures Plaintiffs in this action. Persons who traded in NYMEX platinum futures contracts and/or NYMEX palladium futures contracts during the time period June 1, 2006 through April 29, 2010 should save their relevant trading records because they may file claims to participate in this proposed settlement. Please check this website and the settlement website for updates regarding the proposed settlement. The settlement website is http://platinumpalladiumfutureslitigation.com. Contact Christopher M. McGrath, Esq. (CMcGrath@lshllp.com).

Precision Associates, Inc. et al., v. Panalpina World Transport (Holding) LTD. et al, 08-cv-0042 (E.D.N.Y.)–On June 27, Plaintiffs filed a motion seeking preliminary approval of settlements with Defendants Panalpina, Geodis, DSV, and Jetspeed for an immediate cash payment of $44 million plus additional sums to be paid from proceeds from another litigation. Lovell Stewart is co-lead counsel in this action. Class Members can find additional information on https://www.freightforwardcase.com Contact Benjamin M. Jaccarino, Esq. (Bjaccarino@lshllp.com).

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Current Cases

In addition to the cases mentioned under “Firm News”, Lovell Stewart is presently handling other class actions including:

Optiver

In re Optiver Commodities Litigation, No. 08-Cv-6842 (S.D.N.Y.)(LHP) is a class action alleging manipulation in violation of the Commodity Exchange Act on behalf of persons who purchased Light Sweet Crude Oil, New York Harbor Heating Oil, and New York Harbor Gasoline futures contracts traded on the New York Mercantile Exchange between March 2 and March 26, 2007. For more information. Contact Ian Stoll, Esq (IStoll@lshllp.com) at (212) 608-1900.

In re LIBOR-Based Financial Instruments Antitrust Litigation, 11-md-2262

In this proposed class action, Plaintiffs allege that sixteen of the world’s largest banks colluded to manipulate the US Dollar-LIBOR benchmark interest rate by submitting false reports to the British Bankers’ Association, the entity charged with calculating and distributing “the most important number in the world.” Plaintiffs filed an Amended Consolidated Class Action Complaint in the S.D.N.Y. Court on April 30, 2012 containing allegations of price fixing in violation of the antitrust laws and commodity manipulation in violation of the Commodity Exchange Act and various antitrust violations under the Sherman Act. See Docket No. 134. Lovell Stewart was named Co-Lead Counsel for the putative Exchange-Based Plaintiff class on December 22, 2011. This class comprises anyone who was harmed by transacting in Eurodollar futures contracts and related options on the Chicago Mercantile Exchange during the period starting August 2007 and ending May 2010. For more information about this case, please contact Amanda N. Miller, Esq (AMiller@lshllp.com) at (212) 608-1900.

In re Term Commodities Cotton Futures Litig., 12-cv-5126 (ALC) (KNF) (S.D.N.Y.)–In this proposed class action, Plaintiffs allege that Defendants, who are by far the largest cotton merchant operation in the United States, intended to manipulate the prices of cotton futures contracts and cotton on-call contracts between March 30 and July 7, 2011.       Lovell Stewart is sole lead counsel for the Class in this action. Contact Christopher M. McGrath, Esq. (CMcGrath@lshllp.com) or Amanda N. Miller, Esq. (AMiller@lshllp.com).

Digital Music Antitrust

In re Digital Music Antitrust Litigation, No. 06 MD 1780. This is a proposed class action on behalf of purchasers of digital music, who allegedly paid inflated prices between December 4, 2001 and present. The Consolidated Amended Complaint was filed on June 13, 2007. On October 9, 2008, the District Court granted Defendants’ motion to dismiss Plaintiffs’ Complaint. On March 26, 2010, the Second Circuit Court of Appeals reversed the District Court’s decision. This was the first reversal in the United States of a dismissal of antitrust price fixing claims under Twombly.  The Supreme Court of the United States denied Defendants’ petition for certiorari on January 10, 2011. On July 18, 2011, the Honorable Loretta Preska, Chief Justice for the United States District Court for the Southern District of New York, denied in substantial part Defendants’ motion to dismiss the claims.  Discovery on the claims is ongoing.  For more information, contact Gary Jacobson, Esq (GSJacobson@lshllp.com) at (212) 608-1900.

In re Text Messaging Antitrust Litigation

On February 10, 2009, the Honorable Matthew F. Kennelly appointed Lovell Stewart and other firms as the interim class counsel in charge of the prosecution of these claims.  On December 10, 2009, the Court granted Defendants motion to dismiss the claim. On April 30, 2010, the Court granted Plaintiffs’ motion to amend the claims. On December 30, 2010, the Seventh Circuit Court of Appeals upheld claims against Defendants motion to dismiss. On December 14, 2012, the District Court certified the action as a class action.  Contact Fred Isquith (FIsquith@lshllp.com) at (212) 608-1900.

Chocolate Confectionary Antitrust Litigation

The plaintiffs allege that the major producers of chocolate candy bars and other chocolate confections conspired and colluded to price fix chocolate candies at artificially high levels during the Class Period (December 9, 2002 to the present). Lovell Stewart has been appointed by the Court as one of two co-lead interim counsel. Christopher Lovell successfully argued against Defendants motion to dismiss. See In re Chocolate Confectionary Antitrust Litig., 602 F. Supp. 2d 538 (M.D. Pa. 2009). A memorandum of understanding has been executed to settle with one defendant. For more information contact Craig Essenmacher, Esq (CEssenmacher@lshllp.com) at 212-608-1900.