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In re LIBOR-Based Fin. Instruments Antitrust Litigation

United States District Court, S.D. New York

August 23, 2013

In re: LIBOR-Based Financial Instruments Antitrust Litigation. THIS DOCUMENT RELATES TO: All Cases

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[Copyrighted Material Omitted]

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For FTC Capital GMBH, on behalf of themselves and all others similarly situated, FTC Futures Fund PCC Ltd, on behalf of themselves and all others similarly situated, FTC Futures Fund SICAV, on behalf of themselves and all others similarly situated, Plaintiffs: Daniel Hume, David E Kovel, Roger W Kirby, Surya Palaniappan, Kirby McInerney LLP, New York, NY; Samuel Howard Rudman, Robbins Geller Rudman & Dowd LLP(LI), Melville, NY.

For Carpenters Pension Fund of West Virginia, Plaintiff: Daniel Hume, David E Kovel, Roger W Kirby, Surya Palaniappan, Kirby McInerney LLP, New York, NY; Darren J. Robbins, PRO HAC VICE, David W. Mitchell, Lucas F. Olts, Robbins Geller Rudman & Dowd LLP (SANDIEGO), San Diego, CA; Samuel Howard Rudman, Robbins Geller Rudman & Dowd LLP(LI), Melville, NY.

For City of Dania Beach Police & Firefighters' Retirement System, Individually and on behalf of all others similarly situated, Plaintiff: Daniel Hume, David E Kovel, Roger W Kirby, Surya Palaniappan, Kirby McInerney LLP, New York, NY; George E. Barrett, Barrette, Johnsn & Parsley, Nashville, TN; Samuel Howard Rudman, Robbins Geller Rudman & Dowd LLP(LI), Melville, NY; Timothy L. Miles, Barrett, Johnston & Parsley, Nashville, TN.

For Ravan Investments, LLC, Plaintiff: Daniel Hume, David E Kovel, Roger W Kirby, Surya Palaniappan, Kirby McInerney LLP, New York, NY; Jay W. Eisenhofer, Linda P. Nussbaum, Peter Anthony Barile, III, Grant & Eisenhofer P.A. (NY), New York, NY; John D. Radice, Grant & Eisenhofer, PA, New York, NY; Kevin Bruce Love, Hanzman and Criden, Coral Gables, FL; Michael E. Criden, Hanzman, Criden, Korge, Chaykin, Ponce & Heise, P.A., Miami, FL; Samuel Howard Rudman, Robbins Geller Rudman & Dowd LLP(LI), Melville, NY.

For Mayor and City Council of Baltimore, Plaintiff: Arun Srinivas Subramanian, Susman Godfrey LLP (NYC), New York, NY; Daniel Hume, David E Kovel, Roger W Kirby, Surya Palaniappan, Kirby McInerney LLP, New York, NY; Drew D Hansen, PRO HAC VICE, Susman Godfrey LLP (Seattle), Seattle, WA; Hilary K Scherrer, William P. Butterfield, PRO HAC VICE, Hausfeld LLP, Washington, DC; Marc M. Seltzer, PRO HAC VICE, SUSMAN GODFRYE L.L.P., Los Angeles, CA; Ralph Johnson Bunche, III, Hausfeld, LLP (DC), Washington, DC; Samuel Howard Rudman, Robbins Geller Rudman & Dowd LLP(LI), Melville, NY.

For Richard Hershey, Jeffrey Laydon, on behalf of himself and all others similarly situated, Plaintiffs: Daniel Hume, David E Kovel, Roger W Kirby, Surya Palaniappan, Kirby McInerney LLP, New York, NY; Douglas Mason Chalmers, Douglas M. Chalmers P.C., Chicago, IL; Geoffrey Milbank Horn, Vincent Briganti, Lowey Dannenberg Cohen & Hart, P.C., White Plains, NY; Robert F. Coleman, PRO HAC VICE, Steve R. Jakubowski, Coleman Law Firm, Chicago, IL; Samuel Howard Rudman, Robbins Geller Rudman & Dowd LLP(LI), Melville, NY.

