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4 Second, artificially suppressing LIBOR allowed Defendants to pay lower interest rates on LIBOR-based financialinstruments that Defendants sold to investors, and otherwise affect the price for LIBOR-based derivatives like Eurodollar futures.6.Each business day, Thomson Reuters calculates LIBORa set of reference or benchmark interest rates priced to different ranges of maturity, from overnight to one yearon 2 David Enrich, Carrick Mollenkamp & Jean Eaglesham, U. Libor Probe Includes Bof A, Citi, UBS, Market Watch , March 17, 2011.
Moreover, by understating their true borrowing costs, Defendants provided a false or misleading impression of their financial strength to investors and the rest of the market.15. DEFENDANTS SUPPRESSED LIBOR DURING THE CLASS PERIOD 45. 1 LIBOR is a reference interest rate used as the basis for the pricing of fixed income futures, options, swaps and other derivative products traded on the CME and the Chicago Board of Trade (CBOT). 1, and common law on behalf of itself and all others who transacted in Eurodollar futures contracts and options on futures contracts on the Chicago Mercantile Exchange (CME) between August 2007 and May2010 (the Class Period).3 While the term LIBOR generally encompasses rates with respect to numerous currencies (which are separately referred to as, for example, USD-LIBOR or Yen-LIBOR), for convenience Plaintiffs use the term LIBOR to reference USD-LIBOR.4 Scott Peng, Chintan (Monty) Gandhi, & Alexander Tyo, Special Topic: Is LIBOR Broken?
SOUTHERN DISTRICT OF NEW YORK IN RE LIBOR-BASED FINANCIAL INSTRUMENTS ANTITRUST LITIGATIONMDL No. 2613THIS DOCUMENT RELATES TO: EXCHANGE-BASED PLAINTIFF ACTIONECF Case AMENDED CONSOLIDATEDCLASS ACTION COMPLAINTJURY TRIAL DEMANDED 1. That investigation included reviewing and analyzing information concerning Defendants and LIBOR, which Plaintiffs (through their counsel) obtained from, among other sources: (i) analyses by consulting experts engaged by Plaintiffs and other plaintiffs in these coordinated proceedings; (ii) publicly available press releases, news articles, and other media reports (whether disseminated in print or by electronic media); (iii) filings Defendants made to the United States Securities and Exchange Commission (SEC); (iv) court documents submitted in LIBOR-related proceedings in Canada, Singapore, and Japan; and (v) scholarly literature concerning the potential manipulation of LIBOR during the Class Period.