US: Deutsche Bank, Credit Suisse beat libor-rigging suit

According to a report from Bloomberg Law, Credit Suisse Group, Deutsche Bank AG, and dozens of other banks beat a Southern District of New York lawsuit on Monday (September 16) that accused them of rigging Swiss franc interest rates.

The proposed antitrust class action claimed the financial firms conspired with BlueCrest Capital Management, a British hedge fund run by billionaire Michael Platt, to manipulate the Swiss franc London InterBank Offered Rate, or CHF Libor. The rate is a key benchmark that reflects and affects how much banks pay each day to borrow francs.

Full Content: Bloomberg

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