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Antitrust claims revived in Libor litigation

Reuters - UK Focus

NEW YORK, May 23 (Reuters) - A federal appeals court on Monday revived antitrust claims in private U.S (Other OTC: UBGXF - news) . litigation accusing global banks of conspiring to manipulate the Libor benchmark interest rate.

The 2nd U.S. Circuit Court of Appeals in Manhattan (Hamburg: 32U.HM - news) said a lower court judge erred in dismissing the antitrust portion of the case on the ground that the plaintiffs failed to allege harm to competition.

Libor underpins hundreds of trillions of dollars of transactions and is used to set rates on credit cards, student loans and mortgages.

Investors accused big banks of suppressing Libor during the financial crisis to boost earnings or make their finances appear healthier. (Reporting by Jonathan Stempel in New York)