Big Banks Want Out Of Post-Scandal Libor Rigging Suit

Law360 (September 3, 2019, 6:56 PM EDT) -- Bank of America, JPMorgan and a host of other bank behemoths want a New York federal judge to let them slip a consolidated suit accusing them of working together to rig the Libor rate, saying the suit is riddled with "manifold" deficiencies.

The allegations that more than a dozen big banks and the owner of the New York Stock Exchange have "engaged in a tightly coordinated and continuous five-year conspiracy" to depress the London Interbank Offered Rate, or Libor, is implausible, the banks told the court in their filing Friday.

"Plaintiffs plead nothing to support their claim — plaintiffs have pointed to...

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