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 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.
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.
Today's column is all about numbers and confirms something that I have always argued about the legal actions facing many of the banks in the foreign exchange industry. It focuses on a settlement which was originally proposed and agreed in February 2016 and, for some reason known only to the US legal system, finally approved (in its original form I should point out) by a US court late last week. Notwithstanding the delay, the numbers make for very interesting reading...
A New York judge has thrown out a class action lawsuit led by Axiom Investment Advisors against Deutsche Bank, which claimed the bank abused the practice of last look in its foreign exchange trading.
Judge Lorna Schofield threw out two class actions, arguing that neither satisfied the requirements for a successful class action in that different clients had different experiences and there was no common theme of “unjust enrichment”. She also leans repeatedly on the New York Department of Financial Services report into Deutsche, which at one point notes that the bank “as a general matter” appropriately calibrated its last look settings.
Just two weeks after the three members of the notorious Bloomberg chatroom The Cartel were acquitted in a New York court of manipulation of FX markets, a group of banks are facing yet another lawsuit from a class action of investors over their FX market activities.
The action has been brought by a group of major investors who explicitly opted out of the class action settlement last year that saw 14 of the 16 banks accused pay over $2.3 billion in damages (a 15th settled later).