Fideres Partners LLP, a leading independent economic consulting firm specializing in expert economic analysis for complex litigation, today announced its successful role in supporting the historic $504.5 million settlement in the In Re ISDAfix Antitrust Litigation. The firm provided comprehensive economic consulting services in support of testifying experts Dr. Michael A. Williams and Professor Craig Pirrong throughout the landmark case.

The settlement, granted final approval by the Honorable Jesse M. Furman of the United States District Court for the Southern District of New York in November 2018, represents one of the largest benchmark manipulation recoveries in financial litigation history. The case involved allegations that fourteen major banks and broker ICAP conspired to manipulate the USD ISDAfix benchmark rate, a key interest rate used to value trillions of dollars in interest rate derivatives.

Alberto Thomas, Founding Partner of Fideres, stated: “Our team’s sophisticated economic analysis and derivatives market expertise provided crucial support to the testifying experts in this extraordinarily complex case. The ISDAfix litigation required deep understanding of interest rate derivatives markets, benchmark-setting mechanisms, and the economic impact of alleged manipulation on market participants.”

Fideres’s consulting work encompassed comprehensive market analysis, damages modeling, design of the plan of allocation, and technical support for the expert testimony of Dr. Michael A. Williams and Professor Craig Pirrong. The firm’s specialized knowledge of derivatives markets and benchmark manipulation proved essential in developing the economic framework that underpinned the plaintiffs’ successful case against the defendant banks.

“This settlement demonstrates the value of rigorous economic analysis in complex financial litigation,” said Steffen Hennig, Co-Founder of Fideres. “Our collaboration with the testifying experts exemplifies how independent economic consulting can support the pursuit of justice in cases involving sophisticated financial market manipulation.”

Judge Furman, in approving the settlements, described the ISDAfix case as “the most complicated” he had ever faced, praising counsel for their “admirable job in briefing it and arguing it.” The complexity of the case required extensive economic analysis to demonstrate how the alleged manipulation of the benchmark rate harmed class members holding ISDAfix-linked financial instruments.

The ISDAfix litigation involved claims spanning from January 2006 through January 2014, affecting institutional investors including pension funds, insurance companies, and hedge funds who transacted in interest rate derivatives referenced to the USD ISDAfix rate. The settlement provides compensation for losses allegedly caused by the defendants’ coordinated efforts to manipulate the daily benchmark setting process.

Quinn Emanuel Urquhart & Sullivan served as lead counsel for the plaintiff class, working closely with the economic experts and Fideres’s consulting team throughout the multi-year litigation process that culminated in this exceptional recovery for investors.