Class Action, Multi-district Litigation
A New York federal judge on Wednesday allowed over-the-counter investors to pursue antitrust claims against two major banks as a class in multidistrict litigation alleging Libor manipulation, while refusing to certify proposed classes of exchange-based investors and U.S. lenders.
A New York federal court was asked Tuesday to give initial approval to a $240 million deal Deutsche Bank AG struck to exit litigation by investors alleging it conspired with other financial giants to manipulate the London Interbank Offer Rate, the third major bank to settle.
A Manhattan federal judge said Tuesday that she anticipates approving $250 million of proposed payments by Citigroup Inc. and Barclays Bank PLC to exit litigation by investors who say the two megabanks are part of a group that unlawfully manipulated the London Interbank Offered Rate.
A Manhattan judge expressed unease Thursday over the failure of Berkshire Bank to disclose that the son of its CEO Moses Krausz is a lawyer with a direct stake in the lender's effort to lead a class targeting four megabanks for allegedly rigging the global London Interbank Offered Rate.
A proposed class of U.S. lenders told a New York federal judge on Tuesday they have reached separate settlements with Citigroup and HSBC totaling $27 million to resolve their claims in a sprawling multidistrict litigation over an alleged conspiracy to rig London Interbank Offered Rate.
A group of investors on Tuesday pressed for final approval of their $130 million deal settling class action claims against Citigroup stemming from allegations that the London Interbank Offered Rate was manipulated, telling a New York federal court that the only objector to the settlement doesn't actually have standing to object.
Citigroup Inc.'s proposed $130 million settlement of a class action over its manipulation of the London Interbank Offered Rate has drawn an objection from the Virgin Islands Public Finance Authority, which seeks a better deal because it claims the damages are around $24 billion.
Lawyers who sought 30 percent of a $120 million settlement they struck with Barclays PLC for investors who accused the bank of manipulating the London Interbank Offered Rate told a New York federal judge on Wednesday that they'd accept just 20 percent of the settlement pot for now after she raised questions about the payout.
Several banks ensnared in multidistrict litigation over allegations they conspired to fix the London Interbank Offered Rate benchmark urged a New York federal judge on Friday to deny a class certification bid from a group of over-the-counter investors, arguing that the new representative shows why no class should be certified.
Exchange-based investors told a New York federal judge on Wednesday that they want approval of $151.9 million in settlements reached with several banks in multidistrict litigation that alleges a sprawling scheme to manipulate the London Interbank Offered Rate benchmark.