Class action litigation is beginning to take shape over allegations that major banks manipulated Libor, the benchmark rate used to calculate interest on trillions of dollars in securities globally. On Monday the federal district court judge hearing the litigation consolidated 20 class complaints, and appointed interim class counsel.

Rambus is still paying for its decision to shred reams of documents before it launched a litigation campaign against a big swath of the semiconductor industry. The latest blow came on Friday, when the judge most sympathetic to Rambus over the years ruled that the company spoliated evidence and signaled that he would reduce a $397 million judgment that Rambus won against rival SK Hynix in 2009.

Longtop Financial Technologies, the Chinese company whose fortunes were upended last year by a billion-dollar accounting scandal, has yet to file an appearance in federal multidistrict litigation accusing it of massive securities fraud. After reading the most recent opinion in the case, we can understand why Longtop might be avoiding U.S. courts.