European Funds Claim Banks Manipulated Interest Rates

Law360, New York (April 18, 2011, 10:19 PM EDT) -- Three European investment firms on Friday reportedly took numerous banks, including JPMorgan Chase & Co. and Bank of America Corp., to New York federal court over an alleged conspiracy to manipulate interbank interest rates used as a global benchmark.

Vienna-based FTC Capital GmbH, Luxembourg-based FTC Futures Fund SICAV and Gibraltar-based FTC Futures Fund PCC Ltd on Friday accused the banks of manipulating the London Interbank Offered Rate, or LIBOR, and then selling futures, options, swaps and derivative instruments at artificial prices based on the rate, according...
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