For Schwab Short-Term Bond Market Fund, Plaintiff: Eric B. Fastiff, Joseph Richard Saveri, PRO HAC VICE, Brendan Patrick Glaskin, LEAD ATTORNEY, Brendan Patrick Glackin, Richard M. Heimann, Lieff, Cabraser, Heimann & Bernstein, LLP, San Francisco, CA; Daniel Hume, David E Kovel, Roger W Kirby, Surya Palaniappan, Kirby McInerney LLP, New York, NY; Lowell Harry Haky, PRO HAC VICE, Charles Schwab and Co., Inc., Office of Corporate Counsel, San Francisco, CA; Samuel Howard Rudman, Robbins Geller Rudman & Dowd LLP(LI), Melville, NY; Steven E. Fineman, Lieff Cabraser Heimann & Bernstein, LLP, New York, NY.

For Schwab Total Bond Market Fund, Schwab U.S. Dollar Liquid Assets Fund, Plaintiffs: Eric B. Fastiff, Joseph Richard Saveri, PRO HAC VICE, Brendan Patrick Glackin, Richard M. Heimann, Lieff Cabraser Heimann & Bernstein, LLP, San Francisco, NY; Daniel Hume, David E Kovel, Roger W Kirby, Surya Palaniappan, Kirby McInerney LLP, New York, NY; Lowell Harry Haky, PRO HAC VICE, Charles Schwab and Co., Inc., San Francisco, CA; Samuel Howard Rudman, Robbins Geller Rudman & Dowd LLP(LI), Melville, NY; Steven E. Fineman, Lieff Cabraser Heimann & Bernstein, LLP, New York, NY.

For Schwab Money Market Fund, Schwab Value Advantage Money Fund, Schwab Retirement Advantage Money Fund, Schwab Investor Money Fund, Schwab Cash Reserves, Schwab Advisor Cash Reserves, Schwab Yieldplus Fund, Schwab Yieldplus Fund Liquidation Trust, Charles Schwab Bank, N.A., Charles Schwab & Co., Inc., The Charles Schwab Corporation, Plaintiffs: Andrew Scirica Kingsdale, Lieff Cabraser Heimann & Bernstein, LLP(SF), San Francisco, CA; Eric B. Fastiff, Joseph Richard Saveri, PRO HAC VICE, Brendan Patrick Glackin, Richard M. Heimann, Lieff Cabraser Heimann & Bernstein, LLP, San Francisco, NY; Daniel Hume, David E Kovel, Roger W Kirby, Surya Palaniappan, Kirby McInerney LLP, New York, NY; Lowell Harry Haky, PRO HAC VICE, Charles Schwab and Co., Inc., San Francisco, CA; Michael Joseph Miarmi, Steven E. Fineman, Leiff, Cabrasser, Heimann & Bernstein LLP, New York, NY; Samuel Howard Rudman, Robbins Geller Rudman & Dowd LLP(LI), Melville, NY.

For Metzler Investment GmbH, on behalf of itself and all others similarly situated, Plaintiff: Roger W Kirby, Daniel Hume, David E Kovel, Surya Palaniappan, Kirby McInerney LLP, New York, NY; Deborah M. Sturman, Sturman LLC, New York, NY; Joseph F. Rice, PRO HAC VICE, Motley Rice LLC (SC), Mount Pleasant, SC; Samuel Howard Rudman, Robbins Geller Rudman & Dowd LLP(LI), Melville, NY; William H. Narwold, Motley Rice LLC (CT), Hartford, CT.

For Roberto E. Calle Gracey, Plaintiff: Daniel Hume, David E Kovel, Roger W Kirby, Surya Palaniappan, Kirby McInerney LLP, New York, NY; Lori Ann Fanning, Marvin Alan Miller, Matthew E Van Tine, Miller Law LLC, Chicago, IL; Samuel Howard Rudman, Robbins Geller Rudman & Dowd LLP(LI), Melville, NY.

