Lowey Dannenberg filed a proposed class action in July 2015 alleging that the 20 global financial institutions responsible for setting the Singapore Interbank Offered Rate (“SIBOR”) and the Singapore Swap Offer Rate (“SOR”) manipulated these benchmark rates to benefit their own derivatives positions at the expense of U.S. investors. The Monetary Authority of Singapore investigated these banks and found that traders manipulated SIBOR and SOR, imposing sanctions and other remedial measures. On March 17, 2021, the Second Circuit Court of Appeals vacated dismissal and remanded the case to Judge Hellerstein in the Southern District of New York, where it remains pending. FrontPoint Asian Event Driven Fund, L.P. v. Citibank, N.A., et al., 16-cv-5263 (S.D.N.Y.). Following Lowey’s win in the Second Circuit, defendants filed a petition for a writ of certiorari to the U.S. Supreme Court. The Supreme Court’s denial of that petition makes the Second Circuit’s decision final.
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