Several Banks Escape SIBOR-Rigging Allegations In NY

Law360 (October 4, 2018, 8:04 PM EDT) -- A New York federal judge trimmed Thursday a proposed class action accusing 20 banks and their affiliates of manipulating the Singapore Interbank Offered Rate and Singapore Swap Offer Rate, saying the plaintiffs haven't alleged wrongdoing by a number of them.

Although U.S. District Judge Alvin K. Hellerstein kept alive allegations against the so-called panel banks, which help calculate SIBOR and SOR each day by submitting the interest rates at which they would borrow U.S. and Singapore dollars, he dismissed allegations against the others.

"The allegations against these [non-panel] defendants are only that they traded SIBOR- and SOR-based derivatives in the United...

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