RK&O secures dismissals for ICAP plc and ICAP Europe Limited in Euroyen TIBOR, Yen LIBOR cases

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March 10, 2017

Richards Kibbe & Orbe LLP partners Shari A. Brandt and H. Rowan Gaither successfully represented ICAP plc (n/k/a Nex plc) and its former subsidiary ICAP Europe Limited in the dismissal of two federal class action suits asserting, collectively, Sherman Act, Commodity Exchange Act and RICO claims arising out of the alleged manipulation of the Euroyen TIBOR (the Tokyo Interbank Offered Rate), Yen LIBOR (the London Interbank Offered Rate for the Japanese Yen) and prices of Euroyen-based derivatives. 

In an order issued on March 10, 2017, Judge George Daniels of the U.S. District Court for the Southern District of New York granted dismissal for ICAP plc, ICAP Europe Limited and 28 other defendants from one of the cases, finding that the plaintiffs lacked standing to bring their claims because they had failed to demonstrate that the financial instruments they traded suffered a concrete injury-in-fact that was directly traceable to the alleged conduct by the defendants.   

In a second order also issued on March 10, 2017, Judge Daniels dismissed ICAP Europe Limited and two other defendants from a closely related class action also arising out of the alleged manipulation of Yen LIBOR and Euroyen TIBOR, to which they had been added as new defendants in the plaintiff’s third amended complaint.  Judge Daniels ruled that the plaintiffs lacked personal jurisdiction over ICAP Europe Limited and denied plaintiffs’ requests for jurisdictional discovery.  RK&O had previously succeeded in securing the dismissal of ICAP plc on the same grounds. 

Judge Daniels’ orders validate RK&O’s strategy of challenging complaints against our clients at the earliest stages of a litigation, both on the merits and when plaintiffs inappropriately attempt to assert personal jurisdiction over our non-U.S. clients.