Banks Beat LIBOR Appeal by Real Estate Billionaire Solow

New York real estate billionaire Sheldon H. Solow failed to revive his lawsuit blaming millions in losses on a conspiracy to rig the London Interbank Offered Rate, a key global interest benchmark.

Because Solow’s bonds weren’t directly pegged to LIBOR, the link between the rate-rigging scandal and his losses was too remote for him to proceed with racketeering and antitrust claims against more than 20 banks, a federal appeals court ruled April 30.

The summary order by the U.S. Court of Appeals for the Second Circuit deals a second defeat to Solow, who sued the banks through his company 7 ...