Banks win dismissal of most rate-rigging claims

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Associated Press

Posted on March 30, 2013 at 12:00 AM

Updated Saturday, Mar 30 at 12:02 AM

NEW YORK (AP) — A group of banks including Bank of America and JPMorgan Chase have won dismissal of most of the claims in private lawsuits alleging that they rigged a key interest rate.

U.S. District Judge Naomi Reice Buchwald in New York dismissed antitrust claims brought against the banks by a group of plaintiffs that included the City of Baltimore and some pension funds. The plaintiffs alleged that they had suffered losses because the banks had manipulated the London Interbank Offered Rate, or LIBOR.

The judge said that while the banks had already paid billions of dollars of penalties to government regulatory agencies, private plaintiffs had to satisfy many requirements which governments didn't.

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