Federal Court Denies Charles Schwab’s Bid To Reverse Appeal over LIBOR Manipulation
The Second Circuit on February 10, denied a bid by Charles Schwab to reverse the dismissal of their appeal and revive a challenge to the ending of certain antitrust claims over London interbank offered rate (LIBOR) manipulation.
Schwab argued the integrity of the 2nd Circuit judgment dismissing its appeal was compromised after the US. Supreme Court revived another appeal. The court disagreed and denied the motion. The court did not offer a reasoned opinion for the decision.
Steven Fineman, Lieff Cabraser Heimann & Bernstein LLP, attorney for the Schwab plaintiffs (and co-chair of the AAJ Securities and Financial Fraud Litigation Group) stated he did not know why the appeals court denied the motion and indicated the plaintiffs would try a different approach to having the appeal heard again.
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