Big banks lose as U.S. appeals court revives Libor lawsuits

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Big banks lose as U.S. appeals court revives Libor lawsuits

Big banks lose as U.S. appeals court revives Libor lawsuits

Reuters-

A U.S. appeals court on Monday revived private antitrust litigation accusing major banks of conspiring to manipulate the Libor benchmark interest rate, in a big setback for their defense against investors’ claims of market-rigging.

The 2nd U.S. Circuit Court of Appeals in Manhattan reversed a lower court judge’s dismissal of investors’ antitrust claims against 16 banks, including Deutsche Bank AG, UBS AG, Bank of America Corp and JPMorgan Chase & Co because she found no showing of anticompetitive harm.

“Appellants sustained their burden of showing injury by alleging that they paid artificially fixed higher prices,” Circuit Judge Dennis Jacobs wrote for a three-judge appeals court panel.

[REUTERS]

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