Aussie Rate-Rigging Suit Cut To 1 Plaintiff, 9 Banks In NY

Law360 (February 14, 2020, 4:34 PM EST) -- A New York federal judge waxed poetic on Thursday describing an Australian benchmark interest rate-rigging suit that, like a bar-tailed godwit flying 7,000 miles from Australia to Alaska, has once again flocked to the U.S. despite a series of obstacles.

While the godwit’s obstacles are geographical, U.S. District Judge Lewis A. Kaplan said, the 2016 securities suit against 16 major banks has instead faced a series of jurisdictional hurdles that have already resulted in two rounds of hefty dismissals.

In his order Thursday, Judge Kaplan took up the latest amended complaint in the case, but allowed claims to move forward for...

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