Class action law suits filed in US courts claim
international banks colluded at the expense of investors,
community banks, municipalities and investment funds. But banks
are not without ammunition of their own.
Some of the class action antitrust suits include claims on
different investment products against banks that didnt
directly sell the assets to plaintiff investors. This might
give banks an angle to have cases dismissed.
A $200 million US Commodity Futures Trading Commission
against Barclays for attempted manipulation and false reporting
of the London Interbank Offered Rate (Libor) and Euribor, a
similar benchmark for the eurozone, on June 27 was a catalyst
for US antitrust litigation.
The CFTC said that Barclays traders attempted to
manipulate Libor and Euribor and submitted false reports on the
interbank lending rates in collusion with other banks.
A July 6 class action suit...