According to a court decision made by the District Court of New York, inter-dealer broker ICAP plc has been dismissed from a class action lawsuit against the company and a number of financial institutions defending themselves against Libor .
The decision excludes the London-based inter-dealer broker ICAP plc from any potential litigation costs related to the case. After a big selloff of the company’s shares in the aftermath of the LIBOR investigations, the company’s stock market performance has recently been stabilizing.
Shares of the company have traded higher by almost 56% during the past couple of months after Volatility began returning to the capital markets in August 2014.
The case also dismissed two Japanese major financial institutions – Mizuho and Resona.
The decision excludes the London-based inter-dealer broker ICAP plc from any potential litigation costs
Back in February, the European Commission fined the UK-based broker over $16 million (€15 million) for having breached EU antitrust rules. The company has been charged with facilitating the operations of several cartels in the Japanese yen LIBOR rates fixing.
The European Commission has already fined a number of banks, including UBS, RBS, Deutsche Bank, Citigroup, JPMorgan and the broker RP Martin in December 2013, after the firms admitted their participation in cartels manipulating the Japanese yen LIBOR rates.
ICAP Plc Revamps Shipping Business
In a separate announcement, ICAP plc announced today that the firm has formed a new venture with Howe Robinson Group Pte Ltd related to its shipping business. The name of the new company is Howe Robinson Partners with ICAP taking a 35% shareholding.
The new venture will be headquartered in Singapore employing about 240 employees across offices in London, Hamburg, Copenhagen, Gibraltar, Shanghai, Tokyo and Hong Kong. ICAP intends to transfer its India, Dubai and US operations to Howe Robinson Partners shortly. ICAP’s Forward Freight Agreements business will continue to be run by ICAP Energy, while working closely with Howe Robinson Partners.
The Chairman of ICAP Energy, Paul Newman, said in the announcement, “Howe Robinson and ICAP Shipping are highly complementary global businesses. The new venture will enable us to better service the diverse needs of our clients operating across multiple locations and market segments, now and into the future.”
