{"id":5651,"date":"2014-07-02T00:00:00","date_gmt":"2014-07-02T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/07\/us_supreme_court_will_hear_app"},"modified":"2022-05-06T10:58:34","modified_gmt":"2022-05-06T15:58:34","slug":"us-supreme-court-will-hear-app","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/us-supreme-court-will-hear-app\/","title":{"rendered":"US Supreme Court Will Hear Appeal Over Libor Antitrust Claims"},"content":{"rendered":"\n

The United States Supreme Court has agreed to hear an appeal in Ellen Gelboim et al v. Bank of America Corp. <\/em>The lawsuit was filed by bond investors who lost money in securities tied to the London Interbank Offered Rate and the manipulation of the global benchmark interest rate. Now, the nation\u2019s highest court is granting their request to let their claims go forward and will hold oral arguments on the lawsuit during its next term.<\/p>\n

For the last three years, different kinds of investors have filed numerous securities fraud cases against the largest banks in the world claiming that they manipulated Libor. Last year, a district court judge allowed investors to pursue certain claims but threw out their antitrust claims. <\/p>\n

Judge Naomi Reice Buchwald said that the settling of Libor was not competitive but, rather, cooperative; it involved banks providing data to a trade group that established the rate. Plaintiffs therefore could not prove that anticompetitive behavior harmed them.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The United States Supreme Court has agreed to hear an appeal in Ellen Gelboim et al v. Bank of America Corp. The lawsuit was filed by bond investors who lost money in securities tied to the London Interbank Offered Rate and the manipulation of the global benchmark interest rate. 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