Libor Is The Worst Antitrust Decision On The Books

Law360, New York (September 8, 2015, 10:32 AM EDT) -- I have read the briefs, and my initial assessment has been confirmed: U.S. District Judge Naomi Reice Buchwald’s infamous decision in the Libor price-fixing cases must be overruled, or else antitrust no longer means anything.

In these cases, the plaintiffs alleged that a number of a major banks that compete against one another acted in concert to manipulate the Libor index, which they used to set the effective prices of derivative contracts that they sold to the plaintiffs and others. By so acting, the colluding banks raised the effective prices that they collected from the purchasers of their derivative instruments.

A derivative...

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