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FDIC Sues 16 Big Banks For Rigging The LIBOR

Friday, March 14, 2014 - 4:15 PM
REUTERS: FDIC Sues 16 of the World's Biggest Banks for Colluding to Suppress Interest Rates

http://www.reuters.com/article/20...1KR2014031
[...] The lawsuit, filed in the federal district court in New York, was the latest to accuse financial institutions of conspiring to manipulate LIBOR, or the London Interbank Offered Rate. The FDIC said the defendants' conduct caused substantial losses to 38 banks that the U.S. regulator had taken into receivership since 2008, including Washington Mutual Bank and IndyMac Bank.

"The closed banks' losses flowed directly from, among other things, the harm to competition caused by the fraud and collusion alleged in the complaint," the FDIC said in the lawsuit.

The banks named as defendants include Bank of America Corp, Barclays PLC, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings PLC, JPMorgan Chase & Co, the Royal Bank of Scotland Group PLC, and UBS AG.
4
ClickClackClickClack25 posts since
Feb 7, 2012
Rep Points: 168
1. Monday, March 17, 2014 - 9:09 AM
Suprised? NOT.
1
dpandslemmendpandslemmen29 posts since
Feb 10, 2011
Rep Points: 120
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