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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.

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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.

London , 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

Global banks warn of market chaos if court will abolish LIBOR

Global banks warn of market chaos if court will abolish LIBOR
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Y-daphne-coelho-adam , Anne-beaumont , Bloomberg , Jpmorgan-chase-co , Seward-kissel , Credit-suisse-group , Deutsche-bank , Friedman-kaplan-seiler-adelman , London-interbank-offered-rate , Suisse-group , Friedman-kaplan-seiler , San-francisco

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 , London , 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

Global banks warn of market chaos if court were to abolish Libor

Global banks warn of market chaos if court were to abolish Libor
bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.

London , 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

Global banks warn of market chaos if court rushes Libor exit

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.”

London , City-of , United-kingdom , Y-daphne-coelho-adam , Seward-kissel , Anne-beaumont , Joseph-alioto , Friedman-kaplan-seiler-adelman , Credit-suisse-group , Alioto-law-firm , Deutsche-bank , Citigroup