Category: Benchmark Rate Manipulation

Reuters and Yahoo News are reporting that the CFTC has ordered Bank of America N.A. to pay a fine of $30 million to settle charges that it “made false reports and attempted to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix (USD ISDAFIX), a leading global benchmark” between 2007 and 2012. The US Dollar ISDAFIX benchmark is referenced in a range of interest rate products. Continue reading Bank of America Pays $30 Million Civil Penalty For Attempted Manipulation Of USD ISDAFIX Benchmark

In this post, we provide an update on our August 20, 2018, post that reported on the motion of LIBOR Defendants Bank of America, N.A. and JP Morgan Chase Bank, N.A. (together, the “OTC Defendants” or “Defendants”) for partial judgment on the pleadings, under Federal Rule of Civil Procedure 12(c) to dismiss the OTC Plaintiff Class’ antitrust claims, and the OTC Plaintiffs’ related opposition. In their motion, the OTC Defendants seek to eliminate antitrust claims for transactions where a member of the panel involved in setting the LIBOR interest rate was not both the issuer and direct seller by arguing that the OTC Plaintiffs cannot be “efficient enforcers” of antitrust claims in order to have standing to bring antitrust claims for such transactions. Continue reading The LIBOR Over-the-Counter Defendants Argue That Their Transactions Were Above the Board

In this post, we cover recently filed briefing in In Re: Libor-Based Financial Instruments Antitrust Litigation, 11-MD-02262 (“In re Libor”), the multi-district litigation in the Southern District of New York comprised of actions filed across the United States since 2011 relating to manipulation of LIBOR (the London Interbank Offered Rate) for the U.S. dollar. Continue reading LIBOR–The Over-the-Counter Defendants’ Motion to Dismiss

In this post, we discuss class certification of the various plaintiff-groups in In re Libor. Continue reading LIBOR Got a Little Bit of Class

On June 18, 2018, the CFTC entered an order requiring JPMorgan Chase to pay a $65 million penalty for attempted manipulation of the ISDAfix benchmark rate. Continue reading JP Morgan Chase Consents to $65 Million Penalty Relating to ISDAfix Manipulation

Bloomberg reports that Citigroup has agreed to pay $100 million to settle claims by 42 states against it relating to “misrepresent[ing] the integrity of the Libor benchmark to state and local governments, not-for-profit organizations and institutional trading counterparties.” Continue reading Citigroup Agrees to Pay $100 Million to Settle State LIBOR Investigations

There have been at least 76 actions filed across the United States since 2011 relating to manipulation of LIBOR or the London Interbank Offered Rate for the U.S. dollar. Since August 2011, 71 of these actions have been transferred to a Multi-District Litigation in the Southern District of New York: In Re: Libor-Based Financial Instruments Antitrust Litigation, 11-MD-02262 (“In re Libor”). Continue reading Banks Put the “Lie” in LIBOR