For City of New Britain Firefighters' and Police Benefit Fund, on behalf of itself and all others similarly situated, Plaintiff: Christopher William Madel, K. Craig Wildfang, Stacey Paige Slaughter, Thomas J. Undlin, PRO HAC VICE, Robins, Kaplan, Miller & Ciresi L.L.P. (MN), Minneapolis, MN; Daniel Hume, David E Kovel, Roger W Kirby, Surya Palaniappan, Kirby McInerney LLP, New York, NY; David R. Scott, Scott & Scott, LLC(CT), Colchester, CT; Max Raphael Schwartz, Scott Scott, L.L.P. (NYC), New York, NY; Richard A. Mescon, Robins, Kaplan, Miller & Ciresi, LLP (NYC), New York, NY; Samuel Howard Rudman, Robbins Geller Rudman & Dowd LLP(LI), Melville, NY.

For AVP Properties, LLC, Plaintiff: Daniel Hume, David E Kovel, Roger W Kirby, Surya Palaniappan, Kirby McInerney LLP, New York, NY; Richard A. Lockridge, Lockridge, Grindal, Nauen, P.L.L.P., Minneapolis, MN; Samuel Howard Rudman, Robbins Geller Rudman & Dowd LLP(LI), Melville, NY; W. Joseph Bruckner, Lockridge, Grindal, Nauen & Holstein, P.L.L.P., Minneapolis, MN.

For 303030 Trading LLC, Plaintiff: Daniel Hume, David E Kovel, Roger W Kirby, Surya Palaniappan, Kirby McInerney LLP, New York, NY; Merrill G Davidoff, Berger & Montague, P.C, Philadelphia, PA; Samuel Howard Rudman, Robbins Geller Rudman & Dowd LLP(LI), Melville, NY.

For Ellen Gelboim, on behalf of herself and all others similarly situated: Daniel Hume, David E Kovel, Roger W Kirby, Surya Palaniappan, Kirby McInerney LLP, New York, NY; David Haym Weinstein, Jeremy S. Spiegel, PRO HAC VICE, Steven A. Asher, Weinstein Kitchenoff & Asher LLC, Philadelphia, PA; Karen L. Morris, Morris & Morris, LLC, Wilmington, DE; Patrick F Morris, Morris and Morris LLC Counselors at Law, Wilmington, DE; Robert S. Kitchenoff, Weinstein, Kitchenoff, Scarlato & Goldman, Ltd., Philadelphia, PA; Samuel Howard Rudman, Robbins Geller Rudman & Dowd LLP(LI), Melville, NY.

For Community Bank & Trust, Plaintiff: Charles Edgar Tompkins, IV, Thomas V. Urmy, Shapiro Haber & Urmy, L.L.P., Boston, MA; James E. Miller, Patrick Anthony Klingman, Shepherd, Finkelman, Miller & Shah, LLC, Chester, CT; Lesley Elizabeth Weaver, PRO HAC VICE, Los Angeles, CA.

For The Berkshire Bank, Individually and On Behalf of All Others Similarly Situated, Plaintiff: Jeremy Alan Lieberman, Marc Ian Gross, Michael Morris Buchman, Patrick Vincent Dahlstrom, Pomerantz Haudek Block Grossman & Gross LLP, New York, NY; Joshua B. Silverman, One North LaSalle Street, Chicago, IL.

Elizabeth Lieberman, Plaintiff, Pro se.

For 33-35 Green Pond Road Associates, LLC, on behalf of itself and all others similarly situated, Plaintiff: Dylan J. McFarland, Vincent J. Esades, Heins Mills & Olson, P.L.C., Minneapolis, MN; Joseph J. Depalma, Mayra Velez Tarantino, Lite, Depalma, Greenberg & Rivas, L.L.C., Newark, NJ; Steven Joesph Greenfogel, PRO HAC VICE, Lite Depalma Greenberg, LLC, Philadelphia, PA; Steven A. Kanner, Much, Shelist, Freed, Denenberg, Ament & Rubenstein, P.C., Chicago, IL; William H. London, PRO HAC VICE, Freed Kanner London & Millen LLC, Bannockburn, IL.

