A class action lawsuit has been filed in the United States District Court, Southern District of New York, on behalf of all persons who purchased the sponsored American Depository Receipts (“ADRs”) of Barclays PLC between July 10, 2007 and June 27, 2012, inclusive (the “class period”).  Barclays, two subsidiaries and the company’s former Chairman and Chief Executive were named as defendants. Continue reading “Securities fraud class action filed against Barclays”

The New York Times reported on July 11, 2012, that Baltimore has been leading a battle in Manhattan federal court against the banks that determine the interest rate, the London interbank offered rate, or LIBOR, which serves as a benchmark for global borrowing and stands at the center of the latest banking scandal. According to the article, cities, states and municipal agencies nationwide, including Massachusetts, Nassau County on Long Island, and California’s public pension system, are looking at whether they suffered similar losses and are weighing legal action. Continue reading “NY Times reports that municipalities are filing suits against LIBOR banks”

It looks like the antitrust class action headache has only just begun for the global banking giants whose daily reports on short-term borrowing rates serve as a benchmark for interest rates on trillions of dollars of securities.  I previously wrote a post about the consolidated class actions filed by investors who blame more than a dozen banks for manipulating the London interbank offered rate (or LIBOR).  Continue reading “New Euribor price fixing case filed”

In May 2012, three different sets of plaintiffs filed amended complaints in federal court in Manhattan alleging banks around the world colluded to misreport interbank borrowing rates, which are averaged to produce the LIBOR every day.  In turn, LIBOR rates (which are currently determined for ten currencies) are used as the primary benchmark for short-term interest rates worldwide.  The complaints alleged “LIBOR thus affects the pricing of trillions of dollars’ worth of financial transactions.” Continue reading “LIBOR antitrust complaints filed against banks”