A Federal Judge has dismissed a substantial portion of the LIBOR manipulation cases. Judge Naomi Reice Buchwald ruled in favor of Bank of America, JP Morgan Chase, Citigroup, and others in connection with their motions to dismiss the federal antitrust claims and the claims of commodities manipulation. The Court also dismissed racketeering and state-law claims. Other causes of action survived, and the lawsuit continues to be prosecuted.
In her 161 page opinion, Buchwald recognized that her ruling might be “unexpected” since several of the defendants paid billions of dollars in penalties to governmental regulatory agencies, but she distinguished the burdens of a governmental prosecution from that of private parties and emphasized that voluntary settlements were different from the procedural requirements of litigation.
Geoffrey Broderick, the senior partner of the Resolution Law Group, says “There is no question that these banks manipulated the London Interbank Offered Rate (LIBOR) and millions of borrowers suffered as a direct result. The settlements paid to the government have not filtered down to compensate the victims of the manipulation.“
Mr. Broderick adds that “The housing market will continue to suffer until it is fixed by the Courts or the Legislature. Somebody has to fix the problem. That is why The Resolution Law Group continues its fight for homeowners. Homeowners cannot expect the problem to fix itself.”
The Resolution Law Group continues to prosecute ground breaking litigation in Federal Court on behalf of homeowners suing lenders and servicers for, among other things, the illegal use of MERS, robo-signing, and intentionally ignoring underwriting standards and encouraging inflated appraisals.
The Resolution Law Group is currently enrolling clients into the pending lawsuit. For further information, visit its website at www.TheResolutionLawGroup.com