1st UK Conviction Gives More Ammunition to Libor Plaintiffs
August 3, 2015
Gregory Asciolla posits on further implications following the conviction of a former trader over LIBOR manipulation
In the fight against the big banks regarding ongoing litigation over the manipulation of the London Interbank Offered Rate (LIBOR), plaintiffs recently earned another weapon in their arsenal. Convicted on eight counts of fraud, a former UBS AG trader's criminal case could yield further admissible testimony which could support the related and ongoing antitrust case.
"The plausibility and viability of an ongoing case is strengthened as co-conspirators are convicted, plead guilty or settle, particularly if they agree to cooperate against remaining defendants," said Gregory Asciolla, a partner at Labaton Sucharow LLP.