In an opinion Monday, the Second Circuit reversed Judge Buchwald’s dismissal of antitrust claims based on the alleged manipulation of LIBOR (covered here). Judge Buchwald ruled that the process of establishing LIBOR was a “cooperative” endeavor that, even if manipulated, would not cause harm to competition for purposes of the antitrust laws. The Second
Judge Buchwald Rejects Student Loan Borrower Claims in LIBOR Litigation
As part of the ongoing LIBOR litigation (previous coverage here), Judge Buchwald dismissed yesterday claims brought by student loan borrowers claiming that LIBOR manipulation both constituted fraud and ran afoul of state laws preventing banks from controlling a floating interest rate. Judge Buchwald held that the student loan plaintiffs could not show that lenders…
Judge Buchwald Issues 433-Page Ruling Largely Allowing Individual LIBOR Fraud Cases to Proceed
In a wide-ranging 433-page ruling yesterday, Judge Buchwald concluded (among many other things) that certain individual plaintiffs could bring fraud claims against banks they accuse of manipulating LIBOR.
The introduction of the opinion notes that the fraud claims present the plaintiffs, after four years of litigation, with a potential “comprehensive remedy”:…
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Judge Scheindlin Dismisses LIBOR-Based Securities Fraud Class Action Against Barclays
In an opinion issued today, Judge Scheindlin dismissed in its entirety a putative class action complaint brought on behalf of investors who purchased shares of British bank Barclays between July 2007 and June 2012. The plaintiffs had accused Barclays of participating in two schemes to manipulate the London Interbank Offered Rate (“LIBOR”), which sets rates at which banks lend to each other basedon the answers to surveys provided by participating banks.
Continue Reading Judge Scheindlin Dismisses LIBOR-Based Securities Fraud Class Action Against Barclays