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US: LIBOR lawsuits keep rolling in with latest DOJ filing

 |  September 26, 2013

Just days after a credit union filed a lawsuit against 13 banks for their participation in the widespread LIBOR scandal, the Federal Bureau of Investigation announced Wednesday that the US Department of Justice has filed a lawsuit against tow individuals for their own role in the interest benchmark rate manipulation.

According to an announcement on the FBI website, the DOJ has launched felony charges against three individuals with conspiracy to commit wire fraud and two counts of wire fraud.

Two former derivatives brokers and one former cash broker were handed the charges in federal court in Manhattan. According to the FBI, the three each fast a maximum of 30 years’ jail time for each count.

The individuals were reportedly employed by ICAP, a London brokerage firm.

In a statement, Acting Assistant Attorney General Mythili Raman said the three are being accused of “repeatedly and deliberately spreading false information to bank and investors around the world in order to fraudulently move the market.”

Full Content: FBI

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