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From Antitrust Law Daily, November 16, 2015

Barclays agrees to $120M settlement with OTC plaintiffs in LIBOR suit

By Greg Hammond, J.D.

Barclays Bank plc has agreed to pay $120 million to settle Over-The-Counter (OTC) plaintiffs’ claims in the federal district court in New York City that the British bank conspired to artificially suppress the London Interbank Offer Rate (LIBOR). Barclays has additionally agreed to cooperate in the OTC plaintiffs’ continued litigation against the remaining defendant banks (In re LIBOR-based Financial Instruments Antitrust Litigation).

The settlement was reached just before the U.S. Court of Appeals was set to hear oral arguments on whether the plaintiffs’ antitrust claims should be reinstated, according to an announcement by Hausfeld, which represents OTC plaintiffs. The claims were previously dismissed by the federal district court in New York, which held that “federal and state antitrust laws are the wrong vehicle for plaintiffs to obtain the damages they seek.”

“The settlement with Barclays, which comes over four years after the case was first filed, not only represents an important breakthrough in resolving this long-running litigation, it also provides significant monetary recovery and cooperation that will benefit the victims of the banks’ conduct,” remarked Hausfeld Chairman Michael D. Hausfeld.

Barclays admitted to manipulating LIBOR in a June 2012 settlement with the U.S. Department of Justice, agreeing to pay a $160 million penalty.

The case is No. 1:11-md-02262-NRB.

Attorneys: Michael D. Hausfeld, William P. Butterfield, Hilary K. Scherrer, and Nathaniel C. Giddings (Hausfeld).

Companies: Barclays Bank plc

MainStory: TopStory Antitrust NewYorkNews

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