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Lawsuit Seeks to Abolish LIBOR

Bank defendants argue that sudden elimination of the benchmark would be ‘a catastrophe.’

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Some of the world’s biggest banks are urging a U.S. judge not to immediately terminate LIBOR after a group of borrowers filed suit claiming the benchmark was the work of a “price-fixing cartel.”

Defendants in the case, including JPMorgan Chase & Co., Credit Suisse Group AG, and Deutsche Bank AG, said in a November filing that an injunction abruptly ending the London interbank offered rate (LIBOR) would wreak havoc on financial markets and undermine years of work reforming the reference rate. The plaintiffs, which include 27 consumer borrowers and credit-card users, are also seeking monetary damages.

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