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Big banks win dismissal of Libor-rigging litigation in New York
A federal judge on Thursday dismissed "all remaining claims" in a slew of antitrust litigation accusing large banks of conspiring to rig Libor, an interest rate benchmark that once underpinned hundreds of trillions of dollars of transactions, at investors' expense. In a 273-page decision, U.S. District Judge Naomi Reice Buchwald said that despite 14 years of litigation, investors lacked sufficient evidence to prove they were defrauded in a "multi-year, sixteen-bank conspiracy" to suppress Libor and conceal that suppression. "The evidence they cite does not tend to exclude the possibility that the alleged conspirators ... (full story)
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