Cahill Litigation Team Prevails Again on Behalf of Credit Suisse in ICE LIBOR Antitrust Action
Date: 10/13/23
A Cahill team prevailed on behalf of Credit Suisse in securing the dismissal of an action brought by twenty-seven plaintiffs alleging that Credit Suisse and other bank defendants violated antitrust laws by conspiring to fix the Intercontinental Exchange London Interbank Offered Rate (“ICE LIBOR”). In September of 2022, the U.S. District Court for the Northern District of California dismissed the complaint for lack of personal jurisdiction over foreign defendants and lack of antitrust standing as to all defendants but granted plaintiffs leave to amend their complaint to address these deficiencies. After plaintiffs filed an amended complaint, Credit Suisse and the other defendants again moved to dismiss. On October 10, 2023, the court again granted the motion to dismiss on jurisdictional and antitrust standing grounds, finding that plaintiffs had failed to cure the deficiencies in their prior complaint. The court also denied leave to amend.