Big banks have admitted to regulators that they rigged LIBOR, but so far litigation over the global benchmark interest rate has been a major disappointment for investors. Quinn Emanuel Urquhart & Sullivan wants to turn things around.
The firm joined the LIBOR battle for the first time on May 20, filing a 106-page complaint in Manhattan State Supreme Court on of behalf Salix Capital Ltd., the assignee for hedge funds once owned by now-defunct FrontPoint Partners LP. The complaint alleges that nine banksincluding Bank of America Corp, Deutsche Bank AG, and UBS AGmisled the FrontPoint funds about the integrity of LIBOR beginning in 2007, when they helped the funds engineer LIBOR-pegged credit default swaps. Salix seeks $250 million in damages.
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