A federal court granted the motion of S&C client RBC Capital Markets and other defendants to dismiss with prejudice an antitrust lawsuit that accused nine banks of rigging the roughly $9 trillion government and agency bond market from 2009 to 2015. Judge Edgardo Ramos of the U.S. District Court for the Southern District of New York dismissed all claims against the defendants for failure to allege antitrust injury and for failure to allege a conspiracy.
The plaintiffs claimed that defendants conspired not to compete against each other in the market for U.S. dollar-denominated supranational, sovereign and agency bonds (SSA bonds) and effectively functioned as a single unified trading desk.
The court previously dismissed the non-U.S. defendants in the case, including S&C client Royal Bank of Canada
The S&C team representing RBC Capital Markets is led by Alex Willscher and Matthew Porpora.