Richards Kibbe & Orbe LLP successfully represented twelve defendants in the dismissal of a putative class action against numerous banks and interdealer brokers for purportedly conspiring to manipulate the bid/offer spread for derivatives priced to the Swiss franc London Interbank Offered Rate ("CHF LIBOR") as well as to manipulate the setting of the CHF LIBOR benchmark in order to benefit certain bank defendants’ derivatives positions. Following multiple rounds of briefing on numerous issues, the United States District Court for the Southern District of New York accepted the defendants’ arguments and dismissed the case in its entirety on the grounds that the plaintiffs lacked Article III standing.
The RK&O team was comprised of Shari A. Brandt, H. Rowan Gaither and Matthew Riccardi.
Swiss Libor-Rigging Plaintiffs 'Do Not Exist,' Judge Finds - Law360 (subscription required)
Credit Suisse, Deutsche Bank Beat Franc Libor-Rigging Suit - Bloomberg Law (subscription required)