For Elizabeth Lieberman, on behalf of themselves and all other similarly situated, Todd Augenbaum, on behalf of themselves and all others similarly situated, Plaintiffs: Brian Philip Murray, Gregory Bradley Linkh, Murray Frank LLP, New York, NY; Jeffrey Simon Abraham, Abraham Fruchter & Twersky LLP, New York, NY; Lionel Z. Glancy, PRO HAC VICE, Glancy & Binkow Goldberg LLP, Los Angeles, CA.

For Maxwell Van De Velde, Movant: Patrick Anthony Klingman, Shepherd, Finkelman, Miller & Shah, LLC, Chester, CT; Thomas V. Urmy, Shapiro, Haber & Urmy, L.L.P., Boston, MA.

For Brian McCormick, Vito Spillone, individually and on behalf of all others similarly situated, Movants: Elizabeth A. Fegan, Hagens Berman Sobol Shapiro LLP, Oak Park, IL; Karl P. Barth, Steve W. Berman, Hagens Berman Sobol Shapiro LLP, Seattle, WA.

For Bank of America Corporation, Defendant: Arthur J. Burke, Robert Frank Wise, Jr, Davis Polk & Wardwell, New York, NY.

For Barclays Bank Plc, Defendant: David Harold Braff, Jeffrey T. Scott, Joshua Seth Kyle, Yvonne Susan Quinn, Sullivan and Cromwell, LLP(NYC), New York, NY.

For Citibank NA, Defendant: Alan M. Wiseman, Jonathan James Gimblett, Thomas A. Isaacson, PRO HAC VICE, Covington & Burling, L.L.P. (DC), Washington, DC; Andrew Arthur Ruffino, Covington & Burling LLP(NYC), New York, NY; David Marx, Mark Jacob Altschul, McDermott, Will & Emery LLP (Chicago), Chicago, IL; Robert Frank Wise, Jr, Davis Polk & Wardwell, New York, NY.

For Credit Suisse Group AG, Defendant: Elai E. Katz, Cahill Gordon & Reindel LLP, New York, NY; Herbert Scott Washer, Joel Laurence Kurtzberg, Cahill Gordon & Reindel LLP, New York, NY; Robert Frank Wise, Jr, Davis Polk & Wardwell, New York, NY.

For Deutsche Bank AG, Defendant: Andrew Corydon Finch, Moses Silverman, LEAD ATTORNEYS, Jessica Lillian Brach,Robert Frank Wise, Jr Paul Weiss Rifkind Wharton & Garrison LLP, New York, NY; Robert Frank Wise, Jr, Davis Polk & Wardwell, New York, NY.

For HSBC Holdings plc., Defendant: Edwin R Deyoung, Locke Lord Bissell & Liddell LLP (NYC), New York, NY; Gregory Thomas Casamento, Locke Lord LLP (NYC), New York, NY; Robert Frank Wise, Jr, Davis Polk & Wardwell L.L.P., New York, NY; Roger Brian Cowie, PRO HAC VICE, Locke, Liddell & Sapp, L.L.P., Dallas, TX.

For J.P. Morgan Chase & Co., Defendant: Dana Ashley Jupiter, Simpson Thacher & Bartlett, New York, NY; Juan Alberto Arteaga, Thomas C. Rice, Simpson Thacher & Bartlett LLP (NY), New York, NY; Lawrence H. Heftman, Matthew Charles Crowl, Schiff Hardin LLP, Chicago, IL; Robert Frank Wise, Jr, Davis Polk & Wardwell L.L.P., New York, NY.

For Lloyds Banking Group plc, Defendant: Eric Jonathan Stock, Marc Joel Gottridge, Hogan Lovells U.S. LLP (nyc), New York, NY; Megan Polly Davis, Flemming Zulack Williamson Zauderer, LLP, New York, NY; Robert Frank Wise, Jr, Davis Polk & Wardwell L.L.P., New York, NY.

For Royal Bank of Scotland Group plc, Defendant: Robert G. Houck, LEAD ATTORNEY, James Drew Miller, Clifford Chance US, LLP (NYC), New York, NY; Robert Frank Wise, Jr, Davis Polk & Wardwell L.L.P., New York, NY.

