Plaintiffs Seeking Remedies Under Anti-Trust Statutes May Have to Change Tactics
U.S. District Court Judge Naomi Reice Buchwald has ruled against a group of plaintiffs seeking to use the Sherman Antitrust Act to punish rate-setting banks for manipulating LIBOR. Although some of the defendant banks on the London Interbank Offered Rate panel have admitted colluding to fix the LIBOR rate, Judge Buchwald held that the harm caused by this collusion was not a result of activities prohibited by the Sherman Anti-Trust Act.