“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.”
Read full Bloomberg article here