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Libor Banks Subject to U.S. Conspiracy Jurisdiction, Court Says

JPMorgan Chase & Co., UBS Group AG and other global banks are subject to U.S. jurisdiction for allegedly manipulating the London Interbank Offered Rate, the federal appeals court in New York ruled.

A three-judge panel ruled Thursday that U.S. courts can exercise “conspiracy jurisdiction” over the banks if other members of the conspiracy took steps to advance the scheme from within the U.S. The appeals court reversed a 2016 ruling by U.S. District Judge Naomi Reice Buchwald, who dismissed claims on the ground that her court lacked jurisdiction over the bank defendants.