LIBOR Rate Manipulation
Issue: Manipulation of LIBOR rates
Schwab Short-Term Bond Market Fund, et al. v. Bank of America Corp., et al., No. 11 CV 6409 (S.D.N.Y.); Charles Schwab Bank, N.A., et al. v. Bank of America Corp., et al., No. 11 CV 6411 (S.D.N.Y.); Schwab Money Market Fund, et al. v. Bank of America Corp., et al., No. 11 CV 6412 (S.D.N.Y.); The Charles Schwab Corp., et al. v. Bank of America Corp., et al., No. 13 CV 7005 (S.D.N.Y.); and Bay Area Toll Authority v. Bank of America Corp., et al., No. 14 CV 3094 (S.D.N.Y.) (collectively, “LIBOR”).
Lieff Cabraser serves as counsel for The Bay Area Toll Authority (“BATA”), as well as The Charles Schwab Corporation (“Charles Schwab”), its affiliates Charles Schwab Bank, N.A., and Charles Schwab & Co., Inc., which manages the investments of the Charles Schwab Bank, N.A. (collectively “Schwab”), several series of The Charles Schwab Family of Funds, Schwab Investments, and Charles Schwab Worldwide Funds plc (“Schwab Fund Series”), in individual lawsuits against Bank of America Corporation, Credit Suisse Group AG, JPMorgan Chase & Co., Citibank, Inc., and additional banks for allegedly manipulating the London Interbank Offered Rate (“LIBOR”).
The complaints allege that beginning in 2007, the defendants conspired to understate their true costs of borrowing, causing the calculation of LIBOR to be set artificially low. As a result, Schwab, the Schwab Fund Series, and BATA received less than their rightful rates of return on their LIBOR-based investments. The complaints assert claims under federal antitrust laws, the federal Racketeer Influenced and Corrupt Organizations Act (“RICO”), and the statutory and common law of California. The actions were transferred to the Southern District of New York for consolidated or coordinated proceedings with the LIBOR multidistrict litigation pending there.
Civil Litigation News
San Francisco Schools Receive Financial Boost From Settlement With JUUL
As reported by the S.F. Chronicle, the San Francisco Unified School District has been awarded a substantial $24.65 million payment from vaping
Final Approval Granted to Historic $235M Settlement with Altria in National JUUL Youth E-Cigarette Predatory Advertising, Addiction and Injury Litigation
On March 14, 2024, U.S. District Judge William Orrick of the Northern District of California issued an order granting final approval to a comprehensive
New York Times Spotlights Lieff Cabraser’s Recent Win on Behalf of Hawaiian Kona Coffee Farmers
The New York Times has published an exemplary piece highlighting Lieff Cabraser’s leadership in securing a pivotal victory for Kona coffee farmers