U.S. appeals court revives Schwab Libor manipulation claims


NEW YORK (Reuters) – Charles Schwab Corp (SCHW.N) and several of its mutual funds persuaded a U.S. appeals court on Friday to revive several of its claims against large banks they accused of manipulating the Libor benchmark interest rate. The 2nd U.S. Circuit Court of Appeals in Manhattan said a lower court judge erred in dismissing various of Schwab’s federal securities and California state law claims, as well as claims for unjust enrichment. Schwab alleged that the banks’ manipulation of Libor caused it economic harm in connection with $665 billion of transactions, the appeals court said. Reporting by Jonathan Stempel in New YorkEditing by Chizu NomiyamaOur Standards:The Thomson Reuters Trust Principles.
Source: Reuters