Libor Rate Traders & Investors File Class Action Lawsuit Complaints Against Various Banks, Including Bank of America Merrill Lynch, Barclays, Citigroup, Credit Suisse, Deutsche Bank, HSBC, JP Morgan, Lloyds Banking Group, Norinchukin Bank, Royal Bank of Scotland, UBS and WestLB Over Alleged Libor Rate Market Manipulation.
A dozen class action lawsuits have been filed in different courts against numerous different banks (inlcuding Bank of America Merrill Lynch, Barclays, Citigroup, Credit Suisse, Deutsche Bank, HSBC, JP Morgan, Lloyds Banking Group, Norinchukin Bank, Royal Bank of Scotland, UBS and WestLB, collectively “Defendants”), essentially alleging that certain banks provided artificially low libor rate quotes to keep the libor rate down or suppressed which allegedly caused plaintiffs to lose money on investments tied to the value of the U.S. Libor rate, including Libor-based futures, options, swaps and derivatives such as eurodollar futures or floating rate debt, according to Libor rate class action lawsuit news reports.
The Libor rate class action lawsuits are reportedly pending before the Judicial Panel on Multi-District Litigation in San Fransisco, where the Court will reportedly hear arguments on and then decide an appropriate venue for the Libor rate suits.
If You Have Thoughts On The Libor Rate Class Action Lawsuit, Share Your Class Action Comments Below.
Libor Rate Manipulation Jul 8 2011
reverse mortgage is tied to the Libor.
do I ave a chance to get in on the class action suit?
My reverse mortgage is tied to the Libor
Do I have a chnace to get in on the class action suit?
For the entire time I’ve had my Ocwen floating rate loan (since 2004), the LIBOR has not changed. The only change came when I, at the stringent urging of Ocwen, applied for a modification. The modification was approved, and Ocwen lowered the rate from 11% to 9%. But, I now realize I should not have done it.
By doing the rate reduction as a modification, it allowed Ocwen to lower the Interest rate of the loan, but charge the reduction back to my loan principle balance, rather than lower it because of a lower LIBOR.
Now as the modification is coming to an end, Ocwen is again encouraging a modification, not a rate reduction. So is it possible that institutions are making borrowers pay for the lower LIBOR performance, by raising principle balances of the mortgage loans?
Thank You, Helen Hurst