Class Action, Multi-district Litigation
Investors who cut nearly $182 million in deals with big banks in the massive Libor-rigging litigation promised a New York federal judge they will rework their distribution plan after the judge flagged the traders' proposal as "problematic at best."
A plan to distribute a $30 million settlement struck to end allegations of Libor rate rigging against JP Morgan and Bank of America leaves questions unanswered and seems "problematic at best," a New York federal judge has said.
A New York federal judge on Monday blunted Charles Schwab Corp.'s latest stab at holding many of the world's biggest banks responsible for losses it says it incurred because of their alleged manipulation of the London Interbank Offered Rate, paring claims the investment firm had revised after a Second Circuit do-over.
Bank of America and JPMorgan Chase Co. told a New York federal judge that the National Credit Union Administration can't escape an investor class bringing antitrust actions over alleged rigging of a key lending benchmark, saying the deadline to opt out passed months ago.
The National Credit Union Administration board has asked a New York federal court to overlook its tardiness and exclude it from $590 million in settlements with Barclays, Citigroup, Deutsche Bank and HSBC over allegations the banks schemed to manipulate Libor for short-term loans.
Susman Godfrey LLP and Hausfeld LLP won nearly $63 million in attorneys' fees Thursday out of a $340 million settlement resolving allegations in multidistrict litigation that Deutsche Bank AG and HSBC Inc. were involved in a scheme to manipulate the London Interbank Offered Rate for short-term loans.
Deutsche Bank AG and HSBC Inc. won final approval Wednesday of two settlements totaling $340 million that allow them to exit multidistrict litigation accusing numerous banks of manipulating one of the world's leading benchmarks for interest on short-term loans, the London Interbank Offered Rate.
Hausfeld LLP and Susman Godfrey LLP will decide how to dole out a nearly $60 million award for attorneys' fees and expenses approved by a New York federal judge Tuesday from $250 million in multidistrict litigation settlements between Citigroup, Barclays and investors suing over rigging of the London Interbank Offered Rate.
Charles Schwab Corp. on Thursday defended its revived and amended claims against a slew of the world's largest banks over their alleged manipulation of the London Interbank Offered Rate, telling a New York federal judge that it's tightened up its complaint enough for the case to proceed.
A class that accused several banks of manipulating the London Interbank Offered Rate asked a New York federal judge Thursday to approve a $100 million deal with HSBC Bank, bringing the total settlement amount in the case to $590 million.