Judge Daniels Agrees With Judge Buchwald That Rate Manipulation Does Not Create Antitrust Injury

In a decision Friday dismissing antitrust claims arising from the alleged manipulation of Euroyen TIBOR and Yen-LIBOR rates, Judge Daniels agreed with Judge Buchwald -- who dismissed similar allegations regarding LIBOR rates (see our post here) -- that fixing rates does not give rise to antitrust injury because the process of establishing interest rate indexes is “not competitive,” but a “cooperative effort.” Reuters’ Alison Frankel has a detailed analysis of the issue here.