…and we all know that, thanks to the Holder Doctrine, the government isn’t going to sue! So if you were a trader or a bondholder, a New York judge thinks you don’t have any right to relief due to admitted LIBOR rigging. The system works! From Huffington Post:
“In a 161-page opinion, Buchwald said she recognized her ruling might be “unexpected,” since several defendants had paid billions of dollars in penalties to government regulatory agencies.
But she said unlike government agencies, private plaintiffs needed to meet many requirements under the statutes to bring a case.
“Therefore, although we are fully cognizant of the settlements that several of the defendants here have entered into with government regulators, we find that only some of the claims that plaintiffs have asserted may properly proceed,” she wrote.”
Haven’t these poor banks suffered enough? Wasn’t the slap on the wrist painful enough? Ummm…I think not.