OKLAHOMA FIREFIGHTERS PENSION v. BANCO SANTANDER

No. 22-2039 August Term 2023.

92 F.4th 450 (2024)

OKLAHOMA FIREFIGHTERS PENSION & RETIREMENT SYSTEM, Electrical Workers Pension Fund Local 103, I.B.E.W., Government Employees Retirement System of the Virgin Islands, Manhattan and Bronx Surface Transit Operating Authority Pension Plan, Metropolitan Transportation Authority Defined Benefit Pension Plan Master Trust, Boston Retirement System, United Food and Commercial Workers Union and Participating Food Industry Employers Tri-State Pension Fund, Southeastern Pennsylvania Transportation Authority, on behalf of themselves and all others similarly situated, Plaintiffs-Appellants, v. BANCO SANTANDER (MÉXICO) S.A. INSTITUCIÓN DE BANCA MÚLTIPLE, Grupo Financiero Santander México, BBVA Bancomer S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer, HSBC México, S.A., Institucióon de Banca Múltiple, Grupo Financiero HSBC, Banco Nacional de México, S.A., Institución de Banca Múltiple, Grupo Financiero Banamex, Bank of America México, S.A., Institución de Banca Múltiple, Grupo Financiero Bank of America, Deutsche Bank México, S.A. Institución de Banca Múltiple, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: February 9, 2024.


Attorney(s) appearing for the Case

Margaret C. MacLean , Lowey Dannenberg, P.C., White Plains, NY ( Vincent Briganti , Lowey Dannenberg, P.C., White Plains, NY, on the brief), for Plaintiffs-Appellants.

Boris Bershteyn , Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY ( Susan Saltzstein , Kamali P. Willett , Kartik Naram , Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY; Adam S. Hakki , Shearman & Sterling LLP, New York, NY; Alan Schoenfeld , Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY; Paul S. Mishkin , Caroline Stern , Davis Polk & Wardwell LLP, New York, NY; Lev L. Dassin , Roger A. Cooper , Samuel Levander , Cleary Gottlieb Steen & Hamilton LLP, New York, NY; John Terzaken , Karen M. Porter , Simpson Thacher & Bartlett LLP, Washington, DC, on the brief), for Defendants-Appellees.

Before: Lynch and Park, Circuit Judges, and Subramanian, District Judge.


This case involves the alleged price-fixing of Mexican government bonds. Plaintiffs are investors who bought these bonds in the United States, allegedly at inflated prices. Defendants are Mexican banks that deal in the market for the bonds. Defendants did not sell bonds to Plaintiffs directly. Instead, sales were negotiated...

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