Banks including Bank of America Corp., Barclays Plc and JPMorgan Chase & Co. won dismissal of antitrust claims in lawsuits alleging they rigged the London interbank offered rate.
More than two dozen interrelated lawsuits are before U.S. District Judge Naomi Reice Buchwald in New York alleging the banks conspired to depress Libor by understating their borrowing costs, thereby lowering their interest expenses on products tied to the rates. Potential damages were estimated to be in the billions of dollars.
Buchwald yesterday issued a 161-page ruling dismissing antitrust allegations against the banks while allowing some commodities-manipulations claims to proceed to a trial.
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