Fideres Partners LLP (Fideres) is an international economic consulting firm that specializes in antitrust litigation, securities litigation, and financial litigation. It provides unbiased, conflict-free economic analysis to competition regulators, law firms and their clients, from case evaluation to expert testimony and settlement negotiations. The firm's mission is "Unbiased economic truth. Fairness powered by data. Global victories." Fideres was founded following the 2008 financial crisis by Alberto Thomas and Steffen Hennig with a focus exclusively on litigation, maintaining independence from conflicts of interest that affect firms serving both corporate and litigation clients.
Fideres is a privately owned partnership established in 2009 by Alberto Thomas and Steffen Hennig.
Fideres has assisted litigation cases and provided research on financial market manipulation with work, among others, on LIBOR, FX, cryptocurrency market manipulation, and ISDAFIX. [1][2][3][4][5]
As of May 2025, the firm employs 62 people across six countries, with offices in New York, London, Frankfurt, Madrid, Rome and Johannesburg.[6]
Practice Areas
Fideres operates three main practice areas:
Antitrust Litigation: Fideres specializes in antitrust litigation and other forms of market abuse that distort competition. The firm's expertise equips law firms with evidence, analysis, and strategic advantage needed to litigate these cases effectively. Clients gain access to Fideres's panel of affiliated testifying experts, among the most highly regarded in their fields.
Securities Litigation: The firm provides expert testimony in shareholder disputes including class certification, damages calculations, and market efficiency studies. Fideres has extensive experience in U.S. securities cases, having conducted over 150 event study reports and damages assessments for Section 10b, Section 11, and Section 14 class actions.
Financial Litigation: Fideres provides expert testimony in financial markets disputes spanning equities, interest rates, foreign exchange, and commodities. The team has extensive experience with financial disputes, having testified in landmark litigation involving fraud, benchmark manipulation, and other misconduct across various financial instruments.
Services
Expert Services
Fideres works alongside law firms throughout the litigation timeline providing:
Expert economic analysis and testimony,
Valuation and damages analysis,
Expert reports and class action certification expert support,
Evidence in court and cross examination,
Market efficiency studies and loss causation assessments,
Settlement negotiation support.
Research
Research provided by Fideres focuses on the technical aspects of failed financial products and inefficient markets and has received press coverage by various media outlets.[2][7] Their research into the debt market, and government economic policies, such as CBILS, was also covered by the media.[8][9] Their work analyzing trading patterns in foreign exchange markets was also featured on BBC Radio 4 in reference to the FOREX scandal.[10] In 2016, Fideres's cofounder Alberto Thomas appeared on Sky News to discuss the ethics of Hedge Funds conducting and trading upon private exit polls for the UK.[11]
Gold Price Manipulation
Fideres's research showed that between January 2010 and December 2013 the price of gold may have been manipulated on "50 per cent of occasions," observing "instances of sharp movements in the price of the metal" during the two daily conference calls between Barclays, Deutsche Bank, HSBC, Scotiabank and Societe Generale, a process called "London gold fixing".[12] Thomas called it an "anachronistic way" of setting the price for gold.[13] The findings were also reported on the Financial Times, but according to Gold Anti-Trust Action Committee the article, titled "Fears Over Gold Price Rigging Put Investors on Alert", was deleted from the FT website for being "too sensitive".[14]
Corporate Bond Under-Pricing
Research conducted by Fideres found evidence of systemic overpricing in the bond market. Bloomberg[7] and Reuters[2] reported on the study, which analyzed the pricing of corporate bonds for the period 2010-2015. It estimated that, due to the mis-pricing carried out by the banks, US corporations may have lost up “to $18 billion” when they issued debt. Business Insider UK considered the research particularly “noteworthy” in relation to the size of the bond market[15] while Tracy Alloway, executive editor of Bloomberg, wrote on her Twitter account that the story may represent a "Libor moment in the bond market,” in reference to the LIBOR scandal.[16]
Closet Indexers
In 2014, fund groups faced investigation for misleading investors into buying so-called "closet indexers", funds sold as actively managed but behave like index trackers. Based on an analysis of 1,147 US equity funds with more than $1bn in assets, Fideres had found that 15 per cent of funds in the sample were closet indexers, concluding that investors could have been entitled to "billions of dollars" in damages.[1][17]
Collateralized Loan Obligations
With the global economy under pressure in 2020, debt markets came under scrutiny. Fideres was referenced in the media stating that significant losses will be felt by bondholders who own bonds rated BBB or below.[18][19]
Coronavirus Business Interruption Loan Scheme
Following the economic shutdown triggered by COVID-19, the UK government announced a business loan scheme to support affected businesses. At the time of the announcement, Fideres was quoted in a number of articles addressing the CBILS central proposals. [20][9]
Accademic Affiliations
Fideres maintains an extensive network of affiliated testifying experts including leading academics and industry leaders from major universities worldwide. The firm's academic affiliates provide expert testimony and economic analysis across multiple practice areas.Recent additions include Dr Matthew Cain, Professor Abraham Wickelgren (Fred and Emily Wulff Chair), Professor Amelia Fletcher CBE (Professor of Economics), Professor Kenneth Flamm, and Professor William B. Vogt, among others.
