Libor Litigation Must Overcome Significant Obstacles

Law360, New York (May 15, 2013, 5:10 PM EDT) -- Libor litigation will not go away quickly or quietly. When U.S. District Judge Naomi Reice Buchwald dismissed a consolidated, multidistrict batch of antitrust and racketeering suits in Manhattan earlier this spring, she suggested that plaintiffs seeking to recover from the banking giants at the heart of the interest rate-fixing scandal might have better luck with securities fraud claims.

But those plaintiffs will need to be lucky indeed. Two recent developments — Charles Schwab’s filing of securities claims in California state court, and the dismissal of a federal securities suit against Barclays — show that obstacles to recovery are inherent and, perhaps,...

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