Barclays Engages Boies, Schiller & Flexner to Defend Against U.S. LIBOR Class Actions
At the forefront of litigation relating to the London Interbank Offered Rate (LIBOR), Boies, Schiller & Flexner is representing Barclays in multiple class action and direct action lawsuits brought in the United States against the British bank and other panel bank members in connection with their submissions to the bodies that set various interbank offered rates, such as LIBOR and the Euro Interbank Offered Rate (EURIBOR).
After settlements with British and U.S. authorities, Barclays engaged BSF to defend against follow-on lawsuits brought in the U.S., including among other actions the more than twelve outstanding class actions relating to USD LIBOR that have been consolidated into a Multi-District Litigation before Judge Buchwald of the Southern District of New York (In re Libor-Based Financial Instruments Antitrust Litigation, 11-MD-02262 (S.D.N.Y.)), an action regarding Yen LIBOR pending before Judge Daniels in the Southern District of New York (Laydon v. Mizuho Bank, Ltd., et al. 12-3419 (filed April 30, 2012)), and a securities fraud action pending before Judge Scheindlin in the Southern District of New York (Gusinsky v. Barclays, PLC, 12-CV-5329 (S.D.N.Y.) (filed July 10, 2012)).
The Firm previously handled a closely-watched $13 billion case against Barclays brought by Lehman Brothers over the purchase of bankrupt entity’s North American broker dealer unit at the height of the financial crisis. After a hard-fought trial in New York, the Bankruptcy Court rejected the Lehman Estate’s $13 billion fraud claim and the Estate elected not to pursue its appeal. In certain related contract disputes over assets transferred in the sale, Barclays has been awarded in excess of $6 billion; that case is currently pending in the Second Circuit Court of Appeals.
Led by BSF Managing Partner Jonathan Schiller and Chairman David Boies, the attorneys working on LIBOR-related matters for Barclays include partners David Boyd, Mike Brille, James Meadows, Andrew Michaelson, Robert Silver, and associates Amos Friedland, Wells Harrell, Ilana Miller, Leigh Nathanson and Andrew Villacastin.