2nd Circ. Won’t Revive Real Estate Mogul's $100M Libor Suit

Law360 (April 30, 2019, 7:27 PM EDT) -- Real estate mogul Sheldon Solow’s $100 million loss from a tanked municipal securities portfolio is too far removed from Libor manipulation to allow him to sue Citigroup and more than a dozen other banks, the Second Circuit ruled Tuesday in the latest blow to the years-old allegations.

The appellate panel’s nonprecedential ruling upheld a New York federal judge’s refusal last year to allow Solow to filed a second amended complaint after his lawsuit was previously tossed in 2015. According to Tuesday’s ruling, the district judge correctly held that Solow’s 7 West 57th Street Realty Co. LLC lacked standing to sue under federal...

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