BofA, JPMorgan, RBS Agree To $25M Settlement In Libor Suit
Law360 (April 9, 2020, 5:06 PM EDT) -- JPMorgan Chase, Bank of America and RBS have agreed to shell out a combined $25.5 million to settle bondholders' claims that they rigged the London Interbank Offered Rate, according to a bid for initial approval of the deal filed in New York federal court Wednesday.
Bondholders Ellen Gelboim and Linda Zacher told U.S. District Judge Naomi Reice Buchwald in a letter that $25.5 million was an "excellent result for the class" and that the proposed agreements would stave off further costly litigation in the long-running suit, which is part of sprawling multidistrict litigation.
"Given that the court has dismissed bondholder plaintiffs'...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!