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Icap Dismissed from Euribor Class Action

Nex Group says that the United States District Court in the Southern District of New York has
dismissed two entities which formed part of the Icap Group (Icap plc and Icap
Europe Limited) from a class action case brought by various investors who
alleged manipulation of the Euro Interbank Offered Rate, Euribor.

The
liability for the two entities resided with Nex Group under the terms of
the recently completed transaction with Tullett Prebon that saw Icap’s voice
and information services business merged with that firm.

Nex says
that in dismissing the defendants, the Order states: “Not only does the Complaint fail to allege
that Icap actually undertook action to “spoof” Euribor submitters, it
fails to allege any United States connection to the alleged communications or
how any ensuing conduct “create[d] a substantial connection with” the
United States.”

The form
adds the Order in the Euribor case is “entirely consistent” with Orders issued
in other cases pertaining to yen Libor and US dollar Libor which also found
that there was no personal jurisdiction over Icap entities.

Colin_lambert@profit-loss.com

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Colin Lambert

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