Recent Cases
Amazon BuyboxAntitrust Litigation
Hagens Berman EMEA and Charles Lyndon won the carriage dispute on this landmark consumer class action affecting more than 50 million consumers. Evidence from Fideres and its in-house expert Dr. Chris Pike proved decisive[21] in winning the carriage dispute between rival class actions. The Expert report analysed Amazon's market power within the relevant market and the anticompetitive nature of its conduct in manipulating the algorithm that allocates the Buy Box. It set out a damages analysis that quantified the harmful impact of the anticompetitive conduct on a class of more than 50 million consumers.[22][23]
Microsoft CloudAntitrust Litigation
Dr. Maria Luisa Stasi filed a landmark consumer class action claiming over £1 billion in damages from Microsoft's anticompetitive conduct in the cloud computing market through Scott+Scott. Fideres assisted[24] by producing a class certification expert report addressing Microsoft's market power and proposing methodology to assess counterfactual prices. The case alleges Microsoft punished UK businesses using rival cloud services by charging higher licensing fees for Windows Server.[25][26]
LIBOR Manipulation
After the LIBOR scandal broke in 2012, Thomas appeared as a witness at a Treasury Select Committee hearing on benchmark manipulation on 2 July 2014.[27] The role of committee was to review the banking sector after banks were found to manipulate various financial benchmarks to their gain.[28] Thomas talked about why and how the manipulation had occurred, the facts related to the manipulation, and suggested a three-point plan which could help prevent it going forward.[27]
FOREX Market Rigging
In 2014, Fideres supplied a research highlighting "unusual" price spikes in euro, sterling and other major currencies for the City of Philadelphia Board of Pensions and Retirement's class action lawsuit against major Forex dealer banks.[29] The suit claimed that seven different banks (Barclays, Citigroup, Deutsche Bank, HSBC, JPMorgan, Royal Bank of Scotland and UBS) had "deliberately" been manipulating the price of FX trading around the 4pm daily fixing.[30]
ISDAfix Rigging
In 2014, more than a dozen financial institutions, including Bank of America, Barclays, BNP Paribas, Citigroup, and Wells Fargo, faced allegations of attempting to manipulate the ISDAfix rate used for derivative contracts.[31] The allegations were based on a research conducted and compiled by Fideres, which alleged that the defendant banks had submitted the same or virtually the same dollar ISDAfix rate quotes almost every day from 2009 to 2012, “down to five decimal points," resulting in the official ISDAfix rate and the banks’ contributions being identical to the ICAP reference rate "well over 90% of the time for at least four years.”[32]
Steinhoff Securities Litigation
Burford Capital represented institutional investors securing substantial recovery from Steinhoff International's €6.5 billion accounting fraud. Fideres provided expert analysis on share price inflation and individual claimant losses across numerous portfolios, achieving a 100% acceptance rate of claims.[33][34]
Cryptocurrency Market Manipulation
Tether, a cryptocurrency stablecoin, which states that its coins are pegged 1:1 with the US dollar, had a class action filed against it in November 2019 alleging that Tether issuances had been timed to trigger movements in the price of Bitcoin. Research conducted by Fideres found that there were significant price moves following Tether issuances. The case alleges that the Tether manipulation caused a loss of "$265 billion in cryptocurrency wealth".[5]
Recent Research and Litigation Support
Fideres continues to support high-profile litigation across multiple jurisdictions. Recent work includes expert reports filed in cases such as Bush v. Blink Charging Company, Bernstein v. Ginkgo Bioworks Holdings, Theodore v. PureCycle Technologies, and In re Romeo Power Inc. Securities Litigation. The firm has also been involved in landmark Section 90 FSMA litigation and various antitrust cases involving major technology companies.
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