Banks Get Benchmark-Rigging Claims Dismissed As 'Foreign'

Law360 (August 28, 2020, 6:16 PM EDT) -- A New York federal judge has tossed a suit against numerous banks accused of plotting to rig interest-rate benchmarks, including the London Interbank Offered Rate for Japanese Yen, because the claims are too "foreign" to be litigated in U.S. courts.

In a judgment on the pleadings, U.S. District Judge George B. Daniels sided with eight large banking entities seeking to dismiss the third amended complaint in the case.

The suit involves whether banking giants such as Barclays manipulated not only the Libor for Japanese Yen but the Euroyen Tokyo Interbank Offered Rate over a five-year period, affecting futures prices on the...

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