Fresh off a favorable ruling in a lawsuit accusing big banks of conspiring to fix credit default swaps, Quinn Emanuel Urquhart & Sullivan has launched a new multibillion- dollar antitrust suit against the banks, this time over interest rate swaps.
The firm filed a class action complaint Thursday in federal court in Manhattan, asserting that 13 major banks and broker ICAP plc conspired to fix the so-called ISDAfix rate. The firm seeks to represent everyone that entered into an interest rate derivative transaction in the eight-year period from Jan. 1, 2006, to January 2014, a group that mostly includes hedge funds, pension funds and other large investors.
