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US: University launches own LIBOR case

By  |  June 26, 2013

More than a dozen banks were named in a lawsuit filed in San Francisco by the Regents of the University of California, which is suing the various lenders for their alleged participation in the LIBOR scandal. Reports say Bank of America, Citi and Barclays are among those named as defendants as the University accuses the parties of conspiring to commit fraud by knowingly manipulating the interest rate benchmark. The University is seeking unspecified damages from the banks, claiming the school paid in excess for inflated interest rates, or receiving deflated interest rates on its investments tied to LIBOR. Several banks have already been fined a combined $2.5 billion by various regulators, and more remain under regulator watch concerning the issue. The University of California’s lawsuit comes weeks after a judge in New York dismissed a LIBOR suit against banks in a consolidated case; Bank of America and Barclays were also named as defendants in the Manhattan case.

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