Cohen Milstein Sellers & Toll and Quinn Emanuel Urquhart & Sullivan have been selected to spearhead a class action against a dozen major banks that they allege colluded to keep competition out of a market that sees $1.4 trillion daily in trading.
Competition for the class counsel slot was stiff in the multidistrict antitrust suit, which focuses on the market for interest rate swaps. Big names in the plaintiffs bar, including Hagens Berman Sobol Shapiro and Susman Godfrey, also were vying for the position.
But in an order Wednesday, U.S. District Judge Paul Engelmayer of the Southern District of New York concluded that Cohen Milstein and Quinn Emanuel were best suited to lead the case—in no small part because they were the first to uncover the alleged conspiracy.
The full Law.com article can be read here.