US: SCOTUS hears LIBOR appeal dispute

The US Supreme Court heard oral arguments Tuesday regarding the right to appeal the dismissal of a lawsuit, a dispute that stems from LIBOR manipulation claims.

According to reports, the plaintiffs of a multidistrict lawsuit are fighting for their right to appeal the dismissal of their case even as the broader lawsuit continues.

Ellen Gelboim and Linda Zacher filed a lawsuit against Bank of America, Credit Suisse and other financial institutions for alleged manipulation of the LIBOR benchmark. Their suit was consolidated with other similar filings, but a federal judge dismissed Helboim and Zacher’s sole claim for relief, and therefore their complaint, with prejudice, according to reports.

When the plaintiffs attempted to appeal the dismissal, the 2nd US Circuit Court of Appeals said they lacked jurisdiction because the remaining members of the consolidated suits had not also been dismissed.

The two have now petitioned the Supreme Court to answer “whether consolidated cases retain their separate identity or become one case, for purposes of appellate jurisdiction has divided the courts of appeals.”

They are fighting to be allowed to appeal the dismissal instead of waiting for the entire multi-district litigation to conclude, a process reports say could take years.

Full content: Courthouse News Service

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