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Firm News

Cahill Wins Dismissal for Credit Suisse in ICE LIBOR Antitrust Class Action

Date: 03/26/20

A Cahill litigation team prevailed on behalf of Credit Suisse in defeating a purported class action brought by plaintiffs alleging that Credit Suisse and other bank defendants violated the antitrust laws by allegedly conspiring to manipulate the Intercontinental Exchange London Interbank Offered Rate (“ICE LIBOR”). In an opinion issued on March 26, 2020, Judge George B. Daniels of the U.S. District Court for the Southern District of New York granted Credit Suisse’s motion to dismiss, ruling that plaintiffs had failed to adequately state an antitrust claim and that the court lacked personal jurisdiction over the foreign Credit Suisse defendants.