Analysis Group Provides Expert Testimony in Credit Suisse Victory in Forex Markets Class Action

BOSTON, Oct. 27, 2022 /PRNewswire/ -- A team from Analysis Group, one of the largest international economics consulting firms, supported Cahill Gordon & Reindel LLP and its client Credit Suisse in their successful defense in a long-running antitrust class action over alleged manipulation of foreign exchange currency markets.

In the matter In re: Foreign Exchange Benchmark Rates Antitrust Litigation, the plaintiffs, including hedge and pension funds, alleged Credit Suisse and 15 other banks agreed to widen the difference between the prices at which they buy and sell currencies (i.e., bid-ask spreads) between 2007 and 2013, in violation of federal antitrust law. Credit Suisse was the sole defendant to proceed to trial after the other banks agreed to settlements.

Analysis Group Managing Principal Divya Mathur testified at the trial on the economics of cartels, and affiliated expert Professor Michael Melvin, Executive Director of the Master of Finance Program at the Rady School of Management at University of California, San Diego, testified about the dynamics of the foreign exchange marketplace and the economics of bid-ask spreads. Their testimony was supported by an Analysis Group team led by Managing Principal Samuel Weglein, Principal Brian Ellman, Vice Presidents Chris Feige and Rebeccah Filsoof, Manager Hadrien Vasdeboncoeur, and Associates Riccardo Marchingiglio and Ivan Kirov.

Following an eight-day trial in the US District Court for the Southern District of New York in Manhattan, the jury found that Credit Suisse did not participate in any conspiracy to widen, fix, stabilize, or maintain bid-ask spreads in the forex market.

To learn more about Analysis Group's capabilities, visit AnalysisGroup.com.

Analysis Group is one of the largest international economics consulting firms, with more than 1,000 professionals across 14 offices in North America, Europe, and Asia. Since 1981, we have provided expertise in economics, finance, health care analytics, and strategy to top law firms, Fortune Global 500 companies, and government agencies worldwide. Our internal experts, together with our network of affiliated experts from academia, industry, and government, offer our clients exceptional breadth and depth of expertise.

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Eric Seymour
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SOURCE Analysis Group