2nd Circ. Revives Yen Libor-Rigging Suit Against Big Banks

By Reenat Sinay (April 1, 2020, 9:17 PM EDT) -- The Second Circuit reversed the tossing of a 2015 suit accusing Barclays, Lloyds, Bank of America and more than a dozen other international banks of benchmark interest rate-rigging, ruling Wednesday that the investor plaintiffs convincingly linked their financial losses to the banks' alleged market manipulation.

A New York federal court dismissed the case in March 2017 after finding the plaintiffs, a group of investment funds, didn't have Article III standing to bring their antitrust, racketeering and common-law claims against the financial institutions, which they alleged had conspired to fix the yen-dominated London Interbank Offered Rate and Euroyen Tokyo Interbank Offered Rate....

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