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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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Exchange Related Claims

Lovell Stewart has represented scores of members of various commodities and securities exchanges, and has extensive experience in prosecuting exchange related antitrust and manipulation claims.  The Firm has repeatedly investigated and examined the role and effects of exchange rules upon commodity, security and other prices. 

The Firm has prosecuted claims involving

  • price fixing by Nasdaq Market Makers, In re Nasdaq Market Makers Antitrust Litigation, M.D.L. No. 123 (U.S.D.C. S.D.N.Y.);
  • price fixing by Initial Public Offering underwriters, In re Initial Public Offering Securities Litigation, 21 MC 92 (S.D.N.Y.) (SAS);
  • manipulation by exchange specialists of securities prices, In re NYSE Specialists Securities Litigation, Master File No. 03-CV-8264 (RWS); and
  • price fixing of commodities for which the commodity exchange was allegedly responsible, and exchange rule’s prices impact on securities prices, Strobl v. New York Mercantile Exchange, 79 Civ. 1834 (S.D.N.Y.) (LFM).

The issue of whether commodity exchange rules impacted commodity prices combines both of the Firm’s two core strengths: commodity manipulation and exchange-related conduct.  Last year, Lovell Stewart filed the first complaint in the United States alleging the inflation of specified aluminum prices by an allegedly unlawful agreement of the London Metal Exchange and various of its member or ownership firms including through their allegedly agreed upon anticompetitive implementation of exchange rules.

  • In re Initial Public Offering Securities Litigation, 21 MC 92 (S.D.N.Y.) (SAS).  The Firm has served as de facto co-lead counsel in these consolidated 308 class actions alleging fraud and manipulation under the federal securities laws; the settlement for $575,000,000 has been approved.  See In re IPO Securities Litigation, 671 F.Supp.2d 467, fn 35 (S.D.N.Y. October 5, 2009) (approving settlement).
  • In re Facebook, Inc., IPO Securities and Derivative Litig., MDL 12-2389 (S.D.N.Y).  The Firm is Co-Lead Counsel for Plaintiffs in this case alleging that NASDAQ allegedly failed to follow its rules and negligently failed to properly test and design its systems in connection with the Facebook IPO.