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March 6, 2013

Banks Seek Dismissals of Lawsuits Over Libor

Lawyers for some of the world’s biggest banks made their latest bid Tuesday to persuade a judge to toss out a collection of lawsuits accusing them of manipulating a key interest rate and cheating investors out of billions of dollars.

More than 30 civil lawsuits, filed in California and New York by plaintiffs ranging from a retired cable-car driver in San Francisco to the city of Baltimore are seeking damages that could reach into tens of billions of dollars from financial institutions that determine the London interbank offered rate.

The civil lawsuits, which have been piling up for two years, accuse the banks of colluding with one another to manipulate Libor

“The same banks have been the focus of a long-running investigation into alleged interest-rate manipulation by regulators in the U.S. and the U.K. So far, regulators have settled rate-rigging charges with Barclays PLC, Royal Bank of Scotland Group PLC and UBS AG, collecting about $2.5 billion in penalties. All three banks admitted that employees sought to rig rates.”

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Read full Wall Street Journal article here

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