FDIC sues 16 big banks claiming manipulation of LIBOR
The FDIC filed a suit against a host of big banks claiming they manipulated the LIBOR rates thus harming 38 banks that were taken over by the FDIC.
Included are lots of names you’ll recognize: Bank of America, Citigroup, Credit Suisse Group, HSBC, Barclays, JPMorgan Chase, and RBS. They also included the British Bankers’ Association which owned and managed LIBOR.
Even a few hours after the news broke, the reports I’ve read are only a couple of paragraphs long. Not much background. Here’s a few articles to read, if you wish:
- The Telegraph – Libor: FDIC sues Barclays, RBS, HSBC, Lloyds and BBA
- Wall Street Journal – FDIC Sues Major Banks Over Role in Libor Manipulation
- Bloomberg Businessweek – BofA, Citigroup, Credit Suisse Sued by FDIC in Libor Rigging.
The case is 14-cv-01757, Southern District of New York, in case I want to look it up later.