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Fideres Provides Expert Consulting On SIBOR Benchmark Manipulation Litigation

By July 8, 2022August 18th, 2022News1 min read

Plaintiffs’ counsel Lowey Dannenberg retained Fideres to develop a plan of allocation in this financial market manipulation case.

Plaintiffs alleged that defendants unlawfully and intentionally manipulated two benchmark interest rates – the Singapore Interbank Offered Rate and the Singapore Swap Offer Rate – to fix the prices of SIBOR- and/or SOR-Based Derivatives.  It was alleged that members of the panels that set SIBOR and SOR, made artificial submissions that did not reflect the true cost of borrowing funds in Singapore but were, instead, intended to fix the prices of SIBOR- and SOR-Based Derivatives in order to benefit from their proprietary positions.

Fideres provided consulting expert work including developing a plan of allocation for the Plaintiffs harmed by the conduct.

The case settled for USD 155m in July 2022.

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