Full Set for Icap as Judge Dismisses Yen Libor Case

A US judge has reportedly dismissed a class action brought
against a group of banks and brokers alleging manipulation of Yen Libor rate
settings.

According to a release from Nex Group, Icap Plc and Icap
Europe were among the defendants in two lawsuits, the Sonterra Yen Libor Class
Action and the Laydon Yen Libor Class Action, along with 43 others, mainly
banking groups and subsidiaries.

Nex says that a US judge in the Southern District of New York
has dismissed the Sonterra action in its entirety, issuing an order that
states, “Plaintiffs have
failed to plead facts that support a finding of Article III standing to bring
federal claims based on Defendants’ alleged manipulation of Yen LIBOR and
Euroyen TIBOR. Accordingly, Defendants’ motion to dismiss the Amended Complaint
pursuant to Federal Rule of Civil Procedure 12(b)(l) is GRANTED. This Court
declines to exercise supplemental jurisdiction over Plaintiffs’ remaining state
law claims. Plaintiffs’ Amended Complaint is dismissed in its entirety.”

Icap Europe
has also been dismissed from the Laydon action, joining Icap Plc in being
removed from the case, which is ongoing against the other defendants.

The latest
move means that both Icap companies – the legal risk for which resided with Nex
Group under the terms of its deal with Tullett Prebon to sell its voice broking
and information services activities – have been dismissed from the US dollar
and yen Libor cases, as well as the Euribor case.

Colin_lambert@profit-loss.com

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Colin Lambert

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