Class Action, Multi-district Litigation
A New York federal judge on Thursday refused to reconsider her decision blocking commodity futures traders from trying to revive claims accusing banks of manipulating Libor, despite the Second Circuit's recent decision to reinstate a case with similar claims.
Credit Suisse Group AG and plaintiffs leading a putative class action against it and several other banks over their alleged Libor manipulation are sparring in New York federal court over whether the plaintiffs have jurisdiction, sending competing letters over testimony in a related criminal suit.
Freddie Mac on Monday again urged the New York federal judge overseeing the sprawling multidistrict litigation involving Libor manipulation to reconsider the dismissal of its fraud claim under Virginia law, saying its claims were sufficiently different from those that had come before to demand a more detailed review.
The Manhattan federal judge overseeing sprawling civil antitrust multidistrict litigation tied to banks' gaming of the London Interbank Offered Rate was on the hunt for weak cases on Thursday, thinning the herd by throwing one plaintiff and her woefully unprepared lawyer out of court and leaving other claims on life support.
Freddie Mac on Tuesday asked the New York federal judge overseeing the sprawling multidistrict litigation involving Libor manipulation to reconsider the dismissal of its fraud claim under Virginia law, arguing the decision confused the mortgage finance giant's allegations with those made by other plaintiffs.
The New York federal judge overseeing the sprawling multidistrict litigation involving Libor manipulation said that Freddie Mac could not join a related antitrust appeal being heard in the Second Circuit after its own claims were dismissed because it chose not to join the appeal when the other plaintiffs did.
Freddie Mac sought permission Friday to immediately appeal the dismissal of its antitrust claim in a Libor-rigging multidistrict litigation, pointing to a related appeal already in the Second Circuit.
Credit Suisse and Citigroup came out the biggest winners in the latest major ruling on claims that the world's bracket banks manipulated the London Interbank Offered Rate, each getting dismissed from five suits in a sprawling 430-page New York federal court opinion.
Bank of America Corp., Barclays PLC and other major lenders on Thursday told a New York federal judge presiding over multidistrict litigation regarding allegations the banks colluded to rig the Libor that she couldn't transfer cases that lacked jurisdiction, citing high court precedent.
A New York federal judge on Thursday allowed two groups of investors to join an appeal challenging the dismissal of the antitrust claims from multidistrict litigation over Libor manipulation in the wake of the U.S. Supreme Court's decision that the Second Circuit must hear the case.