In re LIBOR-Based Financial Instruments Antitrust Litigation (MDL 2262)
By Stacey Slaughter
In multi-district litigation stemming from the alleged manipulation of the LIBOR interest-rate benchmark, on December 30, 2021, the Second Circuit reversed the district court and found that plaintiffs can establish personal jurisdiction through defendants’ participation in a conspiracy operating in the United States. Schwab et al. v. Lloyds et al. (SDNY). The plaintiffs alleged that the defendants, some of the largest financial institutions in the world, colluded to fix U.S. Dollar LIBOR, a financial benchmark used to set floating rates in loans and other financial products, during the 2007 financial crisis. Following the Second Circuit decision, the defendants filed a cert petition with the U.S. Supreme Court. Robins Kaplan represents the direct action plaintiffs Principal Financial and certain Principal Funds in the MDL.
The articles on our website include some of the publications and papers authored by our attorneys, both before and after they joined our firm. The content of these articles should not be taken as legal advice. The views and opinions expressed in this article are those of the author(s) and do not necessarily reflect the views or official position of Robins Kaplan LLP.
If you are interested in having us represent you, you should call us so we can determine whether the matter is one for which we are willing or able to accept professional responsibility. We will not make this determination by e-mail communication. The telephone numbers and addresses for our offices are listed on this page. We reserve the right to decline any representation. We may be required to decline representation if it would create a conflict of interest with our other clients.
By accepting these terms, you are confirming that you have read and understood this important notice.