Manipulation Monitor

Law360 reports that the Southern District of New York has refused to join a new LIBOR class action filed by Putnam Bank with the ongoing LIBOR multi-district litigation that is being overseen by Judge Naomi Reice Buchwald. The existing LIBOR MDL concerns rate-rigging from 2007 to 2009/2010, when the British Bankers’ Association (BBA) was the LIBOR administrator, whereas Putnam’s action concerns rate-rigging from 2014 onward, after Intercontinental Exchange Inc., which owns the New York Stock Exchange, had replaced BBA as LIBOR administrator by. Putnam’s claims have been widely reported in the British press. Continue reading New LIBOR Suit Alleging Rate-Rigging Continued After 2014 Not Added to Existing LIBOR MDL

This post covers the alleged underlying facts and November 26, 2018, order by United States District Judge Lewis A. Kaplan dismissing all but one plaintiff in the case for lack of standing in Richard Dennis et al. v. JPMorgan Chase & Co., 16-CV-6496, a case in the Southern District of New York concerning alleged manipulation of the Australian Bank Bill Swap Reference Rate (BBSW). Continue reading Australian Bank Bill Swap Reference Rate: Was Something Underhanded Happening Down Under

Law360 is reporting that on Thursday, S.D.N.Y. Judge Naomi Reice Buchwald awarded Susman Godfrey LLP and Hausfeld LLP almost $63 million in attorney fees for their part in a $340 million settlement of claims that Deutsche Bank and HSBC participate din a scheme to manipulate the London Interbank Offered Rate (LIBOR) for short-term loans. Continue reading Court Approves $63 Million Attorney Fee Award in LIBOR Suit

Law360 reports that the judge overseeing an antitrust lawsuit alleging that a group of financial firms manipulated global swaps and options benchmark ISDAfix has awarded plaintiffs’ counsel $126.4 million in fees and $18.4 million in expenses, representing 26% (net) of settlements valued at $504 million. The defendant banks included Bank of America, Barclays, Citigroup, Credit Suisse, Goldman Sachs, RBS, UBS, and others. Continue reading 26% Fee Award To Attorneys In ISDAfix Antitrust Litigation

Law360, Yahoo Finance, and MSN Money are all reporting that JP Morgan Chase and Citigroup have reached an agreement to settle claims that they rigged the European Interbank Offered Rate (“EURIBOR”) for $182.5 million. Deutsche Bank, Barclays, and HSBC have settled similar claims in the same action for a combined $309 million. The settlement will require judicial approval. Continue reading JPMC, Citigroup Provisionally Settle EURIBOR Rigging Claims