A US federal court in New York City declined to grant a request by 14 banks and ICAP Capital Markets LLC to dismiss a putative class action lawsuit against them alleging, among other things, that they colluded to manipulate the US dollar ISDAfix benchmark interest rate from January 1, 2006, through January 2014. (Click here for details regarding the original lawsuit in the article, “Alaska Pension Fund Sues 14 Financial Institutions Over Alleged ISDAfix Manipulation” in the September 7, 2014 edition of Bridging the Week. ISDAfix is the benchmark most commonly referenced to value cash-settled interest rate swaptions upon their expiration.) In a motion to dismiss plaintiffs’ action, defendants had specifically objected to plaintiffs’ claims based on alleged violations of federal anti-trust law and various state-law claims. The court held that plaintiffs had “plausibly” described a conspiracy by the defendants to restrain trade and that they suffered an antitrust injury and were suitable plaintiffs to pursue the alleged antitrust violations – thus satisfying their obligations for the lawsuit to proceed at this time. According to the court, “the Amended Complaint in these cases alleges that Plaintiffs ‘are purchasers’ of Defendants’ products ‘who allege being forced to pay supra-competitive prices as a result of [Defendants’] anticompetitive conduct’.” The court also denied defendants’ motion to dismiss causes of actions based on breach of contract and unjust enrichment, except for claims against one defendant (Nomura Holdings Inc.). It granted, however, defendants’ request to dismiss plaintiffs’ breach of tortious interference and breach of implied faith claims under state law.