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The Regents of the University of California and the San Diego Association of Governments (SANDAG) filed suits in separate federal courts today (June 25), according to Reuters. The Regents filed in San Francisco and SANDAG filed in U.S. district court in San Diego. The suits allege financial damage from the banks colluding and manipulating the London Interbank Offered Rate (LIBOR), an interest rate at which banks borrow from other banks in the London interbank market. The rate is fixed on a daily basis by the British Bankers' Association. The suit charges the 20 banks with lying and agreeing to "knowingly overstate and understate their borrowing costs," according to the San Francisco suit. Borrowers got cheated either way, according to the suit. Defendants include Bank of America, Citigroup, JPMorgan Chase, and Deutsche Bank.
The Regents of the University of California and the San Diego Association of Governments (SANDAG) filed suits in separate federal courts today (June 25), according to Reuters. The Regents filed in San Francisco and SANDAG filed in U.S. district court in San Diego. The suits allege financial damage from the banks colluding and manipulating the London Interbank Offered Rate (LIBOR), an interest rate at which banks borrow from other banks in the London interbank market. The rate is fixed on a daily basis by the British Bankers' Association. The suit charges the 20 banks with lying and agreeing to "knowingly overstate and understate their borrowing costs," according to the San Francisco suit. Borrowers got cheated either way, according to the suit. Defendants include Bank of America, Citigroup, JPMorgan Chase, and Deutsche Bank.