Libor Plaintiffs May Refer to Barclays Accord, Judge Rules
Investors suing banks over Libor rate manipulation may refer to last month’s settlement involving Barclays Plc (BARC) as they seek to fend off the banks’ requests to dismiss the claims, a Manhattan federal judge ruled.
U.S. District Judge Naomi Reice Buchwald in Manhattan today told lawyers that she won’t delay a motion to dismiss claims that the banks violated U.S. antitrust law by suppressing the Libor rate, which is used to set interest rates on trillions of dollars of investments.
The investors, led by the mayor and city council of Baltimore, had asked Buchwald to delay the motions to dismiss and allow them to file an amended complaint including information that has become public as a result of the Barclays’ settlement.
“Ours is a landscape of shifting sands,” said Buchwald, referring to regulatory investigations into the alleged Libor manipulation and the desire of additional plaintiffs to join the litigation.
Buchwald, who is overseeing federal antitrust litigation over Libor, said she will put a hold on new suits that aren’t covered by the motion to dismiss.
The case is In re: LIBOR-Based Financial Instruments Antitrust Litigation, 11-MD-2262, U.S. District Court, Southern District of New York (Manhattan).
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