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 – the Singapore Interbank Offered Rate and the Singapore Swap Offer Rate – to fix the prices of SIBOR- and/or SOR-Based Derivatives. It was alleged that members of the panels that set SIBOR and SOR, made artificial submissions that did not reflect the true cost of borrowing funds in Singapore but were, instead, intended to fix the prices of SIBOR- and SOR-Based Derivatives in order to benefit from their proprietary positions.
Fideres provided consulting expert work including developing a plan of allocation for the Plaintiffs harmed by the conduct.
The case settled for USD 155m in July 2022.
Michele joined Fideres in 2018 after completing his MSc in Finance at Warwick Business School. Since joining, Michele has worked on a number of financial and non-financial projects, spanning from pre-filing to class certification. His field of experience encompasses cases on benchmark manipulation, order-book spoofing, bid-ask spread inflation, cryptocurrency manipulation and healthcare antitrust among others. In addition, in order to address the projects’ needs, Michele has built numerous software solutions, including statistics and visualization packages and ETL pipelines.