For The Norinchukin Bank, Defendant: Andrew W. Stern, Thomas Andrew Paskowitz, Sidley Austin LLP (NY), New York, NY; Robert Frank Wise, Jr, Davis Polk & Wardwell L.L.P., New York, NY; William J. Nissen, Sidley Austin, LLP (Chicago), One South Dearborn, Chicago, IL.

For UBS AG, Defendant: Peter Sullivan, LEAD ATTORNEY, Rachel Alden Lavery, Gibson, Dunn & Crutcher, LLP (NY), New York, NY; David Jarrett Arp, PRO HAC VICE, Gibson, Dunn & Crutcher, LLP (DC), Washington, DC; Gary R. Spratling, PRO HAC VICE, Gibson, Dunn & Crutcher LLP, San Francisco, CA; Lawrence Jay Zweifach, Gibson, Dunn & Crutcher, LLP, New York, NY.

For WestLB AG, Defendant: Ethan Edward Litwin, Hughes Hubbard & Reed LLP (NY), New York, NY; Morgan Jessen Stecher, Hughes Hubbard & Reed LLP, New York, NY; Robert Frank Wise, Jr, Davis Polk & Wardwell L.L.P., New York, NY.

For Rabobank Group, Defendant: David Robert Gelfand, Milbank, Tweed, Hadley & McCloy LLP, New York, NY; Melanie Westover, Sean Miles Murphy, Milbank, Tweed, Hadley & McCloy LLP (NYC), New York, NY.

For Credit Suisse Group, NA, Credit Suisse Securities (USA) LLC, Defendant: Elai E. Katz, Herbert Scott Washer, Joel Laurence Kurtzberg, Cahill Gordon & Reindel LLP, New York, NY.

For HBOS PLC, Defendant: Marc Joel Gottridge, Eric Jonathan Stock, Hogan Lovells U.S. LLP (nyc), New York, NY; Robert Frank Wise, Jr, Davis Polk & Wardwell L.L.P., New York, NY.

For Bank of Tokyo-Mitsubishi UFJ Ltd, Defendant: Christopher Michael Viapiano, Daryl Andrew Libow, LEAD ATTORNEYS, Sullivan & Cromwell LLP (Washington DC), Washington, DC; Robert Frank Wise, Jr, Davis Polk & Wardwell L.L.P., New York, NY.

For Royal Bank of Canada, Defendant: Brian J. Poronsky, Katten Muchin Rosenman LLP, Chicago, Il; Christian T. Kemnitz, Katten Muchin Rosenman LLP (Chicago), Chicago, IL; Robert Frank Wise, Jr, Davis Polk & Wardwell L.L.P., New York, NY.

For Deutsche Bank Financial LLC, Deutsche Bank Securities Inc., Defendants: Andrew Corydon Finch, LEAD ATTORNEY, Paul Weiss Rifkind Wharton & Garrison LLP, New York, NY; Moses Silverman, LEAD ATTORNEY, Jessica Lillian Brach, Paul, Weiss, Rifkind, Wharton & Garrison LLP (NY), New York, NY.

For Barclays Capital Inc., Barclays U.S. Funding LLC, Defendants: David Harold Braff, Jeffrey T. Scott, Sullivan and Cromwell, LLP(NYC), New York, NY; Joshua Seth Kyle, Sullivan & Cromwell, LLP(NYC), New York, NY.

For Citiigroup Global Markets Inc., Defendant: Alan M. Wiseman, Covington & Burling, L.L.P. (DC), Washington, DC; Andrew Arthur Ruffino, Covington & Burling LLP(NYC), New York, NY; Jonathan James Gimblett, Thomas A. Isaacson, Covington & Burling LLP, Washington, DC.

For Bank of America, N.A., Defendant: Robert Frank Wise, Jr, LEAD ATTORNEY, Davis Polk & Wardwell L.L.P., New York, NY.

For HSBC Bank PLC, Citigroup Inc, JPMorgan Chase Bank, National Association, Defendant: Robert Frank Wise, Jr, Davis Polk & Wardwell L.L.P., New York, NY.

For Cooperatieve Centrale Raiffeisen- Boerenleenbank B.A., Defendant: David Robert Gelfand, Milbank, Tweed, Hadley & McCloy LLP, Los Angeles, CA; Melanie Westover, Sean Miles Murphy, Milbank, Tweed, Hadley & McCloy LLP (NYC), New York, NY; Robert Frank Wise, Jr, Davis Polk & Wardwell L.L.P., New York, NY.

