Judge Axes Investors' Libor Rigging Suit As 'Wishful Thinking'

Law360 (March 26, 2020, 10:41 PM EDT) -- A New York federal judge on Thursday tossed a sprawling proposed class action accusing Bank of America, Deutsche Bank and a slew of other major banks of engaging in a sequel Libor-rigging conspiracy, saying the allegations amount to speculation and "wishful thinking" about what the banks might have done.

In a 15-page order granting multiple motions to dismiss, U.S. District Judge George B. Daniels said the investors' consolidated complaint is made up of "almost entirely conclusory allegations" and is essentially devoid of any evidence supporting their allegations that the banks colluded and engaged in a price-fixing scheme.

"There is no basis...

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