BlueCrest Capital Management to vigorously defend Libor lawsuit

BlueCrest Capital Management was sued by a group of investment firms over claims an employee at the hedge fund run by billionaire Michael Platt conspired with banks to rig the Swiss franc Libor rate.

Bloomberg News reports that the allegations closely follow information disclosed by the New York Department of Financial Services in April as part of a record $2.5bn fine against Deutsche Bank.

The lawsuit cites a transcript released by regulators that indicated a BlueCrest employee asked a Deutsche Bank director to contribute a low interest rate to Libor submissions.

BlueCrest and other defendants 'rearranged their Swiss franc Libor-based derivatives desks to encourage cooperation among traders', investors said in the lawsuit filed June 19 in federal court in Manhattan.

BlueCrest said that the claims in the lawsuit are without merit and that it will vigorously defend itself.

To access the complete Bloomberg News article hit the link below:

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