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Lloyds, two others dismissed from yen Libor litigation in U.S | Reuters

 Lloyds, two others dismissed from yen Libor litigation in U.S
| Reuters

NEW YORK A U.S. judge on Friday dismissed Lloyds Banking Group Plc (LLOY.L), ICAP Europe Ltd and Tullett Prebon Plc as defendants from litigation alleging a conspiracy among many financial services companies to manipulate the yen Libor and Euroyen Tibor benchmark interest rates.U.S. District Judge George Daniels in Manhattan said he lacked personal jurisdiction over the three British companies.

Daniels cited a lack of evidence from the plaintiff investors that the defendants' alleged wrongful conduct had a substantial connection to or was "expressly aimed" at the United States.

Banks use the London interbank offered rate (Libor) and Tokyo interbank offered rate (Tibor) to set costs of borrowing from each other. Libor is often used to set rates on products such as credit cards and mortgages.

Investors including the California State Teachers' Retirement System and J. Kyle Bass' hedge fund Hayman Capital Management LP accused banks of conspiring to rig yen Libor, Euroyen Tibor and Euroyen Tibor futures contracts to benefit their own trading positions from January 2006 to June 2011.Citigroup Inc (C.N) and HSBC Holdings Plc (HSBA.L) have settled for a respective $23 million and $35 million. Several Japanese banks are among the defendants. (Reporting by Jonathan Stempel in New York; Editing by Leslie Adler)

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Updated Date: Mar 11, 2017 06:45:05 IST