Class Action, Multi-district Litigation
The New York federal judge hearing a sprawling multidistrict litigation alleging major banks conspired to manipulate the London Interbank Offered Rate slashed the case Monday, ruling among other things that a forum selection clause in an agreement between certain parties barred some claims and that others were filed too late.
Major banks accused of manipulating the London Interbank Offered Rate told a New York federal judge Wednesday that antitrust claims in the litigation, which were recently revived by the Second Circuit, should be dismissed again because the financial instrument buyers bringing those claims are not "efficient enforcers" of antitrust law.
A New York federal judge in a Libor manipulation suit on Tuesday denied several big banks' request to include new arguments in their upcoming attempt to dismiss the sprawling multidistrict litigation, saying the issues would be better addressed after a ruling on whether the plaintiffs are "efficient enforcers" of antitrust law.
A New York federal judge on Friday scolded a number of foreign banks accused of Libor manipulation for not having turned over "core discovery" documents to groups of investors who are seeking to compel their production, saying that she's displeased that this hasn't yet happened.
Investors who say Credit Suisse, Citigroup, UBS and others manipulated Libor lost their bid to get their hands on 12 years' worth of borrowing and lending data when a New York federal judge ruled Tuesday that the information wasn’t relevant to their multidistrict litigation.
A group of investors who wanted a New York federal judge to certify the dismissal of their charges against a number of foreign banks accused of Libor manipulation lost that bid on Wednesday when the judge ruled that doing so wasn't warranted and would be too disruptive.
A group of investors on Thursday asked a New York federal judge to certify the dismissal of a number of foreign banks they accused of Libor manipulation, arguing that such a judgment is necessary so they can appeal the dismissal in a way that conserves judicial resources.
Investors that reached a $120 million settlement with Barclays Bank PLC in the multidistrict litigation against top banks accused of manipulating the London Interbank Offered Rate asked a New York federal court on Monday to approve the agreement, calling objections "without merit and premature."
Freddie Mac, Fannie Mae and other direct-action plaintiffs in multidistrict litigation over the alleged manipulation of the London Interbank Offered Rate told a New York federal judge Monday that defendant banks in related over-the-counter class litigation are wrongly trying to restrict their ability to share documents with each other.
A group of futures market traders urged a New York federal judge Tuesday not to let Rabobank move to toss their class action claims from a suit over its alleged Libor manipulation, saying a recent Eleventh Circuit decision bears out their argument that dismissing the claims before discovery would be premature.