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SONTERRA CAPITAL MASTER FUND LTD. v. UBS AG

Docket No. 17-944-cv August Term, 2019.

954 F.3d 529 (2020)

SONTERRA CAPITAL MASTER FUND LTD., California State Teachers' Retirement System, Hayman Capital Master Fund, L.P., Japan Macro Opportunities Master Fund, L.P., Plaintiffs-Appellants, v. UBS AG, UBS Securities Japan Co., Ltd., Mizuho Bank, Ltd., Sumitomo Mitsui Trust Bank, Limited, fka the Sumitomo Trust & Banking Co., Ltd., The Norinchukin Bank, Sumitomo Mitsui Banking Corporation, Resona Bank, Ltd., Mizuho Corporate Bank, Ltd., Mizuho Trust & Banking Co., Ltd., The Shoko Chukin Bank, Ltd., Shinkin Central Bank, the Bank of Yokohama, Ltd., Societe Generale S.A., The Royal Bank of Scotland Group plc, The Royal Bank of Scotland plc, RBS Securities Japan Limited, Barclays Bank plc, Barclays Capital Inc., Barclays plc, Cooperatieve Rabobank U.A., Lloyds Banking Group PLC, Lloyds Bank PLC, ICAP plc, ICAP Europe Limited, Tullett Prebon plc, Bank of America Corporation, Bank of America N.A., Societe Generale, RBS Securities Inc., Defendants-Appellees, Citibank, N.A., Citigroup Inc., Citibank Japan Ltd., Citigroup Global Markets Japan, Inc., HSBC Holdings plc, HSBC Bank plc, R.P. Martin Holdings Limited, Martin Brokers (UK) Ltd, Merrill Lynch International, John Does 1-50, National Association, the Bank of Tokyo-Mitsubishi UFJ, Ltd., Mitsubishi UFJ Trust and Banking Corporation, JPMorgan Chase & Co., JPMorgan Chase Bank, N.A., J.P. Morgan Securities plc, Deutsche Bank AG, DB Group Services (UK) Limited, HBOS plc, Defendants.

United States Court of Appeals, Second Circuit.

Decided: April 1, 2020.

Attorney(s) appearing for the Case

Eric F. Citron , Goldstein & Russell, P.C., Baltimore, MD, ( Vincent Briganti , Geoffrey M. Horn , Peter D. St. Phillip, Jr. , Lee J. Lefkowitz , and Christian Levis , on the brief), Lowey Dannenberg, P.C., White Plains, NY, ( Patrick T. Egan , on the brief), Berman Tobacco, Boston, MA, ( Joseph J. Tobacco, Jr. , on the brief), Berman Tobacco, San Francisco, CA, for Plaintiffs-Appellants.

David Sapir Lesser ( Jamie Dycus , on the brief), Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY, Ari Savitzky , Wilmer Cutler Pickering Hale and Dorr LLP, Washington, D.C., for Defendants-Appellees The Royal Bank of Scotland plc, The Royal Bank of Scotland Group plc, RBS Securities Inc., and RBS Securities Japan Limited.

Additional counsel listed in Appendix A.

Before: Pooler, Lynch, and Park, Circuit Judges.

This appeal concerns a scheme to fix the benchmark interest rates used to price financial derivatives in the Yen currency market. Plaintiffs, a group of investment funds,1 allege that they entered into financial agreements on unfavorable terms because Defendants, a collection of financial institutions...

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