Outcomes

Commodities Litigation

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, and sued to benchmark and price settle more than $200 trillion of financial products, including Euribor futures contracts traded on the NYSE LIFFE exchange. Defendants settled with global regulators, paid billions in fines, and were granted ACPERA conditional leniency from the DOJ for alleged anti-competitive conduct in the Euribor market. Lowey Dannenberg secured Deutsche Bank and HSBC, to settle the claims against them for a collective $309 million. The Court has preliminarily approved all three settlements. The case, Sullivan v. Barclays PLC et al is currently pending before Judge P. Kevin Castel, and discovery is ongoing.

Whistleblower Litigation

Lowey Dannenberg represented a physician in a qui tam case in New York federal court, who alleged that a regional pharmacy (Trinity HomeCare LLC, a subsidiary of Walgreen Co.) and a pharmaceutical manufacturer (Medimmune, Inc.) conspired to improperly prescribe and funnel kikcbacks for Synagis®, a drug used to combat a respirator illness in premature babies that costs $2,000 per dose. The scheme was aimed at bilking the federal government and Medicaid programs out of millions of dollars. The New York State Attorney General intervened and settled the claims [link to https://ag.ny.gov/press-release/ag-schneiderman-announces-224-millionsettlement-nyc-pharmacy-improper-medicaid ] against the pharmacy for $22.4 million. The attorney general’s claims and Relator’s national claims against MedImmune, Inc. continue to be prosecuted..

Healthcare

A landmark decision for health insurers that reversed the dismissal of Aetna’s RICO and state law claims for damages attributed to Pfizer’s off-label marketing of the prescription drug Neurontin. This pivotal decision reversed a negative trend in off-label drug marketing cases. The Court’s conclusion that “Aetna’s economic injury was a foreseeable and natural consequence” of Pfizer’s scheme represents a common-sense application of the law to the economic realities of the prescription drug market. In re Neurontin Mktg. & Sales Practices Litigation, 712 F.3d 51 (1st Cir. 2013).

Commodities Litigation

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, and sued to benchmark and price settle more than $200 trillion of financial products, including Euribor futures contracts traded on the NYSE LIFFE exchange. Defendants settled with global regulators, paid billions in fines, and were granted ACPERA conditional leniency from the DOJ for alleged anti-competitive conduct in the Euribor market. Lowey Dannenberg secured Deutsche Bank and HSBC, to settle the claims against them for a collective $309 million. The Court has preliminarily approved all three settlements. The case, Sullivan v. Barclays PLC et al is currently pending before Judge P. Kevin Castel, and discovery is ongoing.

Antitrust Litigation

Lowey Dannenberg serves as the court-appointed lead class counsel in two proposed class actions against the numerous financial institutions responsible for setting the London Interbank Offered Rate (LIBOR) for the Japanese Yen and the Euroyen Tokyo Interbank Offered Rate. The lawsuits allege that the defendants manipulated these global benchmark rates in an artificial direction that financially benefitted their Yen-LIBOR and Euroyen-based derivatives positions. Lowey Dannenberg has already recovered $206 million for investors in these cases after resolving claims against defendants JPMorgan, Citigroup, Deutsche Bank, and HSBC.

We Present

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