Financial Litigation

Fideres is a leading provider of economics and industry expertise for complex disputes in financial markets across various jurisdictions. We provide consulting and expert witness services in a variety of circumstances, including but not limited to: regulatory investigations, economic evidence for claim filing, damages evaluation, discovery, class certification, and settlement negotiation.

Fideres has a long history acting as consulting and testifying experts for various landmark financial litigation, covering different types of misconducts (fraud, mis-representation, benchmark and market manipulation), financial markets (equities, interest rates, foreign exchange and commodities) and financial instruments (stocks, bonds, futures, options and other OTC derivatives). Our expert engagements involve different players in the financial market, including:

  • Commercial and investment banks, broker-dealers, proprietary trading firms
  • Mutual funds, ETFs, Pension funds, hedge funds
  • Securities and commodity exchanges
  • Multinational corporations

Our partners and team of economists have in depth experience and knowledge in providing expert opinions on various matters related to financial markets. This allows us to effectively implement sophisticated models and large datasets with in-house infrastructure and technology.

Fideres provides direct and unbiased advice firmly grounded in the data and factual evidence available to us. Our opinions are formed based on the results of rigorous economic models that are well researched in academic literature. We communicate our ideas and results in a way that is easy to understand and to the point.

For any Financial Litigation related enquiries please contact Michele Pau at michele.pau@fideres.com

Team

Experts

Services

Original Investigations

Identify cases of financial benchmark manipulation

Identify instances of market manipulation (spoofing, etc)

Mis-selling of financial products

Breach of fiduciary duty / duty of care

Breach of implied representations

Creative Problem Solution

Traders’ chatrooms review to identify misconduct

Review of trading records to identify manipulative transactions

Market practice and market power

Valuation and risk analyses of structured financial derivatives

Financial benchmark design

High Quality Expert Work

Expert reports

Expert witness testimony

Qualified FINRA Arbitrator

Merits reports

Plan of allocation and settlement distribution

Damages analysis

Data analysis

Track record

Since 2012, Fideres has been at the forefront of litigation in financial benchmark litigation matters across multiple jurisdictions. Our work in this area includes: uncovering evidence of manipulation and collusive patterns, quantify damages and producing expert reports for class actions disputes. Among others, our work includes the original investigation that led to the discovery of manipulation of the ISDAfix benchmark and the Gold Fix benchmark. Sample cases include:

  • Gold fixing manipulation class action, US – In re: Commodity Exchange, Inc., Gold Futures and Options Trading Litigation, 14-md-02548-VEC
  • Silver fixing manipulation class action, US – London Silver Fixing v. London Silver Fixing, 4-mc-02573-VEC
  • Precious metal futures spoofing class action, US – In re: JPMorgan Precious Metals Spoofing Litigation, 1:18-cv-10356
  • VIX manipulation class action, US – Bueno v. CBOE Global Markets, Inc., 1:18-cv-02435
  • XIV manipulation class action, US – Chahal v. Credit Suisse Group AG, 1:18-cv-02268-AT-SN
  • Foreign exchange market manipulation, US – Allianz Global Investors GmbH v. Bank Of America Corporation, 1:18-cv-10364-LGS
  • CDOR benchmark manipulation antitrust class action, US – Fire & Police Pension Association of Colorado v. Bank of Montreal, 1:18-cv-00342-AT-SN
  • Swiss Libor benchmark manipulation class action, US – Sonterra Capital Master Fund Ltd. v. Credit Suisse Group AG, 1:15-cv-00871-SHS
  • SIBOR benchmark manipulation class action, US – FrontPoint Asian Event Driven Fund, Ltd. v. Citibank, N.A., 1:16-cv-05263-AKH
  • E-mini futures spoofing class action, US – Boutchard v. Gandhi, 1:18-cv-07041
  • ISDAfix manipulation class action, US – Alaska Electrical Pension Fund v. Bank Of America Corporation, 14-cv-7126 / 1:14-cv-07126-JMF
  • LIBOR manipulation class action, US – In re: Libor-Based Financial Instruments Antitrust Litigation, 1:11-md-02262

Fideres’s expertise in derivatives and structured finance has led us to being retained as expert witnesses in some of the highest profile cases such as the Guardian Care Homes case in England (the first case alleging LIBOR manipulation). Our experience also includes expert instructions by claimants harmed by the mis-selling of complex financial products and other types of misrepresentation behavior by large financial institutions. We have acted in an expert witness capacity in multiple jurisdictions including: the United Kingdom, Europe, China, Singapore, the United States. Sample cases include:

  • Interest rate swaps mis-selling cases, UK – Graiseley Properties Limited and others v. Barclays Bank PLC, EWHC 3093, 2012 FOLIO 1259
  • Interest rate swap mis-selling, UK – The Sisters of the Charity of Jesus and Mary v. Morgan Stanley, case no. 2010/960
  • VRDO price manipulation class action, US – Board of Directors of the San Diego Association of Governments, acting as the San Diego County Regional Transportation Commission v. Bank of America Corporation, 1:21-cv-04893
  • Interest rate swaps mis-selling, China – Deutsche Bank (China) v. Bright Food Hong Kong, EWHC 3543 (Comm) and CL-2017-000326
  • CPPI claim by the Lybian Investment Authority against Credit Suisse AG, Man Group, GLG Partners and others, UK – CL-2019-000691

Fideres has provided financial expert assistance to international regulators in Europe, Australia and South Africa in conducting investigation into market abuse practices of financial institutions. Among others, we have been in the investigations of collusion and manipulation of interest rates and foreign exchange financial benchmarks of systemic importance. Sample cases include:

  • Australian Securities and Investments Commission’s investigation into Bank Bill Swap Rate, Australia – Australian Securities and Investments Commission v. Australia and New Zealand Banking Group Limited, VID197/2016
  • South African Competition Commission’s investigation into FX manipulation, South Africa – The Standard Bank of South Africa Limited v. The Competition Commission Of South Africa, CR212Feb17

Fideres has been retained in an expert capacity on disputes related to wrongful conduct within the fund management industry that have resulted in losses to consumers and institutional investors. Our works includes identifying evidence of closet indexing by fund managers in Canada, the US and Europe and breaches of investment policies and guidelines by fund managers. Sample cases include:

  • Closet-indexers excessive management class action against TD Asset management, Canada – expert appointment to develop evidence of misrepresentation, VLC-S-S-194222
  • Closet-indexers excessive management class action against RBC asset management, Canada – expert appointment to develop evidence of misrepresentation, VLC-S-S-193820
  • Misrepresentation of fund’s liquidity prior to suspension ETF’s funds liquidity, US – expert appointment to identify evidence of misrepresentation in the management of the fund, CV-20-00646401-00CP
  • Closet-indexers excessive management class action against TD Asset management, US – Hays v. American Century Capital Portfolios, Inc., 3:21-cv-08625-CRB

News and Research

Filter

News

Fideres Advises On Gold Futures And Options Trading Litigation Case

July 25, 2022
Plaintiffs counsel, Quinn Emanuel Urquhart & Sullivan retained Fideres to provide consulting expert input on this antitrust financial cartel case (1:14-mc-02548-VEC). Plaintiffs alleged that defendants in this action colluded to…
News

Fideres Provides Expert Consulting On SIBOR Benchmark Manipulation Litigation

July 8, 2022
Plaintiffs’ counsel Lowey Dannenberg retained Fideres to develop a plan of allocation in this financial market manipulation case. Plaintiffs alleged that defendants unlawfully and intentionally manipulated two benchmark interest rates…
Research

Weigh Your Options Carefully

June 28, 2022
Fideres discusses the importance of implied volatility in securities litigation involving options.
News

Fideres Consults On JPMorgan Treasury Futures Spoofing Litigation

June 6, 2022
Fideres was retained by Plaintiffs’ co-lead counsels Lowey Dannenberg and Kirby McInerney to provide financial expertise and develop a plan of allocation in this financial market manipulation case. JPMorgan allegedly…
News

Fideres Advises On JPMorgan Precious Metals Spoofing Litigation

February 3, 2022
Plaintiffs’ counsel Lowey Dannenberg retained Fideres to provide financial expertise and develop a plan of allocation in this financial market manipulation case.
News

Fideres Provides Expert Consulting On E-Mini Futures Spoofing Litigation

April 2, 2021
Fideres was retained by Plaintiffs’ counsel Lowey Dannenberg to provide financial expertise, develop economic evidence of harm and estimate damages for the Class in this financial market manipulation case. Defendants,…
Research

ETFs: Small Fees, Big Issues

June 20, 2020
Inefficiencies and potential competition issues.
Research

Storm Clouds Over The CLO Market

March 26, 2020
Fideres analyses the potential impact of Covid-19 on the CLO market.
Dan BrockettPartner, Quinn Emanuel Urquhart & Sullivan LLP

“Fideres provided us with innovative quantitative analysis that was critical for building this CDS anti-trust case against major dealers. In addition to... [quantifying] the amount of damages, they clearly briefed me and my team on the technical aspects of the CDS market.“

Jeremy LiebermanManaging Partner, Pomerantz LLP

“Fideres have provided our firm with input on various aspects of 10b5 claims, including class-wide damages and market efficiency assessments. They are responsive and their reports clear and to the point.”

Bill SchervishDirector, Labaton Sucharow

“I have engaged Fideres on several securities fraud cases. They have provided our firm with prompt and precise event studies, even in non-standard cases that required innovative approaches.”

Philip YoungPartner, Cooke, Young & Keidan LLP

“Fideres combines top class financial knowledge with a creative approach in order to provide innovative insights into LIBOR.... They have thoroughly researched and are leading experts on the technical aspects of LIBOR and are professional, reliable and a pleasure to work with.”

Michael EisenkraftPartner, Cohen Milstein Sellers and Toll PLLC

“Over the years I have worked closely with Fideres’s research team to investigate new antitrust matters. Their novel investigative approach has led us to work together on several new potential cartel cases and assess their viability at an early stage.”

Michael SternhellDirector, Burford Capital LLC

"We have worked with Fideres on several complex securities matters. They have assisted with damages modeling and estimation at the client-outreach stage through to claims filing, in mediation and during the settlement process. Fideres has extensive experience in damage quantification across security types and is a very reliable partner to work with.”

John DayDirector, DaySparkes Ltd

“We have worked with Fideres in relation to several interest rate misselling matters. Their consultants provided us with effective guidance on a variety of aspects, ranging from the valuation of financial instruments, to the bank’s conduct in relation to the... pricing of such instruments.”

Sharif ShivjiBarrister, 4 Stone Buildings

“I have always found Fideres to be excellent experts. Their work is thoughtful, accurate and displays their valuable real world market experience. They understand the role of an expert in litigation well.”

Laura PosnerPartner, Cohen Milstein Sellers & Toll PLLC

“Fideres has consistently produced event studies reports within 24-hours of the request. The speed of the turnaround time has been impressive. They have provided useful insights and charts to explain complex concepts involved in securities litigation filings.”

David KovelPartner, Kirby McInerney LLC

“We have used Fideres’s expertise in several commodity market and benchmark manipulation cases. Their knowledge of the financial sector, in particular, has been... valuable to the development and success of the matters we have engaged them on.”