Liaison counsel for all bank defendants in LIBOR litigation

Davis Polk represents a major financial institution in connection with various antitrust matters related to U.S. Dollar LIBOR, a widely used interest rate benchmark. Since mid-2011, there have been more than 50 actions filed nationwide and consolidated in the Southern District of New York by numerous plaintiff groups alleging U.S. Dollar LIBOR manipulation, in addition to widely publicized investigations by U.S. and foreign regulators. Davis Polk serves as court-appointed liaison counsel for all bank defendants before the district court, and has successfully obtained dismissals of multiple claims brought by various plaintiff groups and successfully defeated class certification for several purported classes.

We also represent this financial institution in numerous antitrust litigations concerning other benchmark rates, including ICE LIBOR, Yen LIBOR, Euroyen TIBOR, SIBOR and SOR. We have won dismissal of many of these actions and favorably resolved others.

The Davis Polk team included partners Arthur J. Burke and Paul S. Mishkin.