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US/UK: Barclays becomes first to settle LIBOR suit

By  |  May 14, 2013

British banking giant Barclays became the first entity to settle with authorities concerning a multinational, wide-spread scandal regarding the alleged manipulation of LIBOR, which sets interest rates. The bank won a dismissal of a case initiated by investors, who were seeking class action status, who bought Barclays’ American depositary shares; the investors claimed Barclays mislead them or took too long to inform them of potential liabilities concerning LIBOR manipulation. US District Judge Shire Scheindlin in Manhattan disagreed, however, and stated that the accusations were “implausible,” and denied the plaintiffs a chance at renewing their case. As the case against several major banks continues through investigations with various antitrust regulators, Barclays has become the first to settle.

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