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Commodities Lawyers

Lowey Dannenberg:
Fighting commodities manipulation and defending market competition

Achieving landmark results and historic recoveries under the Commodity Exchange Act (CEA). Lowey has pioneered the prosecution of the most important and complex commodity manipulation actions since the enactment of the Commodity Exchange Act (CEA) against some of the world’s largest financial institutions, achieving landmark decisions and record-breaking recoveries.

Led by

Expert attorneys who prosecute market manipulation and unfair practices

Vincent Briganti

Commodities

Vincent Briganti is Chairman of Lowey Dannenberg, P.C. He is the head of the Firm’s Antitrust and Commodities and Derivatives Practice Groups.

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Geoffrey Horn

Commodities

Geoffrey Horn heads the firm’s commodity litigation practice group, one of the premier commodity litigation practice groups in the country. 

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Cases

Yen-LIBOR

Lowey Dannenberg was appointed co-lead counsel in a class action, alleging that a group of 8 major financial institutions colluded to fix the outcome of the London Silver Fix, a global benchmark that impacts the value of more than $30 billion in silver and silver financial instruments.

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Swiss Franc LIBOR

In February 2015, Lowey Dannenberg filed a proposed class action against global financial institutions responsible for setting the London Interbank Offered Rate for the Swiss Franc (Swiss Franc LIBOR).

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SIBOR/SOR

Lowey Dannenberg filed a proposed class action in July 2015 alleging that the 20 global financial institutions responsible for setting the Singapore Interbank Offered Rate (“SIBOR”) and the Singapore Swap Offer Rate (“SOR”) manipulated these benchmark rates to benefit their own derivatives positions at the expense of U.S. investors.

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Sterling LIBOR

Lowey Dannenberg filed a proposed class action in May 2015 against global financial institutions responsible for setting the Sterling London Interbank Offered Rate (Sterling LIBOR) for allegedly colluding to manipulate Sterling LIBOR to increase their profits at the expense of investors.

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Australian Bank Bill Swap Reference Rate

Lowey Dannenberg filed a proposed class action in August 2016 alleging that global financial institutions responsible for setting the Bank Bill Swap Reference Rate (“BBSW”), the primary interest rate benchmark used to price and settle Australian dollar-denominated derivatives, colluded to manipulate the benchmark rate to profit in their related derivatives positions at the expense of investors.

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Euribor

In February 2013, Lowey Dannenberg filed a proposed class action against global financial institutions responsible for setting the Euro Interbank Offered Rate (Euribor), a global reference rate used to benchmark and price settle more than $200 trillion of financial products, including Euribor futures contracts traded on the NYSE LIFFE exchange.

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In re Granulated Sugar Antitrust Litig., No. 24-mdl-3110 (D. Minn.) (Blackwell, J.).

In Sugar, plaintiffs allege a price fixing and information exchange conspiracy against the largest Sugar producers in the United States. The Court held that our pleadings survived Twombly on both our per se price fixing claims and our rule of reason information exchange claims.

On October 15th, 2025, Judge Blackwell denied the motion to dismiss as against the two largest sugar producers in the country, Domino Sugar and United Sugar, on nearly 100 state antitrust, consumer protection, and equitable claims.

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Real Results

Uncovering market manipulation in commodity and derivative markets.

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California Scheming: Gas Price Manipulation Hits the West Coast

by | May 18, 2020 | Antitrust, Blog, Commodities | 0 Comments

The gas market, with its pricing benchmarks based on self-reported transactions, has long been a fertile field for price manipulation. For example, in In re Natural Gas Commodity Litigation, No. 03 CV 6186 (S.D.N.Y. Oct. 14, 2004), plaintiffs alleged that energy…

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“Thank you all very much, and congratulations on achieving what appears to be a very fine settlement. I know counsel worked very hard on this, and I appreciate the efforts of all involved in the case.”

~ Hon. P. Kevin Castel, United States District Judge

Landmark Outcomes

In a class action alleging that global financial institutions manipulated the Euro Interbank Offered Rate (Euribor), Lowey Dannenberg secured $309 million settlements from Defendants Barclays, Deutsche Bank, and HSBC, which the Hon. P. Kevin Castel preliminary approved and praised.

Additional Notable Achievements

Our practice has a history of successful prosecutions for commodity price manipulation across precious metals, agriculture, energy, and foreign exchange markets. 

Sumitomo Copper

In 1998, Lowey Dannenberg filed the first-ever pay-for-delay class action on behalf of consumers and third party payers against Aventis S.A. and Andrx Corp., alleging the brand pharmaceutical company engaged in anti-competitive agreements regarding the blood pressure drug Cardizem CD to prevent more affordable generic equivalents from entering the market.

Lowey served as lead counsel and argued before the United States Court of Appeals for the Sixth Circuit in a landmark decision that unanimously affirmed a summary judgment of per se liability against defendants. Lowey successfully negotiated an $80 million class settlement.

In re Cardizem CD Antitrust Litigation, MDL No. 1278 (E.D. Mich.)

Amaranth

Lowey Dannenberg served as co-lead counsel in a certified class action representing investors harmed when Amaranth Advisors LLC, one of the largest natural gas hedge funds prior to its collapse in September 2006, allegedly used its market power to manipulate NYMEX natural gas futures and options contract prices. In April 2012, a District Court Judge for the Southern District of New York approved a $77.1 million settlement.

The amount overshadowed the $7.5 million joint settlement negotiated by government regulators and represented the then fourth largest class action recovery in the history of the CEA.

In re: Amaranth Natural Gas Commodity Litigation, Case No. 07 Civ. 6377 (SAS) (S.D.N.Y.)

Natural Gas

Lowey Dannenberg served as co-lead counsel to represent New York Mercantile Exchange (NYMEX) natural gas futures traders against the nation’s largest natural gas marketing companies. More than 20 of the largest energy companies allegedly manipulated the price of natural gas futures contracts traded on the NYMEX by falsely reporting transaction data to publications that compile and publish the price benchmarks used to settle and price global trade. The alleged manipulation undermined the entire pricing structure in the U.S. natural gas market, including the price of NYMEX natural gas futures contracts.

Lowey achieved nearly $101 million in settlement, the then third largest recovery in the history of the CEA.

In re: Natural Gas Commodity Litigation, Case No. 03 Civ. 6186 (S.D.N.Y.)

PIMCO

Lowey Dannenberg represented lead class representative Richard Hershey in a certified class action against Pacific Investment Management Corp. (“PIMCO”) for manipulating the multi-billion-dollar market of U.S. 10-Year Treasury Note futures contracts.

The case settled in 2011 for $118.75 million, the then second largest recovery in the CEA’s history.

Hershey v. Pacific Investment Management Corp., Case No. 05 Civ. 4681 (RAG) (N.D.Ill.)

Optiver Crude Oil, Gasoline and Heating Oil Manipulation

Lowey Dannenberg served as co-lead counsel in a proposed class action involving the alleged manipulation of NYMEX light sweet crude oil, heating oil and gasoline futures contracts prices by Optiver US, LLC and other Optiver defendants.

In June 2015, the Court granted final approval to a $16.75 million settlement with defendants.

In re: Optiver Commodities Litigation, Case No. 08-cv-6842 (S.D.N.Y.)

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