Schwab Accuses BofA, Others Of Libor Antitrust Scheme

Law360, New York (August 25, 2011, 6:54 PM EDT) -- Charles Schwab Corp. on Tuesday filed an antitrust suit in California against nearly a dozen banks including Bank of America Corp. and Citigroup Inc., becoming the latest investor to accuse prominent financial institutions of conspiring to manipulate a key interest rate.

The discount brokerage said the banks had conspired to suppress the London Interbank Offered Rate, or Libor, a benchmark set of interest rates used to price trillions of dollars' worth of financial instruments around the world, according to the complaint. The banks cooked up the...
To view the full article, register now.