All lending institutions headquartered in the US that originated loans, held loans, held interests in loans, owned loans, owned interests in loans, purchased loans, purchased interests in loans, sold loans, or sold interests in loans with interest rates based upon U.S. Dollar Libor.

U.S. Dollar LIBOR-based loans that include any term, provision, obligation or right to be paid or to receive interest based upon U.S. Dollar Libor, but excluding other types of USD Libor-based instruments such as interest rate swaps or bonds.

The complaint alleged that throughout the Class Period, Defendants caused the USD LIBOR to be manipulated by knowingly and intentionally submitting false data to BBA, which did not honestly reflect the submitting banks actual borrowing costs on the interbank market.

Defendants had two reasons to falsify their submissions.  First, the Contributing Panel banks did not want to signal their own distress by admitting publicly that their peers were reluctant to lend to them except at elevated rates.  Second, due to their own net interest rate exposure, at least some of the Contributing Panel banks stood to reap large financial benefits from even a modest decrease in USD LIBOR.

Class action brought asserting claims of common law fraud on behalf of all lending institutions headquartered in the states and territories of the United States that originated, purchased outright, or purchased a participation interest in, loans paying interest at rates tied to the U.S. Dollar London Interbank Offered Rate (USD LIBOR),1 the interest rate of which adjusted at any time between August 1, 2007 and May 31, 2010.