Brattle is providing economic analysis and expert witness testimony to a global investment bank and their legal counsel in their defense of claims to nullify EURIBOR-linked interest-rate swaps (IRS) entered into by the claimants. The assertion is that the IRS lacks randomness due to the European Commission finding that the investment bank participated in a cartel to manipulate the EURIBOR benchmark. Brattle has carried out analysis of EURIBOR submissions and macroeconomic evidence to assess whether the movements in EURIBOR over the relevant period were attributable to alleged coordination between EURIBOR panel banks or, alternatively, whether they were attributable to macroeconomic developments since the 2008-09 financial crisis. Brattle has also analyzed claimants’ investments and commercial incentives for nullifying the IRS. Brattle analysis and testimony will be submitted to the Spanish Court of First Instance.