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US: FDIC hits 16 banks with LIBOR lawsuit

By  |  March 17, 2014

While some of the world’s largest banks have already paid more than $6 billion in fines for their alleged roles in the LIBOR manipulation scandal, reports say the US Federal Deposit Insurance Corp has filed a lawsuit against 16 of the largest lenders over the allegations.

Reports say the FDIC filed its suit against the banks, which include UBS and Barclays, for allegedly cheating other now-defunct banks out of money by LIBOR benchmark manipulation. The lawsuit is yet another headache for the banks who are still tied up in legal cases with EU authorities and other US authorities.

Investors have similarly sued the banks over claims they lost money due to the alleged collusion.

The FDIC declined to comment on the matter.

Full Content: Businessworld

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