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US: Thirteen lenders named in LIBOR lawsuit

 |  September 24, 2013

The National Credit Union Administration filed a lawsuit against 13 major international banks for their alleged roll in the LIBOR scandal, say reports. The lawsuit was filed in Kansas District Court on behalf of five failed credit unions.

According to legal documents, JPMorgan Chase & Co, Credit Suisse Group AG, UBS AG and other major lenders are named as defendants in the lawsuit that blames the banks for the failed credit unions, which paid interest on billions of dollars of investments connected to LIBOR.

LIBOR is the interest rate benchmark and was found to be the subject of manipulation by various global banks, leading to billions in fines.

The lawsuit says the LIBOR manipulation violated state and federal law and directly lead to the credit unions’ demise.

Details were not disclosed as to potential damages the National Credit Union Administration could be seeking.

Full Content: Reuters

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