Bloomberg reports that U.S. District Judge George Daniels in Manhattan said in a decision yesterday that the investor, who alleges losses from short positions on euroyen Tibor futures contracts, can proceed against all the banks with his claim under the Commodity Exchange Act for price manipulation and aiding and abetting.
The investor, Jeffrey Laydon, who seeks to represent other investors in a group lawsuit, or class action, said in an amended complaint last year that the banks conspired to fix the euroyen Tokyo interbank offered rate and the London interbank offered rate for the yen.
Regulators around the world have been probing whether firms colluded to manipulate interest-rate benchmarks including Libor, which affects more than $300tril of securities worldwide. Financial institutions have paid about $6bn so far to resolve criminal and civil claims in the U.S. and Europe that they manipulated benchmark interest rates.
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