Berman Tabacco

Canadian Dollar Offered Rate

Fire & Police Pension Assoc. of Colorado. v. Bank of Montreal, et al., No. 1:18-cv-00342 (S.D.N.Y.)

Berman Tabacco represents Fire & Police Pension Association of Colorado in this class action against various banks alleging they unlawfully conspired to increase the profitability of their derivatives trading business by manipulating the Canadian Dollar Offered Rate (“CDOR”) during the period of at least August 9, 2007 through at least June 30, 2014. The CDOR is an interest rate benchmark created by the Canadian Bankers’ Association that was intended to reflect the cost of borrowing Canadian dollars in North America. As alleged, the defendant banks conspired to suppress CDOR by making artificially lower submissions that did not reflect the true rate at which Canadian dollars were being offered in North America.  On May 8, 2018, the court appointed Berman Tabacco to a two-firm Executive Committee to lead the prosecution of the case.