OPINION

Page 609

MEMORANDUM AND ORDER

NAOMI REICE BUCHWALD, UNITED STATES DISTRICT JUDGE.

I. Introduction

On March 29, 2013, we issued a Memorandum and Order granting in part and denying in part defendants' motions to dismiss plaintiffs' complaints (the " March 29 Order" ). In re LIBOR-Based Fin. Instruments Antitrust Litig. (Mar. 29 Order), No. 11 MD 2262 (NRB), 935 F.Supp.2d 666, 2013 WL 1285338 (S.D.N.Y. Mar. 29, 2013). Specifically, we dismissed plaintiffs' antitrust and RICO claims in full; we dismissed plaintiffs' commodities manipulation claims to the extent they were based on contracts entered into between August 2007 and May 29, 2008; and, we allowed plaintiffs' commodities manipulation claims to the extent they were based on contracts

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entered into between May 30, 2008, and May 2010.[1] Finally, we dismissed with prejudice the exchange-based plaintiffs' state-law claim for unjust enrichment and declined to exercise supplemental jurisdiction over the remaining state-law claims.

Since the issuance of the March 29 Order, the parties have filed a number of motions. First, the exchange-based plaintiffs have moved for certification of the March 29 Order for interlocutory appeal on the question of whether LIBOR is the commodity underlying Eurodollar futures contracts (" plaintiffs' motion for interlocutory appeal" ). Second, three defendants, Bank of Tokyo-Mitsubishi UFJ, Ltd. (" BT-MU" ), Credit Suisse Group AG (" Credit Suisse" ), and Norinchukin Bank (" Norinchukin" ) have moved for reconsideration of that portion of our Memorandum and Order denying their motion to dismiss the exchange-based plaintiff's commodity manipulation claims (" defendants' motion for reconsideration" ). Third, the over-the-counter (" OTC" ), bondholder, and exchange-based plaintiffs have each moved for leave to file a second amended complaint to add allegations in response to our ruling that plaintiffs had not plausibly alleged antitrust injury (" plaintiffs' motion to amend their antitrust claims" ).[2] Finally, the exchange-based plaintiffs have moved for leave to file a second amended complaint to add allegations relating to their commodity manipulation claims (" plaintiffs' motion to amend their commodities manipulation claims" ).

For the reasons stated below, the exchange-based plaintiffs' motion for interlocutory appeal is denied; the OTC, bondholder, and exchange-based plaintiffs' motions to add allegations with respect to antitrust are denied; the exchange-based plaintiffs' motion to add allegations with respect to trader-based manipulation is denied; BT-MU, Credit Suisse, and Norinchukin's motion for reconsideration is denied without prejudice to a similar motion being filed by defendants that addresses the issues raised herein; and, the OTC plaintiffs' motion for leave to reassert their unjust enrichment claim and to add a claim for breach of the implied covenant of good faith and fair dealing is granted.

Because the background of this case has been thoroughly set out in the March 29 Order, we will proceed directly to our consideration of the pending motions.

II. Discussion

A. Plaintiffs' Motion for Interlocutory Appeal

Plaintiffs have moved for certification of the March 29 Order for interlocutory appeal on the following question: " Whether LIBOR is the 'commodity underlying'

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the Eurodollar futures contract within the meaning of Section 25(a)(1)(D) of the Commodity Exchange Act ('CEA')." Letter from Christopher Lovell and David E. Kovel to the Court (Apr. 22, 2013) [hereinafter Pls.' Letter Mot. for Interlocutory Appeal].[3] Under 28 U.S.C. § 1292:

When a district judge, in making in a civil action an order not otherwise appealable under this section, shall be of the opinion that such order involves a controlling question of law as to which there is substantial ground for difference of opinion and that an immediate appeal from the order may materially advance the ultimate termination of the litigation, he shall so state in writing in such order. The Court of Appeals which would have jurisdiction of an appeal of such action may thereupon, in its ...

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