Plaintiffs' Pyrrhic Victory In Big-Bank Libor Suit Revival

Law360, New York (June 1, 2016, 11:26 AM EDT) -- On May 23, 2016, the U.S. Court of Appeals for the Second Circuit reversed a lower court decision dismissing complaints against 16 major banks for price fixing of benchmark borrowing rates for failure to plead antitrust injury.[1] While the decision obviously amounts to a reprieve for the plaintiffs, the court imposed on the plaintiffs a very heavy burden on remand to establish that they are "efficient enforcers of the antitrust laws." In doing so, the court attempted to bring clarity to an aspect of antitrust standing doctrine which, it said, has engendered substantial confusion.[2]...

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