Credit Union Regulator Blocked From Exiting Libor Class

Law360 (July 10, 2019, 5:49 PM EDT) -- The National Credit Union Administration can't be excluded from the investor class bringing antitrust actions against several big banks over alleged Libor rigging because it failed to opt out before the deadline, a New York federal judge ruled Wednesday.

NCUA has sought court approval to pursue its own case against banks, including Bank of America and JPMorgan Chase Co., rather than take part in the class action, which claims the financial institutions manipulated Libor to the detriment of investors.

The credit union regulator told the court that it should be excluded from the class membership and the class's settlements with four...

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