Charles Schwab Corp. v. Bank of America Corp., No. 16-1189 (2d Cir. 2018)Annotate this Case
Schwab filed suit seeking to recover for harm allegedly resulting from a conspiracy among major banks to manipulate the London Interbank Offered Rate (LIBOR). The district court dismissed Schwab's state law claims for lack of personal jurisdiction, and dismissed both federal and certain state-law claims for failure to state a claim. The Second Circuit vacated portions of the district court's judgment that dismissed Schwab's state-law claims concerning products sold in California for lack of personal jurisdiction; dismissed Schwab's Securities
Exchange Act claims premised on misrepresentations and omissions that induced the purchase of floating-rate instruments on or after April 27, 2008; and dismissed Schwab's unjust enrichment claims against counterparties or a wrongdoer's affiliates as time-barred. The court affirmed in all other respects, remanding for further proceedings.