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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!