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The Manhattan located U.S. Court of Appeals for the Second Circuit has just issued a ruling against 16 major financial institutions that could jeopardize the banking industry’s viability in the coming quarters.
New York’s court of appeals has issued a stark warning as it overruled the decision that major banks are not guilty in an antitrust case. The ruling has the potential to dramatically shift the business of the financial institutions which are targeted by investors who have been trading LIBOR through the facilities operated by the defendants.
Amongst the financial institutions implicated in the case we see Bank of America, ... (read more)