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...

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