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Banks Escape Real Estate Mogul’s $100M Libor-Rigging Suit

Law360, New York (April 1, 2015, 6:34 PM EDT) -- A New York federal judge ruled Tuesday that a lawsuit against Citigroup Inc. and dozens of other banks failed for lack of personal jurisdiction and because real estate mogul Sheldon Solow’s claims that Libor manipulation cost him $100 million were brought too late.

U.S. District Court Judge Paul G. Gardephe said that his court lacked jurisdiction over the many foreign banks, including Barclays Bank PLC and Credit Suisse Group AG, accused of participating in a scheme that tanked Solow and his company’s $450 million portfolio of...
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