Lowey Dannenberg is pleased to announce that on October 8, 2020 the American Antitrust Institute, an independent, nonprofit organization devoted to promoting competition, announced that it would be honoring the firm with an award in the category of Outstanding Antitrust Litigation Achievement in Private Law Practice in connection with the successful prosecution of In re GSE Bonds Antitrust Litigation, 19-cv-01794 (S.D.N.Y.).
Lowey served as Co-Lead Counsel to the Class and counsel to lead plaintiff Pennsylvania Treasury in this antitrust class action, recovering a total of $386.5 million on behalf of investors harmed by an alleged conspiracy among sixteen of the worlds largest banks to fix the prices of bonds issued by Government Sponsored Entities, including Fannie Mae and Freddy Mac. Lowey was instrumental in obtaining significant remedial measures beyond the substantial monetary compensation paid by Defendants. Specifically, the settlements require Defendants to maintain antitrust compliance measures designed to detect and prevent misconduct in the GSE Bond market, including rigorous employee and management training, strong oversight, adoption of a company-wide culture of compliance, and periodic risk assessments.
Among the team of talented attorneys involved in litigating this case, Lowey Chairman Vincent Briganti, along with partner Christian Levis, and associates Margaret MacLean, Roland St. Louis and Jennifer Tembeck were specifically recognized by AAI for their contribution to this outstanding result.