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FDIC sues banks over alleged Libor rigging
LA Slimes ^ | March 14, 2014

Posted on 03/14/2014 4:27:39 PM PDT by Drango

Bank of America Corp., Citigroup Inc. and Credit Suisse Group were among 16 of the world's biggest banks sued by the U.S. Federal Deposit Insurance Corp., which alleged manipulation of the London Interbank Offered Rate from 2007 to 2011.

The FDIC, acting as receiver for 38 failed banks including Washington Mutual Bank, IndyMac Bank FSB and Colonial Bank, claimed that institutions sitting on the U.S. dollar Libor panel "fraudulently and collusively suppressed" the U.S. Libor. Also named in the suit, filed Friday in federal court in Manhattan, is the British Bankers Assn., an industry group.

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(Excerpt) Read more at latimes.com ...


TOPICS: Extended News; News/Current Events
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GOOD. What took them so long?
1 posted on 03/14/2014 4:27:39 PM PDT by Drango
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To: Drango

To lessen the chances that anyone will be held responsible.


2 posted on 03/14/2014 6:13:58 PM PDT by RetiredTexasVet (WWP and Paralyed Veterans Assoc. doing the work the U.S. Veterans Administration won't do!)
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To: Drango

In the UK, Guardian Care Homes is suing Barclays for rigging Libor rates. The bank sold GCH interest rate hedges based on rigged Libor rates. The company is seeking £70 million in damages. The trial is expected to continue next month.


3 posted on 03/15/2014 7:16:31 AM PDT by sergeantdave
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