Nine more banks added to LIBOR probe
Nine more banks are being summoned by US state prosecutors investigating the LIBOR (London inter-bank offered rate) rate-fixing scandal, according to a report in the Financial Times.
Nine more banks are being summoned by US state prosecutors investigating the LIBOR (London inter-bank offered rate) rate-fixing scandal, according to a report in the Financial Times.
Subpeonas are believed to have been sent by Eric Schneiderman, New York Attorney-General, and George Jepsen, Connecticut Attorney-General to the following banks: Bank of America, Bank of Tokyo Mitsubishi UFJ, Credit Suisse, Lloyds Banking Group, Rabobank, Royal Bank of Canada, Socit Gnrale, Norinchukin Bank and West LB.
These banks join Deutsche Bank, Citigroup, JPMorgan Chase, Royal Bank of Scotland, Barclays, HSBC and UBS, who are already under investigation.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The state legal officers want to examine whether the banks colluded to fix interest rates determined by LIBOR, damaging the states' borrowers and investors as a result.
There are now separate investigations by prosecutors and regulators in the UK, Canada, the US and Japan, examining possible collusion by large financial groups to manipulate benchmark lending rates.
CM
-
British Airways revamps Avios scheme bringing down flight prices to £1
With the new Avios part-payments scheme you can now bag a British Airways flight for as little as £1
By Oojal Dhanjal Published
-
RBS to close a fifth of branches
Royal Bank of Scotland plans to shut 18 branches across Scotland, resulting in the loss of 105 jobs. We have the full list of closures.
By Ruth Emery Published