Legal Proceedings

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Legal Proceedings

Legal Proceedings

We are subject to legal proceedings, claims and investigations that arise in the ordinary course of our business. These include the matters described in Part I, Item 3 “Legal Proceedings” and Note 15 to the consolidated financial statements in Part II, Item 8 of our 2019 Form 10-K, as well as in the comparable sections of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (collectively, the "Prior Legal Proceedings Disclosures"). We record estimated expenses and reserves for those matters in circumstances when a loss contingency is considered probable and the related amount is reasonably estimable. Any such accruals may be adjusted as circumstances change. Assessments of losses are inherently subjective and involve unpredictable factors. We do not believe that the resolution of these legal matters, including the matter described below, will have a material adverse effect on our consolidated financial condition, results of operations, or liquidity. It is possible, however, that future results of operations for any particular quarterly or annual period could be materially and adversely affected by any developments relating to the legal proceedings, claims and investigations. A range of possible losses related to the case below cannot be reasonably estimated at this time, except as otherwise disclosed below.

LIBOR Litigation

In the LIBOR litigation, the plaintiffs’ appeal of the district court’s dismissal of the complaint was docketed by the U.S. Court of Appeals for the Second Circuit. Briefing on the appeal is scheduled to occur between August and December 2020, and the defendants, including ICE and several of its subsidiaries as well as 18 multinational banks and various of their respective subsidiaries and affiliates, will be seeking affirmance of the dismissal. For further information on this matter, please see the Prior Legal Proceedings Disclosures.