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Banks Rejected by High Court, Lose Bid to Derail Libor Suits

  • Bank of America, JPMorgan, Citigroup spurned in antitrust case
  • Investors say they were harmed by effort to drive Libor down
The U.S. Supreme Court is shown March 29, 2016 in Washington.
Photographer: Win McNamee/Getty Images
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The U.S. Supreme Court turned away an appeal by Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co., refusing to stop antitrust lawsuits that accuse some of the world’s largest banks of conspiring to rig Libor.

The banks sought review of a decision that said the suing investors had adequately claimed they were harmed by the alleged effort to drive Libor down. The investors held securities tied to Libor, or the London Interbank Offered Rate, an interest-rate benchmark used to value more than $300 trillion of securities worldwide.