Manipulation Monitor

We have written extensively on LIBOR-related issues over the years, and we were interested to see the two recent publications by Andy Verity, the BBC’s economics correspondent, in The Times (see here and here). The linked articles are extracts from Verity’s upcoming book, Rigged, which investigates the LIBOR-rigging scandal—and presents claims that “investigating agencies, including the FBI in the United States and Britian’s financial regulator, were told in November 2010 of an international drive to get Libor and Euribor rates down, regardless of the real cost of borrowing cash.” Continue reading LIBOR Update: Rigged Revelations

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. 

Continue reading Swiss Franc LIBOR Class Action: Credit Suisse Settlement

A few weeks ago, we posted about a series of settlements in the SIBOR benchmark manipulation litigation: Plaintiffs filed a motion for preliminary approval of a settlement with Credit Suisse, Continue reading Benchmark Manipulation: Another SIBOR Settlement     

Earlier this year, we posted a series of updates on briefing in the SIBOR benchmark manipulation litigation (You can find those posts here, here, and here.) Today, we’re back to talk about a new development: settlements! Continue reading Benchmark Manipulation: SIBOR Settlements