Swiss Franc LIBOR Class Action: Credit Suisse Settlement
While we have written frequently on various LIBOR-related litigations, this post will focus on a yet-uncovered action—Sonterra Capital Master Fund, Ltd. V. Credit Suisse Group AG et al.—targeting the Swiss Franc LIBOR.
The 2015 class action complaint, brought by Sonterra Capital against Credit Suisse, JP Morgan, RBS, UBS, and a series of Doe defendants, alleged that Defendants had engaged in a conspiracy to manipulate Swiss Franc LIBOR and the prices of Swiss Franc LIBOR-based derivatives. As with the many other LIBOR actions, the heart of the allegations concerns misreporting: namely, that Defendants failed to accurately report their borrowing costs—the basis for the Swiss Franc LIBOR calculation—and instead altered their pricing submissions to manipulate the prices of financial instruments based on that metric, for their own financial benefit.
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