A Closer Look at the Libor Scandal

The Libor scandal first began to unfold more than four years ago, but the with dramatic announcements in late June of the imposition of fines and penalties of over $450 million against Barclays PLC, the scandal has shifted into a higher gear and is now the leading story in financial papers around the...

New York Bank Sues Libor-Setting Banks for Fraud

In the latest lawsuit to arise from the rapidly evolving Libor scandal, a New York bank has filed a purported class action in the Southern District of New York, seeking to recover damages from the U.S. Dollar Libor rate setting banks for fraud. The complaint, which was filed July 25, 2012 and which can...

Another Libor-Scandal Antitrust Lawsuit Filed, This One on Behalf of Derivatives Investors

At the risk of sounding repetitive, I must report here that there has been yet another Libor-scandal related lawsuit filed in the Southern District of New York. The latest lawsuit, filed on July 30, 2012, purports to be filed on behalf of a class of investors who bought U.S. dollar Libor-based derivatives...

LIBOR-Scandal Litigation: After Federal Court Dismissal, Schwab Pursues State Court Suit

When Southern District of New York Judge Naomi Reice Buchwald entered her order in the consolidated LIBOR litigation on March 29, 2013, she dismissed the plaintiffs' antitrust and RICO claims against the LIBOR rate-setting banks, and she also declined to exercise supplemental jurisdiction over...

Motion to Dismiss Granted in Barclays LIBOR-Scandal Securities Suit

In a May 13, 2013 order ( here ), Southern District of New York Judge Shira Scheindlin granted defendants' motion to dismiss the LIBOR-scandal related securities suit that had been filed against Barclays and two of its former executives following the company's entry into a massive LIBOR-related...

Rabobank To Pay $1 Billion to Settle Allegations That It Manipulated Libor

WASHINGTON, D.C. — (Mealey’s) Dutch bank Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank) has agreed to pay more than $1 billion in civil and criminal penalties to settle allegations that it manipulated the London InterBank Offered Rate (Libor), the U.S. Department of...

FDIC Files Libor Manipulation Lawsuit for Alleged Harm to Failed Banks

On March 14, 2014, In the latest development in the long-running saga of the Libor scandal , the FDIC in its capacity as receiver of 38 banking institutions that failed between 2008 and 2011, has filed a massive new lawsuit in the Southern District of New York against the U.S. dollar Libor rate-setting...

Second Circuit Reinstates Barclays Libor Scandal Securities Suit

While claimants continue to file private civil actions seeking to recover damages they claim to have sustained as a result of the Libor manipulation scandal, the fact is that at least up to this point, the plaintiffs have not fared particularly well in the Libor-related civil litigation. As noted...

Lloyds to Pay $370M to Settle Libor Manipulation Claims in U.S., U.K.

WASHINGTON, D.C. — (Mealey’s) Lloyds Banking Group plc has agreed to pay a total of $370 million to settle claims with U.S. and British agencies alleging that Lloyds violated various laws by manipulating the London Interbank Offered Rate (Libor), according a press release issued by the Department...

Barclays Libor-Scandal Securities Suit Survives Renewed Dismissal Motion

The Libor-scandal based securities suit filed against Barclays and certain of its directors and offices will now be going forward. The case was initially dismissed, but on appeal the Second Circuit vacated a part of the dismissal ruling and returned the case to the district court for further proceedings...

U.S. Supreme Court: Order Dismissing LIBOR Suit Was Appealable

WASHINGTON, D.C. — (Mealey’s) An order dismissing one case alleging manipulation of the U.S. Dollar London Interbank Offered Rate (LIBOR) that had been consolidated with others in a multidistrict litigation triggered the plaintiffs’ right to appeal under Title 28 U.S. Code Section 1291...