Global banks urge US judge not to terminate Libor amid price-fixing suit
Abruptly ending the interbank offered rate would wreak havoc on financial markets, defendants say
13 January 2021 - 17:08
Some of the world’s biggest banks are urging a US judge not to terminate Libor immediately after a group of borrowers filed suit claiming the benchmark was the work of a “price-fixing cartel”.
Defendants, including JPMorgan Chase & Co, Credit Suisse Group and Deutsche Bank, said in a November filing that an injunction abruptly ending the London interbank offered rate would wreak havoc on financial markets and undermine years of work reforming the reference rate. The plaintiffs, which include 27 consumer borrowers and credit card users, are also seeking monetary damages...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.