A federal appeals court in Manhattan reinstated a civil antitrust case accusing 16 banks of hurting investors who bought securities tied to Libor by manipulating the interest-rate benchmark.

Bank of America Corp. and Citigroup Inc. are among the defendants sued in the civil lawsuit in Manhattan. The appeals court overturned a 2013 ruling by U.S. District Judge Naomi Reice Buchwald who said the investors had failed to show an antitrust injury that would permit them to sue under U.S. law.

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