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Justices Leave Intact Libor ‘Conspiracy Jurisdiction’ Ruling (1)

June 21, 2022, 1:37 PMUpdated: June 21, 2022, 1:41 PM

The US Supreme Court turned down a long-running Libor case Tuesday, declining to resolve uncertainty about whether foreign banks can be hauled into American courts to face claims their purely overseas conduct formed part of a rate-rigging scheme with links to the U.S.

The justices said they won’t review a ruling by the US Court of Appeals for the Second Circuit, which exercised “conspiracy jurisdiction” over more than a dozen top global financial institutions, citing their alleged collusion with banks that took part in the rate rigging from within the U.S.

The case is part of a decade-old multidistrict litigation ...