BofA, Barclays Win Narrowing of 27 Libor-Rigging Suits

A district judge ejected many claims against banks accused by investors of manipulating the London interbank offered rate (Libor), which allegedly led to losses on transactions tied to the benchmark (In re LIBOR-Based Fin. Instruments Antitrust Litig., S.D.N.Y., 1:11-md-02262-NRB, 8/4/15).

Judge Naomi Reice Buchwald ruled Aug. 4 that some claims were filed too late while the court lacked jurisdiction over some of the defendants. She allowed local governments, hedge funds and other investors to pursue some claims based on fraud.

Libor is a benchmark used to value more than $350 trillion of loans and securities globally. Bank ...