FDIC sues 16 big banks claiming manipulation of LIBOR

The FDIC filed a suit against a host of big banks claiming they manipulated the LIBOR rates thus harming 38 banks that were taken over by the FDIC.

Included are lots of names you’ll recognize: Bank of America, Citigroup, Credit Suisse Group,  HSBC, Barclays, JPMorgan Chase, and RBS. They also included the British Bankers’ Association which owned and managed LIBOR.

Even a few hours after the news broke, the reports I’ve read are only a couple of paragraphs long. Not much background. Here’s a few articles to read, if you wish:

The case is 14-cv-01757, Southern District of New York, in case I want to look it up later.

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