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
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
The parties’ dispute in the London Silver Fixing antitrust litigation comes down to whether antitrust standing requires the plaintiff’s injury to have been directly caused by the defendant’s conduct or whether the injury must have directly benefited the defendant. Continue reading The London Silver Plaintiffs And Defendants Dispute The Scope Of The Second Circuit’s Schwab II Decision
The London Silver plaintiffs argue that privity of contract should not be required for antitrust standing when the parties traded on an exchange. Continue reading The London Silver Plaintiffs File Their Opposition To Defendants’ Schwab II Motion
On March 2, 2022, Justice Masley of the New York County Commercial Division issued a decision in BNP Paribas, Singapore Branch v. Natixis, N.Y. Branch, 2022 NY Slip Op 30679(U), awarding pre-judgment interest at the contract rate, not the statutory rate . . . Continue reading Court Awards Pre-Judgment Interest at Contract Rate, not Statutory Rate
Following up from last week, this post reviews how Schwab II arguments are already being raised by defendants in other actions we have covered in this space. Continue reading THE SECOND CIRCUIT’S SCHWAB II ANTITRUST STANDING DECISION IS ALREADY AFFECTING OTHER BENCHMARK CASES
Umbrella standing had been an open question in the Second Circuit, with district courts coming to different conclusion, but the Court of Appeals addressed the issue in December 2021, and its decision in Schwab Short-Term Bond Mkt. Fund v. Lloyds Banking Grp. PLC, 22 F.4th 103 (2d Cir. 2021) (“Schwab II”), dealt a major blow to umbrella standing proponents. Continue reading SECOND CIRCUIT DELIVERS BLOW TO ANTITRUST “UMBRELLA STANDING”
motion to dismiss and Plaintiffs’ subsequent filing of their Fourth Amended Complaint (take a look here), followed by a post summarizing the opening and opposition briefing on Defendants’ latest motion to dismiss (you’ll find that post here). Today, we’ll take a quick look at Defendants’ replies, along with Plaintiffs’ motion for a sur-reply and the resulting brief, and, finally, Defendants’ subsequent sur-sur-reply. Continue reading Benchmark Manipulation: SIBOR Update, Part III
