After reaching agreement with class plaintiffs represented by Lowey Dannenberg, Citigroup Inc. will pay $23 million to end private U.S. antitrust litigation claiming that it conspired to manipulate the Yen-Libor and Euroyen Tibor benchmark interest rates, in an "ice breaker" settlement that could spur some of the roughly 20 other bank defendants to settle. Read the Reuters story here and read the LAW360 story here.
Lowey Dannenberg is court-appointed Lead Class Counsel in a proposed class action against the numerous financial institutions responsible for the setting of the London Interbank Offered Rate (“LIBOR”) for the Japanese Yen and the Euroyen Tokyo Interbank Offered Rate. The lawsuit alleges that the Defendants manipulated these global benchmark rates in an artificial direction that financially benefitted their Yen-LIBOR and Euroyen-based derivatives positions. The case remains pending before Judge George B. Daniels. Laydon v. Mizuho Bank, Ltd. et al., Case No. 12-cv-3419 (S.D.N.Y.).