Rate-Rigging Suit Targeting NYSE Owner Stays Out Of MDL

Law360 (February 7, 2019, 8:46 PM EST) -- A proposed class action accusing the owner of the New York Stock Exchange of rigging a key benchmark rate will remain walled off from multidistrict litigation over similar issues, at least for now, a New York federal judge said Thursday.

Connecticut-based Putnam Bank is suing on behalf of a purported class alleging that Intercontinental Exchange Inc. and numerous banks plotted to depress the London Inter-bank Offered Rate, or Libor, resulting in millions of dollars in lost profits to investors.

Lawyers for ICE and the 18 banks that set the Libor had asked that the case in New York’s Southern District be...

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