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September 24, 2013

JPMorgan Chase, 12 More Banks Said to Be Sued Over Libor

“JPMorgan Chase & Co., Barclays Plc, Credit Suisse Group AG and 10 other international lenders were sued by a U.S. credit union regulator alleging they illegally manipulated benchmark Libor interest rates. 

The National Credit Union Administration, an Alexandria, Virginia-based regulator, said it sued the banks yesterday at a U.S. court in Kansas. The filing couldn’t immediately be confirmed in court records.

Their alleged manipulation “resulted in a loss of income from investments and other assets held by five failed corporate credit unions: U.S. Central, WesCorp, Members United, Southwest and Constitution,” according to an NCUA statement issued today.

The banks are accused of giving false information in response to a daily survey by the British Bankers’ Association, which asks lenders how much it would cost to borrow money from each other for various intervals in 10 different currencies.”

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Read full Bloomberg article here

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