Court Revives Libor Antitrust Case Against Sixteen Banks
Today, the 2nd Circuit Court of appeals Monday revived an antitrust lawsuit against sixteen giant banks, including Citigroup, JPMorgan Chase and Bank of America, alleging they conspired to rig the London Interbank Offered Rate better known as Libor.
The three-judge panel ruled that Manhattan U.S. District Judge Naomi Reice Buchwald was wrong when she dismissed the complaint against the banks on the grounds that the plaintiffs had failed to allege injury under antitrust law. The panel instead found that the proceedings should be reopened as antitrust law does not require a specific showing of injury.
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