Supreme Court to Review Appeal Issue in LIBOR Litigation* Introduction The Supreme Court has granted certiorari in Gelboim v. Bank of America Corp. and will soon decide whether a case that has been dismissed from a consolidated proceeding can be appealed immediately, notwithstanding other cases still pending in the same proceeding. [1] A circuit split currently exists on this issue, with courts of appeals holding in one of three different ways. Background & Procedural History In August 2011, the Judicial Panel on Multidistrict Litigation (“JPML”) consolidated several cases involving an alleged conspiracy by large banks to manipulate the London Interbank Offering Rate (“LIBOR”), a bank-to-bank borrowing benchmark that underpins various financial instruments, in the Southern
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The US Supreme Court grants certiorari and will soon decide whether a case that has been dismissed from a consolidated proceeding can be appealed immediately, notwithstanding other cases still pending in the same proceeding (Gelboim / Bank of America)
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