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Mon Mar 28, 2016, 04:25 PM

 

U.S. judge rejects 14 banks' bid to throw out rate-rigging lawsuit

Source: Reuters

A federal judge in Manhattan on Monday rejected an effort by 14 of the world's biggest banks to throw out a private lawsuit accusing them of rigging an interest rate benchmark used in the $553 trillion derivatives market.

U.S. District Judge Jesse Furman said investors led by several pension funds and municipalities could pursue federal antitrust claims over an alleged conspiracy to rig "ISDAfix" from 2009 to 2012, and breach of contract and unjust enrichment claims against most defendants. Other claims were dismissed.

The defendants include Bank of America Corp, Barclays Plc, BNP Paribas SA, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc, HSBC Holdings Plc, JPMorgan Chase & Co, Morgan Stanley, Nomura Holdings Inc, Royal Bank of Scotland Group Plc, UBS AG and Wells Fargo & Co.

ICAP Plc, a British brokerage that once oversaw U.S. dollar ISDAfix, is also a defendant.

The lawsuit seeks to recoup billions of dollars of alleged losses. Regulators have also examined ISDAfix manipulation.

Read more: http://www.reuters.com/article/us-banks-rigging-lawsuit-idUSKCN0WU1E8

9 replies, 1974 views

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Reply U.S. judge rejects 14 banks' bid to throw out rate-rigging lawsuit (Original post)
think Mar 2016 OP
Major Hogwash Mar 2016 #1
Dustlawyer Mar 2016 #7
Nictuku Mar 2016 #2
NCjack Mar 2016 #3
Helen Borg Mar 2016 #4
think Mar 2016 #5
Helen Borg Mar 2016 #6
Dont call me Shirley Mar 2016 #8
benld74 Mar 2016 #9

Response to think (Original post)

Mon Mar 28, 2016, 04:38 PM

1. Holy Toledo, an honest judge!!!

Yeah, I think we need to see what this is all about . . . in court!!



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Response to Major Hogwash (Reply #1)

Mon Mar 28, 2016, 06:58 PM

7. Too public to throw out this early. They usually wait a little while so the defense attorneys

can bill the file while exhausting the money from the plaintiff's attorneys. Hopefully, the judge is a ball and strikes type.

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Response to think (Original post)

Mon Mar 28, 2016, 04:49 PM

2. Now this is a BFD!

.... especially with an 8 member SCOTUS. If there is a tie at the Supreme Court, the lower courts ruling stands.

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Response to think (Original post)

Mon Mar 28, 2016, 05:40 PM

3. DOJ: watch this and smarten up. /nt

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Response to think (Original post)

Mon Mar 28, 2016, 05:48 PM

4. Nice lineup of criminals!

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Response to Helen Borg (Reply #4)

Mon Mar 28, 2016, 05:49 PM

5. And Hillary has taken huge amounts of INCOME from the majority of them. /nt

 

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Response to think (Reply #5)

Mon Mar 28, 2016, 06:08 PM

6. What are you implying?

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Response to think (Original post)

Mon Mar 28, 2016, 07:03 PM

8. Throw the book, all the books, at them.

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Response to think (Original post)

Mon Mar 28, 2016, 07:22 PM

9. A backbone! A judge with a backbone! Quick a picture

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