Today, United States District Judge Naomi Reice Buchwald in Manhattan issued LIBOR VII, in which the court granted class certification under Rule 23(b)(3) to a class of plaintiffs who bought over-the-counter instruments that paid interest in terms of the London Interbank Offered Rate (LIBOR) and who allege that LIBOR-setting banks conspired to suppress LIBOR
LIBOR Price-Fixing Case Returns
Scary case
After a trip to the Supreme Court and back, a massive case against 16 of the world’s largest banks for rigging the London inter-bank offer rate (LIBOR) — “the world’s most important number” — will return to the district court in Manhattan scarier than ever for the defendants. Gelboim v. Bank of Am.
LIBOR Price-Fixing Claims Get Reprieve; Second Circuit Must Hear Appeal, Supreme Court Decides
Unanimous Court orders review of key district court ruling
The Second Circuit made a mistake when it refused to hear an appeal, the Supreme Court held 9-0 today in Gelboim v. Bank of Am. Corp., No. 13-1174 (U.S. Jan. 21, 2015); see Supreme Court Takes LIBOR Case, Blawgletter®, July 1, 2014.
The Court's ruling will
Use of Phony Benchmark Rate Supports Bad Faith Claim, Second Circuit Holds
Good faith and fair dealing
New York law "implies" a duty in all contracts — a duty to perform promises in good faith.*
Does that mean a party must adjust a contractual benchmark rate if it knows something has distorted the benchmark?
Yes, the Second Circuit held in Security Plans, Inc. v. CUNA
Fight Breaks Out over Midcourse MDL Review
A Question of Efficiency
Will quick review of a final judgment in just one of many cases that make up a large multi-district litigation bog the MDL process down — or make it work better?
Defense lawyers insist that consolidation of cases before a single district judge (by the U.S. Judicial Panel on Multidistrict Litigation) changes
Supreme Court Takes LIBOR Case
Get ready for the Supreme Court to resolve a question that has divided courts of appeals for years:
Whether and in what circumstances is the dismissal of an action that has been consolidated with other suits immediately appealable?
If that doesn't sound sexy enough for you, consider that the issue arises in massive litigation over
Milk Price-Fixing Case Wins Reprieve from Filed-Rate Doctrine in Ninth Circuit
Got non-fat dry milk?
You'll just have to trust Blawgletter that the U.S. Department of Agriculture sets minimum prices for milk producers.
Unless you want to read the 10-page SUMMARY of the process in Carlin v. DairyAmerica, Inc., No. 10-16448, slip op. at 8731-41 (9th Cir. Aug. 7, 2012).
Go ahead. We'll wait.