Lowey Dannenberg filed a proposed class action in July 2015 alleging that the 20 global financial institutions responsible for setting the Singapore Interbank Offered Rate (“SIBOR”) and the Singapore Swap Offer Rate (“SOR”) manipulated these benchmark rates to benefit their own derivatives positions at the expense of U.S. investors.

The Monetary Authority of Singapore investigated, finding manipulation by these financial institutions in SIBOR and SOR, imposing fines and other remedial measures. In August 2017, Judge Alvin K. Hellerstein sustained plaintiffs’ Sherman Act claims against defendants Bank of America, Citibank, JPMorgan Chase Bank.

FrontPoint Asian Event Driven Fund, L.P. v. Citibank, N.A., et al., 16-cv-5263 (S.D.N.Y.)