FUND LIQUIDATION HOLDINGS v. BANK OF AMERICA CORP.

No. 19-2719-cv August Term 2020.

991 F.3d 370 (2021)

FUND LIQUIDATION HOLDINGS LLC, as assignee and successor-in-interest to FrontPoint Asian Event Driven Fund, L.P., on behalf of itself and all others similarly situated, Sonterra Capital Master Fund, Ltd., Plaintiffs-Appellants, FrontPoint Asian Event Driven Fund, Ltd., FrontPoint Asian Event Driven Fund, L.P., Plaintiffs, v. BANK OF AMERICA CORPORATION, Bank of America, N.A, Royal Bank of Scotland PLC, The Royal Bank of Scotland Group PLC, RBS Securities Japan Limited, UBS AG, UBS Securities Japan Co., Ltd., ING Groep N.V., ING Bank N.V., BNP Paribas, S.A., BNP Paribas North America, Inc., BNP Paribas Securities Corp., BNP Paribas Prime Brokerage, Inc., Oversea-Chinese Banking Corporation Ltd., Barclays PLC, Barclays Bank PLC, Barclays Capital Inc., Deutsche Bank AG, Credit Agricole Corporate and Investment Bank, Credit Agricole S.A., Credit Suisse Group AG, Credit Suisse AG, Standard Chartered Bank, Standard Chartered PLC, DBS Bank Ltd., DBS Group Holdings Ltd., DBS Vickers Securities (USA) Inc., United Overseas Bank Limited, Australia and New Zealand Banking Group, Ltd., Bank of Tokyo-Mitsubishi UFJ, Ltd., The Hongkong and Shanghai Banking Corporation Limited, HSBC Bank USA, N.A., HSBC Holdings PLC, HSBC North America Holdings Inc., HSBC USA Inc., Macquarie Bank Ltd., Macquarie Group Ltd., Commerzbank AG, ING Capital Markets LLC, Credit Suisse International, ANZ Securities, Inc., UOB Global Capital, LLC, Defendants-Appellees, Citibank, N.A., Citigroup Inc., JPMorgan Chase & Co., JP Morgan Chase Bank, N.A., John Does, Nos. 1-50, Defendants.

United States Court of Appeals, Second Circuit.

Decided: March 17, 2021.


Attorney(s) appearing for the Case

Eric F. Citron ( Vincent Briganti , Margaret MacLean , Lowey Dannenberg, P.C., White Plains, NY, on the brief), Goldstein & Russell, P.C., Bethesda, MD, for Plaintiffs-Appellants Fund Liquidation Holdings LLC and Sonterra Capital Master Fund, Ltd.

Joel Kurtzberg ( Herbert S. Washer , Elai Katz , Jason M. Hall , Lauren Perlgut , Adam S. Mintz , on the brief), Cahill Gordon & Reindel LLP, New York, NY, for Defendants-Appellees Credit Suisse Group AG, Credit Suisse AG, and Credit Suisse International.

Arthur J. Burke , Paul S. Mishkin , Adam G. Mehes , Davis Polk & Wardwell LLP, New York, NY, for Defendants-Appellees Bank of America Corporation and Bank of America, N.A.

Penny Shane , Corey Omer , Sullivan & Cromwell LLP, New York, NY, for Defendants-Appellees Australia and New Zealand Banking Group Limited and ANZ Securities, Inc.

Christopher M. Viapiano , Elizabeth A. Cassady , Sullivan & Cromwell LLP, Washington, DC, for Defendant-Appellee The Bank of Tokyo-Mitsubishi UFJ, Ltd., n/k/a MUFG Bank, Ltd.

Jonathan D. Schiller , Christopher Emmanuel Duffy , Leigh M. Nathanson , Boies Schiller Flexner LLP, New York, NY, for Defendants-Appellees Barclays PLC, Barclays Bank PLC, and Barclays Capital Inc.

Jayant W. Tambe , Stephen J. Obie , Kelly A. Carrero , Jones Day, New York, NY, for Defendants-Appellees BNP Paribas, S.A., BNP Paribas North America, Inc., BNP Paribas Securities Corp., and BNP Paribas Prime Brokerage, Inc.

David R. Gelfand , Mark D. Villaverde , Milbank LLP, New York, NY, for Defendant-Appellee Commerzbank AG.

Andrew Hammon , Kimberly Anne Havlin , White & Case LLP, New York, NY; Darryl S. Lew , White & Case LLP, Washington, DC, for Defendants-Appellees Crédit Agricole Corporate and Investment Bank and Crédit Agricole S.A.

Erica S. Weisgerber , Debevoise & Plimpton LLP, New York, NY, for Defendants-Appellees DBS Bank Ltd., DBS Group Holdings Ltd., and DBS Vickers Securities (USA) Inc.

Aidan Synnott , Hallie S. Goldblatt , Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY, for Defendant-Appellee Deutsche Bank AG.

Christopher M. Paparella , Steptoe & Johnson LLP, New York, NY, for Defendants-Appellees Macquarie Bank Ltd. and Macquarie Group Ltd.

C. Fairley Spillman , Pratik A. Shah , Akin Gump Strauss Hauer & Feld LLP, Washington, DC, for Defendant-Appellee Oversea-Chinese Banking Corporation Limited.

David S. Lesser , Jamie S. Dycus , Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY, for Defendants-Appellees The Royal Bank of Scotland PLC, The Royal Bank of Scotland Group PLC, and RBS Securities Japan Limited.

Marc J. Gottridge , Lisa J. Fried , Benjamin A. Fleming , Hogan Lovells US LLP, New York, NY, for Defendants-Appellees Standard Chartered Bank and Standard Chartered PLC.

Dale C. Christensen, Jr. , Noah Czarny , Seward & Kissel LLP, New York, NY, for Defendants-Appellees United Overseas Bank Limited and UOB Global Capital, LLC.

Nowell D. Bamberger , Cleary Gottlieb Steen & Hamilton LLP, Washington, DC; Charity E. Lee , Cleary Gottlieb Steen & Hamilton LLP, New York, NY, for Defendants-Appellees The Hongkong and Shanghai Banking Corporation Limited, HSBC Bank USA, N.A., HSBC Holdings PLC, HSBC North America Holdings Inc., and HSBC USA Inc.

Mark A. Kirsch , Eric J. Stock , Jefferson E. Bell , Gibson, Dunn & Crutcher LLP, New York, NY, for Defendants-Appellees UBS AG and UBS Securities Japan Co., Ltd.

Amanda F. Davidoff , Sullivan & Cromwell LLP, Washington, DC, for Defendants-Appellees ING Groep N.V., ING Bank N.V., and ING Capital Markets LLC.

Before: Sullivan, Park, and Nardini, Circuit Judges.


In 2016, two Cayman Islands investment funds filed a class action complaint against numerous banks (the "Banks"), alleging that the Banks had conspired to manipulate certain Singapore-based benchmark interest rates. It was not until a year later that the Banks discovered that the two plaintiff funds had been dissolved...

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