Antitrust & Financial Services

Cadwalader is a market leading law-firm in the financial services sector, and our antitrust team is one of only a few to have a particular focus on advising companies active in that sector. Accordingly, our attorneys have an in-depth understanding of our clients’ businesses and the markets in which they operate. 

Our regular blog posts on 'Antitrust & Financial Services' can be found here.

With our long-established presence in the key legal markets of New York, Washington and London, and our extensive industry experience, our antitrust team is uniquely placed to provide financial services clients with practical and commercial advice in all contexts.

The team’s particular expertise is in complex, transatlantic financial services-related investigations and litigation, and it has represented clients in many of the most high-profile cases that have arisen since the financial crisis. 

Where parallel investigations arise in the United States and Europe, our antitrust attorneys work seamlessly together to ensure an over-arching, transatlantic defense strategy, and to provide cost-effective advice. Where parallel investigations arise elsewhere, such as Asia-Pacific, we draw on close relationships with leading antitrust practitioners in those jurisdictions. 

In addition, our attorneys have a clear appreciation of the interplay with enforcement action by financial regulators worldwide, and they work closely with their financial regulatory and white collar colleagues, to provide comprehensive and coordinated legal advice.

Representative matters include:

  • Credit Default Swaps – Information Market: representing an investment bank in defence of the European Commission’s antitrust investigation, in which it issued charges but which was ultimately closed due to a lack of evidence.
  • Precious Metals: conducting an internal investigation into alleged antitrust misconduct at an investment bank, and representing the bank in its defence of a European Commission antitrust investigation, and before other antitrust authorities.
  • Investment Grade bonds & CDS: conducting an internal investigation into alleged antitrust misconduct at an investment bank, and representing the bank before the European Commission and other antitrust authorities in seeking immunity from fines.
  • Syndicated loans: conducting an internal investigation into suspected antitrust misconduct at an investment bank and advising it in connection with an antitrust investigation by a national competition authority.
  • MasterCard – interchange fees: representing MasterCard in its long running defence of the European Commission’s investigation, and on its subsequent appeals to the EU Court of Justice.
  • In re ATM Fee Antitrust Litigation. Obtained summary judgment for clients First Data Corp. and Concord EFS in long-standing case challenging setting of interchange fees in the ATM. Affirmed by the Ninth Circuit. 
  • In re Credit Default Swaps: representing an investment bank in defence of US class action litigation arising in connection with parallel DOJ and European Commission antitrust investigations.


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