We secured NatWest’s dismissal from numerous antitrust litigations alleging collusion in financial markets

Davis Polk represents NatWest Group plc (formerly The Royal Bank of Scotland Group plc) and a number of its units in putative antitrust class actions involving allegations of collusion in the markets for financial products including U.S. Treasury bonds and European government bonds. We have obtained the dismissal of our client from numerous actions.

In actions involving U.S. Treasuries, we represent the parent company and NatWest Securities in more than 48 putative antitrust class actions consolidated in the Southern District of New York, which accuse 20 financial institutions of rigging the $13 trillion Treasury market. We successfully secured the dismissal of all defendants from the case. 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 case is currently on appeal.

Separately, we represent NatWest Markets Plc and NatWest Markets Securities Inc. in a consolidated putative class action pending in the SDNY alleging price-fixing in the European government bonds market under the Sherman Antitrust Act.  

On July 23, 2020, the court dismissed the claims against NatWest and several other defendants on the principal ground that the operative complaint failed to plead nonconclusory allegations connecting those defendants to the putative conspiracy. Plaintiffs filed an amended complaint and, on March 14, 2022, the court again dismissed the claims against NatWest and certain other defendants.

The Davis Polk team included partner Paul S. Mishkin and counsel Maude Paquin.