In Re: Libor-Based Financial Instruments Antitrust Lawsuit
On June 14, 2011, Berger Montague filed a class-action lawsuit against 13 global banks on behalf of investors who transacted in Eurodollar futures contracts and options on futures contracts on the Chicago Mercantile Exchange (“CME”) between August 2007 and May 2010 (the complaint is available for download here) (“exchange-based plaintiffs”). The now consolidated class action lawsuit, In Re: Libor-Based Financial Instruments Antitrust Litigation, alleges that the banks colluded to misreport and manipulate Libor rates, thereby harming investors in futures, swaps, and other Libor-based derivative products. Approximately $200 million in settlements achieved on behalf of the exchange-based plaintiffs are in the process of being distributed and gaining final Court approval. The litigation continues against certain Defendants.