Two Dozen Banks Trade Blows With Pending Libor Class

Law360, New York (March 5, 2014, 10:37 PM EST) -- At a marathon hearing in New York federal court Wednesday, attorneys of over 20 banks exchanged broadsides with the counsel of a putative class accusing them of fixing Libor rates.

Lead plaintiff Jeffrey Laydon alleged that in 2006, he lost “thousands” of dollars shorting derivatives of Euroyen Tibor rates, which are allegedly influenced by Libor. In a 300-page complaint replete with economic models, he accused the banks that sit on Libor and Tibor panels of conspiring to fix these rates by submitting agreed-upon estimates. He claimed anti-competitive action, unjust enrichment and violation of the Commodity Exchange and Sherman acts.

The banks,...

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