The D&O Diary

The D&O Diary

A PERIODIC JOURNAL CONTAINING ITEMS OF INTEREST FROM THE WORLD OF DIRECTORS & OFFICERS LIABILITY, WITH OCCASIONAL COMMENTARY

Category Archives: Libor Scandal

Subscribe to Libor Scandal RSS Feed

More About Stories We’re Following: Libor Scandal, FIRREA, Chinese Company Securities Suits

Posted in Libor Scandal, Securities Litigation
NCUA Files Libor Manipulatoin Antitrust Suit: Even though the federal judge presiding over the consolidated Libor antitrust litigation has granted the defendants’ motion to dismiss the antitrust claims, the federal credit union regulatory agency has filed a new action against Libor rate-setting banks alleging violation of the Sherman Act. As described in the National Credit Union … Continue Reading

Despite Setbacks, Libor-Scandal Claimants Press Ahead

Posted in Libor Scandal
The early returns in the Libor-scandal related litigation have not been favorable for the claimants. As noted here, on March 29, 2013, Southern District of New York Judge Naomi Reice Buchwald substantially granted the motion to dismiss in the consolidated Libor-scandal antitrust litigation, and as discussed here, on May 13, 2013, Southern District of New … Continue Reading

Motion to Dismiss Granted in Barclays Libor-Scandal Securities Suit

Posted in International D & O, Libor Scandal
In a May 13, 2013 order (here), Southern District of New York Judge Shira Scheindlin granted defendants’ motion to dismiss the Libor-scandal related securities suit that had been filed against Barclays and two of its former executives following the company’s entry into a massive Libor-related settlement last summer. The suit’s dismissal is just the latest … Continue Reading

Libor-Scandal Antitrust Plaintiffs Allowed to Seek Leave to Amend Their Allegations

Posted in Libor Scandal
Citing the “obvious magnitude” of the Libor-related antitrust litigation, Southern District of New York Judge Naomi Reice Buchwald has given the plaintiffs leave to attempt to amend their complaints to address the shortcomings that previously led her to grant the defendants’ motion to dismiss. Judge Buchwald granted the plaintiffs’ request for leave to file a motion … Continue Reading

Libor-Scandal Litigation: After Federal Court Dismissal, Schwab Pursues State Court Suit

Posted in Libor Scandal
When Southern District of New York Judge Naomi Reice Buchwald entered her order in the consolidated Libor litigation on March 29, 2013, she dismissed the plaintiffs’ antitrust and RICO claims against the Libor rate-setting banks,  and she also declined to exercise supplemental jurisdiction over the plaintiffs’ state law claims, which she dismissed without prejudice. The upshot of … Continue Reading

Big News: Consolidated Libor-Scandal Antitrust and RICO Claims Dismissed

Posted in Libor Scandal
On March 29, 2013, in a ruling that she acknowledged some might find to be “unexpected” in light of the substantial regulatory fines and penalties that some of the defendants have paid, Southern District of New York Naomi Reice Buchwald granted the defendants’ motions to dismiss the antitrust and RICO claims in the consolidated Libor-based … Continue Reading

Another Libor-Scandal Antitrust Lawsuit Filed, This One on Behalf of Derivatives Investors

Posted in Libor Scandal, Securities Litigation
At the risk of sounding repetitive, I must report here that there has been yet another Libor-scandal related lawsuit filed in the Southern District of New York. The latest lawsuit, filed on July 30, 2012, purports to be filed on behalf of a class of investors who bought U.S. dollar Libor-based derivatives beginning August 1, … Continue Reading

Big Bank Litigation: Barclays Libor Scandal Securities Suit Filed and Other Financial Institution Litigation Developments

Posted in Libor Scandal, Securities Litigation
At the PLUS D&O Symposium in New York this past March, I participated on a panel entitled, “Financial Institutions Underwriting: Is it Safe to Come Out Yet?” The implication of the panel topic was that perhaps with the passage of the credit crisis, financial institutions might not be as big of a D&O underwriting risk as … Continue Reading

Follow-On Civil Litigation Emerges as LIBOR Scandal Continues to Unfold

Posted in Libor Scandal, Securities Litigation
The fallout from the alleged manipulation of LIBOR and other interbank offered rates continues to accumulate. In the wake of Barclays’ record fines, the regulatory investigation continues, and authorities reportedly have also launched criminal investigations. Along with the governmental investigatory and enforcement activity has also come civil litigation activity as well.   The latest suit … Continue Reading