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Banks say that scrapping Libor would 'wreak havoc'


Some of the world’s biggest banks are urging a  US judge not to immediately terminate Libor after a group of borrowers filed suit claiming the benchmark was the work of a “price-fixing cartel”.
Defendants in the case, including JPMorgan Chase, Credit Suisse and Deutsche Bank, said in a November filing that an injunction abruptly ending the London interbank offered rate would wreak havoc on financial markets and undermine years of work reforming the reference rate.
The plaintiffs, which include 27 consumer borrowers and credit card users, are also seeking monetary damages.
Attorneys not involved in the case say the chances of an injunction are slim. Yet it underscores the risks and legal costs for banks that continue to prop up Libor, which still underpins hundreds of trillions of dollars of financial assets around the world. It also highlights the fragility of the discredited benchmark, which in theory could be halted by a single court decision. ....

City Of , United Kingdom , Y Daphne Coelho Adam , Anne Beaumont , Friedman Kaplan Seiler Adelman , Seward Kissel , Credit Suisse , Deutsche Bank , Friedman Kaplan Seiler , San Francisco , நகரம் ஆஃப் , ஒன்றுபட்டது கிஂக்டம் , ய் டபினே கோல்ோ ஆடம் , அன்னே பியூமான்ட் , ஸ்ய்வர்ட் முத்தம் , கடன் ஸ்யூயி , டாய்ச் வங்கி , சிட்டி குழுமம் , ப்ரைட்மேன் கபிலன் சீலர் , சான் பிரான்சிஸ்கோ ,

Global banks warn of market chaos if court abolishes Libor


MONEYWEB
app instead?
San Francisco judge to render a decision on an injunction without a hearing.
By William Shaw and Joel Rosenblatt, Bloomberg
13 Jan 2021 
10:51 
Image: Shutterstock
Some of the world’s biggest banks are urging a U.S. judge not to immediately terminate Libor after a group of borrowers filed suit claiming the benchmark was the work of a “price-fixing cartel.”
Defendants in the case, including JPMorgan Chase & Co., Credit Suisse Group AG and Deutsche Bank AG, said in a November filing that an injunction abruptly ending the London interbank offered rate would wreak havoc on financial markets and undermine years of work reforming the reference rate. The plaintiffs, which include 27 consumer borrowers and credit card users, are also seeking monetary damages. ....

City Of , United Kingdom , Y Daphne Coelho Adam , Anne Beaumont , Joseph Alioto , Administration Ltd , Credit Suisse Group , Holdings Plc , Deutsche Bank , Jpmorgan Chase Co , Seward Kissel , Alioto Law Firm , Citigroup Inc , Friedman Kaplan Seiler Adelman , Suisse Group , Friedman Kaplan Seiler , San Francisco , நகரம் ஆஃப் , ஒன்றுபட்டது கிஂக்டம் , ய் டபினே கோல்ோ ஆடம் , அன்னே பியூமான்ட் , ஜோசப் அலியோடோ , கடன் ஸ்யூயி குழு , ஹோல்டிங்ஸ் ப்ல் , டாய்ச் வங்கி , ஜுப்ம்ொர்கண் துரத்து இணை ,

Global banks warn of market chaos should court abolish LIBOR


Global banks warn of market chaos should court abolish LIBOR
Bloomberg
Bloomberg
Some of the world s biggest banks are urging a U.S. judge not to immediately terminate LIBOR after a group of borrowers filed suit claiming the benchmark was the work of a price-fixing cartel.
Defendants in the case, including J.P. Morgan Chase, Credit Suisse Group and Deutsche Bank, said in a November filing that an injunction abruptly ending the London interbank offered rate would wreak havoc on financial markets and undermine years of work reforming the reference rate. The plaintiffs, which include 27 consumer borrowers and credit card users, are also seeking monetary damages. ....

United States , City Of , United Kingdom , Y Daphne Coelho Adam , Seward Kissel , Anne Beaumont , Joseph Alioto , Friedman Kaplan Seiler Adelman , Jp Morgan Chase , Credit Suisse Group , Derivatives Association , Deutsche Bank , Us Chamber , International Swaps , Alioto Law Firm , Suisse Group , Friedman Kaplan Seiler , San Francisco , ஒன்றுபட்டது மாநிலங்களில் , நகரம் ஆஃப் , ஒன்றுபட்டது கிஂக்டம் , ய் டபினே கோல்ோ ஆடம் , ஸ்ய்வர்ட் முத்தம் , அன்னே பியூமான்ட் , ஜோசப் அலியோடோ , ஜ்ப் மோர்கன் துரத்து ,