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