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US: BoA, Barclays want LIBOR claims trashed

 |  November 9, 2014

Several major financial institutions have filed a motion in the US to have claims related to alleged LIBOR manipulation tossed by a federal court.

US District Judge Naomi Reice Buchwald heard a motion to dismiss charges from 17 lawsuits against the banks, including Bank of America, Mitsubishi UFJ Financial, Barclays and Citigroup, accusing the lenders of illegally colluding to manipulate the LIBOR benchmark and other antitrust violations. In their motion, the banks argued that several of the claims are invalid because they have been dismissed by earlier court rulings.

Additionally, say reports, the banks argued that some defendants do not fall under jurisdiction of the court, based in Manhattan.

”For foreign banks, these (LIBOR) submissions originated either from London or the bank’s home country,” the filing argued, adding that US dollar LIBOR submissions by domestic banks “were made by employees outside of the United States.”

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