Two Dozen Banks Must Face Libor Class Action, Judge Says

By Jeff Sistrunk (March 28, 2014, 10:00 PM EDT) -- A New York federal judge on Friday trimmed a putative class action accusing more than 20 banks of fixing yen-denominated Libor rates, ruling the plaintiff has alleged sufficient facts to support his price manipulation claims but not his antitrust claims.

U.S. District Judge George B. Daniels granted the banks' motion to dismiss named plaintiff Jeffrey Laydon's antitrust, vicarious liability and unjust enrichment claims, while denying the motion as to Laydon's price manipulation and aiding and abetting allegations. The judge's ruling followed a marathon hearing on March 5.

"Plaintiff has adequately pled a claim under the Commodity Exchange Act for price manipulation...

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!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!