Last week, the Judicial Panel on Multidistrict Litigation transferred 25 actions pending in three districts to Judge Gardephe as part of a MDL concerning Treasury securities. According to the Order, the actions all allege that “over 20 defendant banks conspired to manipulate Treasury securities auctions overseen by Federal Reserve Bank of New York, as well as the market for derivative financial products.” The JPML chose to consolidate the actions in the SDNY as most of them were originally filed there, and nearly all of the defendant banks maintain their U.S. headquarters in New York. Of the 25 actions, 23 had been filed in the SDNY, one in the Northern District of Illinois, and one in the District of the Virgin Islands.
