Have to say this is a big disappointment. Although they still have to prove the case and win it of course, which could take ages yet. To say nothing of the fact that there are 16 banks defending it, so the claimants are up against it from a resource point of view. lastly, any award made (should they win) would of course be divided amongst the 16 banks . GLA
M1k3y, Quite worrying. News released fairly late in the US market day, so greater impact on SPs never fully materialised. We'll see what tomorrow brings, but no surprise if we see a bit of a downturn from this. - ATB!
Big losses for banks over rate-rigging May. 23, 2016 3:10 PM • SA Editor Stephen Alpher The ruling from the Court of Appeals for the Second Circuit reinstates previously thrown out private antirust lawsuits against 16 banks for allegedly rigging Libor. There are a number of groups of plaintiffs, including Baltimore, Houston, and San Diego. For now, the case goes back to lower court for further proceedings. If the suits are successful, the bill to banks could be several billion dollars. Roughly a dozen financial companies have already settled official charges of rate manipulation, with some pleading guilty to criminal charges. The defendants in line from today's ruling include: Bank of America (NYSE:BAC), Barclays (NYSE:BCS), Credit Suisse (NYSE:CS), Deutsche Bank (NYSE:DB), HSBC, JPMorgan (NYSE:JPM), Lloyds (NYSE:LYG), Royal Bank of Canada (NYSE:RY), SocGen (OTCPK:SCGLY), UBS, and Royal Bank of Scotland (NYSE:RBS).
I did previously point out that the BREXIT vote is a market moving event, so this may also be of interest to people. It would appear that the most amount of money is betting on remain, but the most individual gamblers have bet for a BREXIT, according to this article. Hmmm, so the odds are based on the amount of money bet, but more individual gamblers are voting out. I think this dispels the myth about the bookies pointing to a remain vote.
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