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US: LIBOR lawsuits unfounded? Banks want cases dropped

By  |  March 7, 2013
US: LIBOR lawsuits unfounded? Banks want cases dropped

According to reports, various banks currently facing several lawsuits considering the manipulation of LIBOR have apparently asked a US District Judge to dismiss the case, arguing there is no evidence of LIBOR rate-rigging and that, according to court documents, trade was not restricted by banks. Lawsuits against Bank of America, JPMorgan Case, Citigroup, HSBC Holdings, Deutsche Bank and UBS are now being called into question by the defendants; Bank of America’s lawyer in the case, Robert Wise, has stated that there is no agreement between the banks in question over LIBOR rates, and no agreement to keep LIBOR low. The lawyers for the banks urged US District Judge Naomi Reice Buchwald in Manhattan to drop the case. Meanwhile, an official for the European Commission has announced that the LIBOR probes within Europe are at an “advanced stage”

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