Libor Based Financial Instruments Antitrust Litigation
WKA was appointed by the Court as one of two lead counsel representing bondholders in a class action lawsuit, which alleges a global conspiracy by members of the British Bankers’ Association (BBA) to manipulate the bank interest rate known as LIBOR (the London InterBank Offered Rate).
LIBOR is a daily benchmark interest rate at which designated [contributor panel/] banks predict [the rate at which] they can borrow unsecured funds from other banks in the London wholesale money market with short term maturities ranging from overnight to one year.
LIBOR is the primary benchmark for short term interest rates globally and therefore occupies a crucial role in the operation of worldwide financial markets. The plaintiffs and the class they seek to represent are holders of bonds, which paid interest indexed to LIBOR from August 2007 through May 2010.
The defendants are banks that served on the U.S. dollar LIBOR panel of the BBA during the alleged conspiracy. They include:: Credit Suisse Group AG; Bank of America Corporation; Bank of America, N.A.; JP Morgan Chase & Co.; JP Morgan Chase Bank, N.A; HSBC Holdings plc; HSBC Bank plc; Barclays Bank plc; Lloyds Banking Group ;plc; WestLB AG; Westdeutsche Immobilienbank AG; UBS AG; The Royal Bank of Scotland Group plc; Deutsche Bank AG; Citibank NA; Citigroup Inc.; Cooperatieve Centrale Raiffeisen Boerenleenbank B.A.; The Norinchukin Bank; The Bank of Tokyo-Mitsubishi UFJ, Ltd.; HBOS plc; and Royal Bank of Canada.
The case is pending in U.S. District Court for the Southern District of New York in Manhattan.