In an interesting development in the ongoing LIBOR-TIBOR price-fixing case, Reuters, the Financial Post and others are reporting that RBS has successfully obtained a stay in the Ontario Superior Court to produce documents under section 11 orders obtained by the Competition Bureau.
This ongoing investigation, also involving antitrust enforcement agencies in the United States, Europe, Japan and Switzerland, involves allegations that a number of global banks coordinated to fix interbank lending rates, including the Tokyo interbank offered rate or “TIBOR”.
The essence of the investigation appears to be whether alleged manipulations of interbank lending rates, if true, adversely affected the price of derivative and other financial products, such as credit default swaps, mortgages, etc.
This development is rather interesting given, among other things, that while compulsory production orders obtained by the Bureau (both search warrants and “section 11 orders”) have been challenged on many past occasions, including a number of constitutional challenges, they have largely been unsuccessful.
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