In multi-district litigation stemming from the alleged manipulation of the LIBOR interest-rate benchmark, on December 30, 2021, the Second Circuit reversed the district court and found that plaintiffs can establish personal jurisdiction through defendants’ participation in a conspiracy operating in the United States. Schwab et al. v. Lloyds et al. (SDNY). The plaintiffs alleged that the defendants, some of the largest financial institutions in the world, colluded to fix U.S. Dollar LIBOR, a financial benchmark used to set floating rates in loans and other financial products, during the 2007 financial crisis. Following the Second Circuit decision, the defendants filed a cert petition with the U.S. Supreme Court. Robins Kaplan represents the direct action plaintiffs Principal Financial and certain Principal Funds in the MDL.
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