Judge Says Consolidation Order In Libor MDL Was A Mistake

Law360, New York (July 18, 2012, 10:05 PM EDT) -- The New York federal judge overseeing the multidistrict litigation accusing major global banks of conspiring to drive down the Libor found Wednesday that the class actions she previously consolidated in the MDL could only be combined for pretrial purposes.

U.S. District Judge Naomi Reice Buchwald reversed her November order merging the class actions under Rule 23 of the Federal Rules of Civil Procedure, which allows consolidation of the cases for all purposes including trial. But she found Wednesday that the court only had authority over cases...
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