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US: New claims added to LIBOR lawsuit

 |  June 24, 2014

A federal judge Monday allowed plaintiffs to add claims to their lawsuit against Barclays, Rabobank and others that accuse the lenders of LIBOR manipulation, reports say.

US District Judge Naomi Reice Buchwald granted the plaintiffs’ request to add charges that the banks manipulated the LIBOR benchmark rate to gain trading advantages, according to reports. The plaintiffs, a group of investment funds, are accusing the banks including Bank of America, Citigroup and Credit Suisse of manipulating LIBOR rates to lower interest and hide rising borrowing costs.

”Put simply, plaintiffs may plead that they either paid too much for Eurodollar futures contracts on certain dates or earned too little by selling them,” Judge Buchwald announced Monday in an opinion.

The decision was made the same day Judge Buchwald dismissed Societe Generale as a defendant in the case, report say, after finding that claims against the bank were not filed in time.

More than two dozen related cases are now before Judge Buchwald.

Full content: Bloomberg

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