Bank of America, Barclays, Credit Suisse Sued Over Libor

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Bank of America, Barclays, Credit Suisse Sued Over Libor

Bank of America, Barclays, Credit Suisse Sued Over Libor

Business week-

Bank of America Corp., (BAC) Barclays Plc (BARC) and Credit Suisse Group AG (CSGN) were among the banks sued by an investor over alleged manipulation of the Libor benchmark interest rate.

The investor, 33-35 Green Pond Road Associates LLC, bought an interest rate swap with a floating rate tied to the U.S.- dollar Libor, it said in a complaint filed today in federal court in Manhattan. Green Pond Road seeks to represent a class of investors that bought U.S. dollar Libor-based derivatives beginning on Aug. 1, 2007.

Green Pond Road claims the banks illegally colluded to fix Libor, injuring investors in securities based on the rate. The suit seeks unspecified damages, which could be tripled under U.S. antitrust law.

[BUSINESS WEEK]

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One Response to “Bank of America, Barclays, Credit Suisse Sued Over Libor”

  1. dani says:

    BANK OF AMERICA CROOKS ARE AS BAD AS THE PARTY THEY TRY TO SUE
    THEY ARE EVEN MORE CRIMINALS WE KNOW AND READ ALL THE LAW SUITS AGAINST THEM FOR TRYING TO STEAL HOMEOWNERS HOMES ALL OVER AMERICA BY FRAUD

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