Fideres provided comprehensive consulting expert analysis supporting Quinn Emanuel Urquhart & Sullivan LLP and Cohen Milstein Sellers & Toll PLLC in filing the multi-trillion dollar Treasury Securities Auction Antitrust Litigation (Case No. 1:15-md-02673) in the Southern District of New York, alleging that major Wall Street banks conspired to manipulate the $13 trillion U.S. Treasury securities market.
Fideres conducted extensive econometric analysis of Treasury auction data and trading patterns from 2007-2015, examining bid-to-cover ratios, yield spreads, and when-issued market behavior to demonstrate systematic price manipulation by primary dealer banks. The consulting expert analysis included sophisticated statistical modeling that differentiated between “high-demand” and “low-demand” auctions, revealing how defendants allegedly inflated futures prices before auctions while deflating actual auction prices to maximize their trading profits.
The comprehensive market analysis, covering the world’s most important and liquid financial market, provided crucial evidentiary foundation for this groundbreaking antitrust case targeting ten major banks including Bank of America, Goldman Sachs, JPMorgan, and Deutsche Bank. Fideres’s econometric work supported allegations of two distinct conspiracies: manipulation of Treasury auction pricing and boycotting of anonymous “all-to-all” trading platforms that threatened defendants’ market control. The detailed statistical analysis helped establish this case as one of the largest financial market manipulation claims in U.S. legal history, targeting systematic abuse in the backbone of global financial markets.