Quote from: CSNY/Alice Griffin BK Attorney - Today at 02:11:05 PM
Someone reached out to me today about timing and I shared my cautious optimism.
I told them I believe LIBOR is critical to the first phase of us getting a distribution, so as the New York phase of LIBOR is within one year of a critical ruling we are 'nearer' than we've been in the past.
I don't know if the parties will settle before a summary judgment ruling (it is expected one year from now). Also, I'm sure people know even a summary judgment ruling against the defendants can be appealed.
In this vein, if the defendants wait until a ruling and it is unfavorable to them they may appeal and not settle until/unless the appellate court upholds the unfavorable ruling.
That's why I'm cautiously optimistic that there will be a settlement within a year.
As for why I'm certain there will be a settlement: there have already been settlements. Those settlements protected defendants and their stakeholders (e.g., FRBNY, BoE, ECB) from public dissemination of embarrassing information that could, among other things, erode public trust.
If there's a trial, that information would come out eventually. The defendants will settle.
As before, timing is the issue. They have probably made an offer but made one they knew the plaintiffs would be unlikely to accept. The longer the defendants wait the greater the sum they have to pay out but they may not care as they've probably made multiples of any LIBOR gains. (I say this is probably one reason why the FDIC asked for so much money , that and the fact that it would take a long time to get a payout.)
