We secured a complete victory for NatWest

Davis Polk secured a significant decision from the Second Circuit in affirming the dismissal of more than 48 putative antitrust class actions for its clients NatWest Group plc and NatWest Securities. The case was consolidated in the Southern District of New York, and accused 20 financial institutions of rigging the $13 trillion market for securities sold by the U.S. Department of the Treasury. We successfully secured the dismissal of all defendants from the case. The plaintiffs were granted leave to replead their claims and, on March 31, 2022, Judge Paul G. Gardephe again dismissed plaintiffs’ claims in full, this time with prejudice. The plaintiffs appealed to the Second Circuit. On February 1, 2024, the Second Circuit affirmed the dismissal in full.

NatWest Group plc is the holding company of a large banking and financial services group. NatWest Group operates in the United Kingdom through a network of branches, local banks and non-bank subsidiaries, as well as in Europe, the United States and elsewhere. NatWest Group is one of the largest financial institutions in the United Kingdom, and the banks within NatWest Group authorised in the United Kingdom include National Westminster Bank Plc, Royal Bank of Scotland Plc, NatWest Markets Plc and Coutts & Company. NatWest Group plc is listed on the London Stock Exchange and New York Stock Exchange.

The Davis Polk team included partner Paul S. Mishkin and associate Benjamin J. Hartman.

Copy link to share post