July 23, 2015:
JUDGE NAOMI BUCHWALD entered an Order setting motions to dismiss some cases, including the Payne, et al. vs. Bank of America, for a hearing on Thursday, August 20, 2015.
January 16, 2015:
Defendants file consolidated Motion to Dismiss Payne, et al. vs. Bank of America.
November 13, 2014:
First Amended Complaint filed in Payne, et al vs. Bank of America, 11-md-2262-NRB, U.S. District Court for the Southern District of New York.
The London Interbank Offered Rate, or LIBOR, is a benchmark interest rate set by the world's largest banks. While the average american was or is blissfully ignorant about the specifics of LIBOR, it affected so many financial instruments that is was justifiably called the "most important interest rate in the world." LIBOR is used to set interest rates on such credit instruments as private student loans, auto loans, adjustable-rate mortgages, credit cards, etc., all of which need to be indexed to some underlying marker of the overall cost of funds within the financial system.
When we became aware of growing evidence that LIBOR numbers have been deliberately manipulated by banks for years, which would mean that millions of people have been paying the wrong interest rate on all manner of financial products, we immediately filed a class action suit against the responsible banks. We believe that vast sums of money have been wrongly snatched from innocent people and created equally vast undeserved windfalls for others. And once again, the basic structure of the world’s financial system has been exposed as fundamentally broken.
John Sharbrough filed the first case on behalf of homeowners, Annie Bell Williams, et al vs. Bank of America, and it was followed closely by Payne et al. v. Bank of America, a case filed by Baron & Budd. Sharbrough and Baron & Budd have agreed to cooperate as they to represent homeowners in this extremely complex litigation.
Roland Tellis of Baron & Budd is lead counsel for the Homeowner Class. Dan Alberstone and Mark Pifko, also of Baron & Budd, are assisting on the case. Baron & Budd is widely recognized as one of the nation's leading plaintiffs' law firms. Homeowners injured by the LIBOR rate manipulations will be well represented by the Baron & Budd - Sharbrough alliance.
Class Counsel is currently preparing for oral argument, set for August 20, 2015, in opposition to the motions to dismiss. Counsel are confident that the motions to dismiss will not prevent the case from continuing.
The First Amended Complaint may be viewed here.