Judge Dennis Jacobs, writing for the Second Circuit, said the banks urged on appeal that LIBOR is not itself a price, but "LIBOR forms a component of the return from various LIBOR-denominated financial instruments, and the fixing of a component of price violates the antitrust laws."
May 24, 2016 at 10:00 AM
1 minute read
Sixteen banks accused of violating antitrust laws by the manipulation of the London Interbank Offered Rate (LIBOR) are back on the hook following a decision by the U.S. Court of Appeals for the Second Circuit.
The Second Circuit Monday reinstated a case that had been dismissed by Southern District Judge Naomi Reice Buchwald, who found that plaintiffs had failed to allege antitrust injury under Section One of the Sherman Act.
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