OTC Investors Win Class Cert. On Libor Antitrust Claims

By Tom Zanki (March 1, 2018, 9:41 PM EST) -- A New York federal judge on Wednesday allowed over-the-counter investors to pursue antitrust claims against two major banks as a class in multidistrict litigation alleging Libor manipulation, while refusing to certify proposed classes of exchange-based investors and U.S. lenders.

U.S. District Judge Naomi Reice Buchwald ruled that over-the-counter plaintiffs can proceed with federal antitrust claims against Bank of America NA and JPMorgan Chase & Co. over alleged manipulation of the London Interbank Offered Rate. Additional banks were initially accused of wrongdoing, but Judge Buchwald said settlements in the works have narrowed the scope of the case.

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