Mizuho, Resona, ICAP Dismissed From Yen Libor Class Action

Law360, New York (March 31, 2015, 3:26 PM EDT) -- A New York federal judge on Tuesday dismissed a pair of Japanese banks and a London-based markets operator from class action litigation alleging some of the world's banks fixed yen-denominated Libor rates, saying plaintiffs did not prove a direct link between the defendants and the United States.

Federal District Judge George B. Daniels said that the plaintiffs did not prove that Mizuho Bank Ltd., Resona Bank Ltd. and ICAP PLC had sufficient contact with the Second Circuit specifically and the United States more broadly for the case to move forward given the U.S. Supreme Court's January 2014 ruling in Daimler AG...

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