On September 13, 2024, Skadden, on behalf of Citigroup Global Markets Limited and Citigroup Global Markets Inc., prevailed on a motion to dismiss an antitrust complaint alleging a conspiracy among five dealers of U.K.-issued government bonds (Gilts) to widen bid-ask spreads quoted to U.S. customers. The U.S. District Court for the Southern District of New York held that the plaintiff failed to adequately allege that the defendants agreed to a conspiracy to widen Gilt spreads. The court also concluded that the plaintiff lacked antitrust standing because the complaint failed to “set out the details of the plaintiff’s specific trades” or connect those trades to the defendants’ purported “episodic” information exchanges. Boris Bershteyn and Lara Flath led the Skadden team.
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates