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.

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

Recommended

How to invest today? Look to the past, not the future
Investment strategy

How to invest today? Look to the past, not the future

The past few years have seen so many changes to our way of life that many people said we had entered a “new normal”. But as it turns out, the new norm…
18 Aug 2022
A new legal headache for Haleon
Stocks and shares

A new legal headache for Haleon

Haleon, GSK’s former consumer-products arm, spun off last month, has made a dismal debut on the stockmarket.
17 Aug 2022
Persimmon yields 12.7%, but can you trust it to deliver?
Share tips

Persimmon yields 12.7%, but can you trust it to deliver?

With a dividend yield of 12.7%, Persimmon looks like a highly attractive prospect for income investors. But that sort of yield can also indicate a com…
17 Aug 2022
Cineworld faces a bleak future – investors should stay away
Share tips

Cineworld faces a bleak future – investors should stay away

Weighed down by crippling debts and with consumers tightening their belts, Cineworld's future does not look bright, says Rupert Hargreaves. Investors …
17 Aug 2022

Most Popular

Investors should get ready for a political revolution
UK Economy

Investors should get ready for a political revolution

Liz Truss will beat Rishi Sunak, cut taxes, and then shake up the Bank of England, says Helen Thomas
15 Aug 2022
How to protect your wealth as inflation hits new record highs
Investment strategy

How to protect your wealth as inflation hits new record highs

UK inflation has hit a new record high of 10.1%. It's going to hurt, says Dominic Frisby. Here's how you can protect your wealth.
17 Aug 2022
Don’t listen to the doom-mongers – the future is bright
Economy

Don’t listen to the doom-mongers – the future is bright

With volatile markets, raging inflation and industrial unrest, it may feel like things are bad and likely to get worse. But the end of the world is no…
15 Aug 2022