SIBOR-Rigging Suit Axed At Hearing, But Plaintiffs Get Redo

Law360, New York (April 12, 2018, 8:53 PM EDT) -- A Manhattan federal judge dismissed the latest version of a suit against dozens of banks over an alleged conspiracy to manipulate the Singapore Interbank Offered Rate on Thursday, telling the plaintiffs to try again but to include specific details and clearly explain why they can sue.

U.S. District Judge Alvin Hellerstein told lawyers for the plaintiffs that they could amend their complaint, but said they would need to stop using the names of two defunct hedge funds and explain how their client, which they identified as Fund Liquidation Holdings, acquired the funds' right to sue. The banks had argued that the...

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