Citi, Others Say Libor Rigging MDL Claims Lack Proof

Law360, New York (July 2, 2012, 9:24 PM EDT) -- Citigroup Inc., HSBC Bank PLC and other large banks asked a New York federal judge Friday to toss lawsuits in a multidistrict litigation accusing them of driving down the Libor, saying that there is no evidence of an antitrust conspiracy.

Even if the Libor was driven down, the plaintiffs have no evidence that the banks worked in concert to change the key rate, the banks said in a motion.

Banks indirectly set the Libor by submitting an estimate of their inter-institution borrowing costs to Thomson Reuters...
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