Bank of America, Citibank, UBS Violated Antitrust Law, Fund Says in Suit

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Bank of America, Citibank, UBS Violated Antitrust Law, Fund Says in Suit

Bank of America, Citibank, UBS Violated Antitrust Law, Fund Says in Suit

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A West Virginia pension fund sued Bank of America Corp. (BAC), Citigroup Inc. (C)’s Citibank unit and UBS AG (UBSN) claiming they manipulated the London Interbank Offered Rate, or Libor, in violation of U.S. antitrust law.

The Carpenters Pension Fund of West Virginia filed a complaint in federal court in Manhattan yesterday claiming the banks and a group of unnamed co-conspirators deliberately understated their borrowing costs to depress Libor, lowering their interest expenses on products tied to the rate.

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