RK&O secures dismissal for ICAP plc and ICAP Europe Limited in Euribor case

Print PDF
February 21, 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, an interdealer broker, in the dismissal of a federal class action suit asserting antitrust, Commodity Exchange Act and RICO claims arising out of the alleged manipulation of Euro Interbank Offered Rate (Euribor).

In a 100-page order, Judge Kevin Castel of the U.S. District Court for the Southern District of New York  dismissed ICAP plc, ICAP Europe Limited, and five other foreign defendants who were deemed to be outside of the Court’s jurisdiction.  Judge Castel specifically found that plaintiffs failed to make a “prima facie showing that any Foreign Defendant had national contacts with the United States sufficient to exercise specific jurisdiction.”  Judge Castel’s order validates RK&O’s strategy of challenging personal jurisdiction over its non-U.S. clients, which has resulted in dismissals and denials of leave to amend in the Yen Libor and U.S Dollar Libor class actions as well.

Judge Castel also removed four plaintiffs from the suit for lack of standing, dismissed the RICO Act and Commodity Exchange Act claims, and dismissed all but one of the antitrust claims. 

RELATED MEDIA COVERAGE 

New York Judge Strikes Some Euribor Claims - Global Competition Review (subscription required)

Citigroup, JPMorgan Face Euribor Antitrust Class Action - Law360 (subscription required)

U.S. Judge Dismisses Most of Euribor-rigging Lawsuit - Reuters