Swiss Libor-Rigging Plaintiffs 'Do Not Exist,' Judge Finds
By Reenat Sinay (September 16, 2019, 5:55 PM EDT) -- Several big banks and brokerages escaped a rate-rigging suit Monday after a New York federal judge determined that the investment firm that sued them in 2015 had dissolved before it brought claims, invalidating the entire litigation.
Sonterra Capital Master Fund Ltd. and several related entities accused a group of financial institutions, including Credit Suisse, Deutsche Bank AG and The Royal Bank of Scotland PLC, among many others, of conspiring to manipulate the Swiss franc Libor, which reflects the daily interest rate benchmarks at which banks can borrow Swiss francs.
U.S. District Judge Sidney H. Stein dismissed the investors' proposed class action...
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