ICAP released from further LIBOR class action suits
13 March 2017
London, New York - NEX Group plc ("NEX"), (NXG.L), announces that on 10 March 2017 a judge dismissed two US LIBOR class action cases – the Sonterra Yen LIBOR class action and the Laydon Yen LIBOR class action – in which ICAP plc and/or ICAP Europe Limited were among the defendants.
The Sonterra Yen LIBOR class action case was dismissed due to lack of standing. ICAP plc and ICAP Europe Limited were among the 44 defendants in the case.
In dismissing the case, the Order stated: "Plaintiffs have failed to plead facts that support a finding of Article III standing to bring federal claims based on Defendants' alleged manipulation of Yen LIBOR and Euroyen TIBOR. Accordingly, Defendants' motion to dismiss the Amended Complaint pursuant to Federal Rule of Civil Procedure 12(b)(l) is GRANTED. This Court declines to exercise supplemental jurisdiction over Plaintiffs' remaining state law claims. Plaintiffs' Amended Complaint is dismissed in its entirety.”
On the same day, a judge dismissed ICAP Europe Limited from a related but distinct class action over Yen LIBOR , the Laydon class action. ICAP plc had previously been dismissed from this case. When dismissing ICAP Europe Limited from the case, the Order stated: “Plaintiffs have not alleged sufficient facts upon which this Court can assert specific jurisdiction over ICAP”.
ICAP plc and ICAP Europe Limited have now been dismissed from all three LIBOR-related cases of Yen, Euribor and US Dollar.
The liability for ICAP plc and ICAP Europe Limited resided with NEX Group plc under the terms of the completed transaction with Tullett Prebon plc
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