LAYDON v. COÖPERATIEVE RABOBANK U.A.

Nos. 20-3626(L), 20-3775(XAP) August Term 2021.

51 F.4th 476 (2022)

Jeffrey LAYDON, on behalf of himself and all others similarly situated, Plaintiff-Appellant-Cross-Appellee, v. COÖPERATIEVE RABOBANK U.A., Barclays Bank PLC, Société Générale S.A., Defendants-Appellees-Cross-Appellants, The Royal Bank of Scotland Group plc, UBS AG, Lloyds Banking Group plc, UBS Securities Japan Co., Ltd., The Royal Bank of Scotland plc, RBS Securities Japan Limited, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: October 18, 2022.


Attorney(s) appearing for the Case

Eric F. Citron , Goldstein & Russell, P.C., Bethesda, MD ( Vincent Briganti , Margaret MacLean , Lowey Dannenberg, P.C., White Plains, NY, on the brief), for Plaintiff-Appellant-Cross-Appellee Jeffrey Laydon.

Thomas G. Hungar , Gibson, Dunn & Crutcher LLP, Washington, DC ( Russell B. Balikian , Gibson, Dunn & Crutcher LLP, Washington, DC; Mark A. Kirsch , Eric J. Stock , Jefferson E. Bell , Gibson, Dunn & Crutcher LLP, New York, NY, on the brief), for Defendants-Appellees UBS AG and UBS Securities Japan Co., Ltd.

Marc J. Gottridge , Herbert Smith Freehills New York LLP, New York, NY ( Lisa J. Fried , Herbert Smith Freehills New York LLP, New York, NY; Benjamin A. Fleming , Hogan Lovells US LLP, New York, NY, on the brief), for Defendant-Appellee Lloyds Banking Group plc.

Nicole A. Saharsky , Mayer Brown LLP, New York, NY ( Steven Wolowitz , Andrew J. Calica , Mayer Brown LLP, New York, NY, on the brief), for Defendant-Appellee-Cross-Appellant Société Générale S.A.

David R. Gelfand , Tawfiq S. Rangwala , Milbank LLP, New York, NY; Mark D. Villaverde , Milbank LLP, Los Angeles, CA, for Defendant-Appellee-Cross-Appellant Coöperatieve Rabobank U.A.

David S. Lesser , King & Spalding LLP, New York, NY; Robert G. Houck , Clifford Chance US LLP, New York, NY, for Defendants-Appellees The Royal Bank of Scotland plc, The Royal Bank of Scotland Group plc, and RBS Securities Japan Ltd.

Before: Pooler, Park, and Lee, Circuit Judges.


Plaintiff Jeffrey Laydon brought this putative class action against more than twenty banks and brokers, alleging a conspiracy to manipulate two benchmark rates known as Yen-LIBOR and Euroyen TIBOR. He claimed that he was injured after purchasing and trading a Euroyen TIBOR futures contract on a U.S.-based commodity exchange...

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