Class Action, Multi-district Litigation
Bank of America, JPMorgan Chase and other banks accused by investors of manipulating the London Interbank Offered Rate on Friday asked a New York federal court to ax the remaining claims against them in the multidistrict litigation, saying they were insufficient for several reasons.
Freddie Mac, the Federal Deposit Insurance Corp. and Principal Financial Group Inc. have asked a New York federal judge to reconsider last month’s dismissal of some of their allegations regarding an alleged conspiracy by big banks to rig the London Interbank Offered Rate, saying the court overlooked key facts.
A New York federal judge Tuesday dismissed a class of bondholders from multidistrict litigation accusing big banks of rigging the London Interbank Offered Rate, saying their alleged antitrust injuries were not caused by the banks.
JPMorgan Chase & Co. told a New York federal court on Friday to ignore supplementary arguments by investors in Libor antitrust litigation against it and other banks, saying they are improper because the investors fail to satisfy the "efficient enforcer" requirements for pleading antitrust claims.
In a three-hour standing-room-only hearing in a Manhattan courtroom, an attorney for investors urged a New York federal judge not to dismiss their antitrust allegations against JPMorgan, Credit Suisse and other banks claiming a global conspiracy, and rebutted the banks' assertion that the suppression of the Libor was outside the court's jurisdiction.
Bondholders suing major banks for allegedly conspiring to manipulate the London Interbank Offered Rate told a Manhattan federal judge on Wednesday that they have settled with UBS AG and Barclays Bank PLC.
Investors suing JPMorgan Chase & Co. and other banks for allegedly manipulating the London Interbank Offered Rate continued to fight against the banks' bid for dismissal of their antitrust claims, arguing Wednesday that a recent New York federal court decision in precious metals price-fixing cases supports their claims.
JPMorgan Chase & Co. and other banks accused of manipulating the London Interbank Offered Rate told a federal judge on Tuesday that a recent decision involving foreign exchange rates does not change their argument that the plaintiffs in their case cannot be considered “efficient enforcers” of the antitrust laws.
A New York federal judge on Tuesday dismissed a request by banks accused of manipulating the London Interbank Offered Rate to strike class allegations by lenders who brought the claims, saying the banks' arguments, though substantial, are not yet ripe.
An American interdealer broker slammed a motion to compel it to produce documents Friday in the sprawling New York multidistrict litigation alleging dozens of major banks conspired to manipulate the London Interbank Offered Rate, accusing investors of using it to get to a loosely affiliated British company.