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US: Big banks get big break in LIBOR saga

By  |  April 1, 2013

A US district judge dismissed most of the charges against major banks charged with manipulating interest rates, allegations that have spread across the globe in what is now known as the LIBOR scandal. In a big win for the accused, US District Judge Naomi Reice Buchwald in New York dismissed all federal antitrust claims, as well as partially dismissed allegations of commodities manipulation and racketeering. According to the Judge, the ruling was acknowledged as “unexpected” considering penalties imposed upon the banks by government agencies; the Judge, however, noted that insufficient requirements were met by the plaintiffs and that only some of their claims could proceed in court. Banks that have to-date settled with government authorities include Royal Bank of Scotland, Barclays and UBS AG. Plaintiffs had consolidated their lawsuits in a multidistrict proceeding.

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