Class Actions in the Futures Markets:
The Firm has filed over 30 class action law suits throughout the United States. Some of those class actions have led to substantial settlements as reflected below:
- In Re: Amaranth Natural Gas Commodities Litigation, 07 Civ. 6377 (SAS) (SDNY). The Burke Firm was appointed co-lead counsel by Judge Scheindlin and represented a lead plaintiff in this complex natural gas futures litigation involving the manipulation of the natural gas futures and options markets covering a class period from February 16, 2006 to September 28, 2006. On January 3, 2012, Judge Scheindlin entered an Order preliminarily approving a settlement of $77,000,000.
- In Re: Natural Gas Commodity Litigation, 03Civ.06186 (VM) (S.D.N.Y.) The Burke Firm represented a lead plaintiff in this litigation involving the manipulation of the natural gas futures market covering a class period from January 2000 – December 2003. This litigation settled for $100,800,000.
- Kohen v. Pacific Investment Management Company LLC, 05 Civ. 4681 (RAG) ( N.D. Ill.). The Burke Firm represented a lead plaintiff in a futures manipulation case of the June 2005 10 Year Treasury Note Futures Contract traded on the Chicago Board of Trade. The case settled in May, 2011 for $118,750,000.
The Firm is also participating in the following pending class action suits:
- In Re: Commodity Exchange Inc. Silver Futures and Options Trading Litigation, 11 MD 2213, (RPP) (SDNY). The Burke firm filed a complaint alleging the manipulation of silver futures and option contracts traded on the Commodity Exchange, Inc. The first amended complaint was filed recently.
- In Re: Crude Oil Commodity Futures Litigation, MF 11 Civ. 3600 (WP) (SDNY). The Burke Firm has filed a complaint on behalf of a Plaintiff who traded in the physical oil, crude futures and options markets during the period when it is alleged that defendants were manipulating the price of physical crude oil and futures markets.
- In Re: Platinum and Palladium Commodities Litig., 10 Civ. 3617 (WHP) (S.D.N.Y.) The Burke Firm has filed a complaint on behalf of a Plaintiff who traded in the platinum futures and options markets during the period when it is alleged that defendants were manipulating the price of the platinum and palladium futures and options markets.
- In Re Libor-Based Financial Instruments Antitrust Litigation, 11 MD 2262 (NRB)
- In Re Merrill, B of A and Morgan Stanley Spoofing Litigation, 19–cv–06002 (LJL) (SDNY)
- In Re Foreign Exchange Benchmark Rates Antitrust Litigation, No. 13-cv-7789 (LGS) (S.D.N.Y.) ($2.3 billion settlement)
- In Re: Commodity Exchange, Inc. Gold Futures and Options Trading Litigation, 14-md-02548-VEC (SDNY)
- In Re Crude Oil Commodity Futures Litigation, 11-cv-3600-KBF (SDNY) ($16.5 million settlement)
- Deangelis v. Corzine, et al., 11-cv-07866-VM-JCF (SDNY) ($100 million partial settlement with defendant JPMorgan.)
- In Re: WorldCom, Inc. Securities Litigation, 02-cv-03288-DLC (SDNY) ($6.15 billion in settlement monies on behalf of the investor class; additional settlement of $38 million obtained in October 2012).
- In Re: Global Crossing Ltd. Securities & “ERISA” Litigation, 02-md-01472-GEL (SDNY) (various partial settlements in the case, totaling $448 million.)
- Leider v. Ralfe, et al., 01-cv-03137-HB-FM (SDNY) (settled with other pending class actions for an aggregate of $295,000,000 and substantial injunctive relief for the class.)
- In Re: Initial Public Offering Securities Litigation, 01-cv-02014-WHP (SDNY) (Pursuant to the Stipulation, a Settlement Fund consisting of $586 Million in cash has been established for the settlement of all of the 309 constituent Actions.)