U.S. Court of Appeals for the Second Circuit (Credit: ALM)
More than two dozen plaintiffs in sprawling dollar Libor litigation want to consolidate their interlocutory appeals before the U.S. Court of Appeals for the Second Circuit.
The move attempts to streamline the unwieldy flow of appellants coming out of the courtroom of U.S. District Judge Naomi Reice Buchwald into two groups: those whose claims were dismissed on antitrust issues, and those on personal jurisdiction grounds.
Dozens of suits were filed across the country beginning in 2011, alleging manipulation of the dollar Libor in claims connected to the London-based interbank interest rate-fixing scandal. The suits were consolidated through multidistrict litigation with Buchwald in the Southern District of New York.
The suits have generated a number of interlocutory appeals over Buchwald’s rulings, reaching as far as the U.S. Supreme Court. The current set of appeals come out of what’s referred to as Libor VI.
The defendant big banks moved to dismiss antitrust claims against them. Buchwald partially granted the motion based on efficient enforcer grounds for some plaintiffs, while granting dismissal on personal jurisdictional on due-process grounds.
The so-called Schwab plaintiffs, a collection of entities under the Charles Schwab corporate umbrella, saw all their remaining claims dismissed, while 20 other plaintiffs received partial dismissal.
The plaintiffs’ motion seeks a schedule of consolidated briefings from each of the parties going forward, with an Oct. 20 deadline for opening briefs.