LAW 360 (subscription required) reports that a suit in the S.D.N.Y. against various banks alleging manipulation of the Singapore Interbank Offered Rate (“SIBOR”) has been dismissed by U.S. District Judge Alvin K. Hellerstein on grounds related to Plaintiff Fund Liquidation Holdings LLC’s standing. Specifically, Judge Hellerstein found that an agreement between the Plaintiff and FrontPoint Asian Event Driven Fund Ltd. and Sonterra Capital Master Fund Ltd. (together, “FrontPoint”) (who originally filed the suit) only assigned claims related to securities-related suits, not antitrust claims like those under the Sherman Act brought by the Plaintiff. The Court also denied a motion to approve a $21 million settlement agreement proposed by CitiGroup and JPMorganChase on the grounds that Plaintiff’s lack of standing meant that the Court did not have subject matter jurisdiction to approve the settlement.
Please keep an eye out on our blog in the near future for a more detailed post on Judge Hellerstein’s decision.
You might also be interested in reading our previous blog post detailing the allegations originally made by FrontPoint in this same case, as well as our blog post covering how FrontPoint’s claims in another case concerning manipulation of Australian Bank Bill Swap Reference Rate were dismissed for lack of standing. The decision to reject FrontPoint’s standing in the Australian Bank Bill Swap Reference Rate case was similar to Judge Hellerstein’s October 2018 decision in the SIBOR matter to do the same.
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