LIBOR Litigation

In Re: Libor-Based Financial Instruments Antitrust Litigation, case number 1:11-md-02262

• Judge: Naomi Reice Buchwald
• Originally filed: Aug. 12, 2011, U.S. District Court for the South District of New York
• Docket links: Bloomberg, Courtlink, Justia
• Notes: This was a multi-district litigation case combining over 30 cases from across the United States, including class action complaints against major banks including Deutsche Bank AG, J.P. Morgan Chase & Co, Bank of America N.A., UBS AG, Credit Suisse Group, NA, and Barclays PLC.
• Member cases include (among many others):
  • The Regents of the University of California v. Bank of America Corporation et al (CAN/3:13-cv-02921) (see also: News Release by Cotchett Pitre & McCarthy)
  • County of Sacramento v. Bank of America Corporation, et al. (CAE/2:13-cv-01476) 
  • The Federal Home Loan Mortgage Corporation v. Bank of America Corporation et al (VAE/1:13-cv-00342) (see also: Federal Housing Finance Agency Memos; NY Times: With Freddie Mac Suit, Banks Face Billions More in Libor Claims; Bloomberg: Freddie Mac Sues Multiple Banks Over Libor Manipulation; )
  • Charles Schwab Corporation et al v. Bank of America Corporation et al (CAN/4:13-cv-02244) (see also: Law360: 2nd Circ. Gives 2nd Shot to Schwab's Libor Claims)
  • Salix Capital US Inc. et al v. Bank of America Securities LLC et al (NYS/1:13-cv-04018) (see also: Dealpoint: FrontPoint Partners Suddenly Remembered That Libor Manipulation Is What Caused Its Collapse)
  • National Credit Union Administration Board v. Credit Suisse Group AG et al (KS/2:13-cv-02497) (see also: USA Today: Banks Sued for Alleged Libor Manipulation)
  • Federal Deposit Insurance Corporation et al v. Bank of America Corporation et al (NYS/1:14-cv-01757) (see also: Reuters: U.S. Regulator Sues 16 Banks for Rigging Libor Rate)
• Other News and Resources: PlainSite.org (information about some of the member cases and other LIBOR litigation), A Long Road Ahead (article by Perkins Coie from May 2013)

USA v. Royal Bank of Scotland, PLC, case number 3:13-cr-00074

• Judge: Michael P. Shea
• Originally filed: Apr. 12, 2013
• Docket links: Bloomberg, Courtlink
• Notes: RBS agreed to plead guilty to felony wire fraud and admitted its role in manipulating LIBOR. RBS Securities Japan signed a plea agreement and agreed to pay a $50 million fine. The government entered into a deferred prosecution agreement with parent company RBS which required RBS to admit and accept responsibility for its misconduct, cooperate with investigators, and pay an additional $100 million fine. 
• Related: Department of Justice press release, CFTC Orders The Royal Bank of Scotland below

USA v. UBS Securities Japan Co., Ltd., case number 3:12-cr-00268

• Judge: Robert N. Chatigny
• Originally filed: Dec. 19, 2012; U.S. District Court for the District of Connecticut
• Docket links: Bloomberg, Courtlink
• Notes: UBS Japan admitted its role in manipulating LIBOR, pleaded guilty to wire fraud, and agreed to pay a $100 million fine. Its parent company, UBS AG, entered into a non-prosecution agreement, the terms of which included admitting and accepting responsibility and paying a further $400 million penalty. The non-prosecution agreement was later terminated in 2015 when UBS AG was found to have engaged in foreign exchange market manipulation in violation of the agreement; UBS AG pleaded guilty to wire fraud for its role in LIBOR manipulation. 
• Related news: Department of Justice press release (Dec. 2012), Department of Justice press release (Sept. 2013)

Barclays Non-Prosecution Agreement (June 26, 2012)

• Dept. of Justice Release: Barclays Bank PLC Admits Misconduct Related to Submissions for the London Interbank Offered Rate and the Euro Interbank Offered Rate and Agrees to Pay $160 Million Penalty
• Non-Prosecution Agreement and Statement of Facts
• Related: see CFTC Orders Barclays to pay below

Commodity Future Trading Commission (CFTC)

• CFTC Orders Barclays to pay $200 Million Penalty for Attempted Manipulation of and False Reporting concerning LIBOR and Euribor Benchmark Interest Rates (June 27, 2012)
  • Order: Barclays et. al, CFTC Docket No. 12-25
  • Related: see Barclays Non-Prosecution Agreement above
• CFTC Orders The Royal Bank of Scotland plc and RBS Securities Japan Limited to Pay $325 Million Penalty to Settle Charges of Manipulation, Attempted Manipulation, and False Reporting of Yen and Swiss Franc LIBOR
  • Order: The Royal Bank of Scotland plc and RBS Securities Japan Limited, CFTC Docket No. 13-14
  • Related: see USA v. Royal Bank of Scotland above