New York Lender Files Libor Class Action Lawsuit

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New York Lender Files Libor Class Action Lawsuit

New York Lender Files Libor Class Action Lawsuit

WSJ-

In the latest sign of the potential legal vulnerability facing banks ensnared in the world-wide probe of interest-rate manipulation, a New York lender alleges in a lawsuit that it was cheated out of interest income because rates on loans tied to Libor were “artificially” depressed.

The lawsuit effectively argues that the alleged manipulation short-changed lenders by helping borrowers pay less for mortgages and other loans.

Berkshire Bank, with 11 branches in New York and New Jersey and about $881 million in assets, claims in a proposed class-action lawsuit in U.S. District Court in New York that “tens, if not hundreds, …

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2 Responses to “New York Lender Files Libor Class Action Lawsuit”

  1. Geanette says:

    I’m confused…was it not the banks who manipulated the interest rates and now the lenders (the banks,I assume) want to sue LIBER??? How dare they!! The bankers need to be put in jail for their criminal activities!!

  2. dinsfla says:

    These are community banks that were scammed by the much larger banks.

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