United States Second Circuit

Dismissal of plaintiffs' securities fraud claims alleging that defendants willfully misrepresented defendant-bank's borrowing costs between 2007 and 2009 and knowingly submitted false information relating to the London Interbank Offered Rate (LIBOR), is: 1) affirmed in part, where defendants' statements regarding its "minimum control requirements" were not materially false; but 2) vacated in part and remanded, where, with respect to the alleged misrepresentations of defendant-bank's borrowing costs, plaintiffs have sufficiently pled loss causation under a theory of corrective disclosure.

Appellate Information

• Decided 04/25/2014
• Published 04/25/2014

Judges

• BERMAN

Court

• United States Second Circuit

Counsel