Class Action, Multi-district Litigation
A group of futures market participants accusing large foreign banks of manipulating the London Interbank Offered Rate told a New York federal judge Tuesday that the banks' arguments opposing personal jurisdiction don't hold water, citing a recent order in similar litigation that found jurisdiction over foreign banks.
The New York federal judge overseeing multidistrict litigation involving Libor manipulation on Thursday denied for the third time Freddie Mac's request to reconsider a decision that the mortgage reseller waited too long to file fraud claims, finding a reasonable investigation could have uncovered the alleged fraud before 2012.
Royal Bank of Canada and Credit Suisse AG urged a New York federal court again on Thursday to throw out certain claims against them and reduce others in the sprawling multidistrict litigation over alleged Libor manipulation, saying that the claims are time-barred.
A group of futures market investors suing Rabobank for losses stemming from years of alleged Libor manipulation provided a New York federal court on Wednesday a tentative outline of issues common to their proposed class, saying comprehensive trading data will allow them to easily describe its members.
Rabobank pressed its argument to a New York federal judge Tuesday that a group of futures market investors should not be allowed to pursue proposed class action claims over Rabobank traders' alleged Libor manipulation, rejecting the group's contention it's too early to remove potential claimants from the suit.
Foreign banks accused of manipulating Libor and foreign exchange markets on Monday told the New York federal judges overseeing the cases against them that a recent Second Circuit decision refutes investors' claims that the court has jurisdiction over the banks merely because they registered to do business in New York.
A group of futures market participants told a New York federal judge last week that it's too soon to toss putative class claims against Rabobank over alleged Libor manipulation, especially considering facts that have come to light through a related criminal case.
A mortgage borrower accusing Bank of America of assigning customers inflated interest rates by way of a Libor-rigging conspiracy asked a New York federal judge Tuesday to bar the bank's bid to strike his class allegations, saying it would waste the court's time.
Market participants suing major banks over the Libor-rigging scandal urged a New York federal judge on Monday not to adjust her decision allowing certain claims to proceed, arguing that a technical distinction between banks and their affiliates shouldn't lead the judge to consider those claims time-barred.
Barclays Bank PLC has reached a $120 million settlement with one proposed class of investors leading multidistrict litigation against top banks accused of manipulating the London Interbank Offered Rate, the investors' firm Hausfeld LLP announced Friday.