Libor antitrust class action continues despite banks’ U.S. Supreme Court appeal

Earlier this year, the U.S. Supreme Court denied an appeal brought by Bank of America, Citigroup and JPMorgan Chase to dismiss claims that they were involved in a conspiracy by the world’s largest banks to rig the London Interbank Offered Rate (Libor). Libor is an interest-rate benchmark used to value more than $300 trillion of securities worldwide.

The appeal asked the court to review whether investors had adequately claimed they were harmed by the alleged effort to drive Libor down. The Supreme Court’s decision keeps the banks on the hook for potentially billions of dollars in damages should the pending Libor suits succeed.

HSBC, Credit Suisse, Deutsche Bank and UBS are among the other banks that litigation has been filed in regard to Libor rigging. Barclays has agreed to pay $120 million to settle claims against it.

Damaged investors who urged the court to not hear the appeal argued they were “price-fixing victims bringing a classic price-fixing claim.” Their major claim was that the banks’ alleged collusion caused them to either receive a lower value or pay more for transactions involving Libor-linked securities.

As Libor litigation plays out, it will be interesting to see how other antitrust settlements involving rate-rigging like Euribor or ISDAfix influence any potential Libor settlements.

About FRT

U.S. CLAIMS  I  GLOBAL GROUP LITIGATION  I  ANTITRUST  I  LITIGATION MONITORING  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is the leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

 

FRT Marketing