Berkshire Bank Sues Barclays, HSBC Over Libor Manipulation

Law360, Washington (July 30, 2012, 1:46 PM EDT) -- A New York lender targeted numerous large banks including Barclays Bank PLC, HSBC Holdings PLC and Bank of America Corp. in a putative class action Wednesday, claiming their alleged manipulation of the Libor stiffed other banks out of interest income.

The Berkshire Bank alleges in New York federal court that the 21 defendants artificially decreased Libor rates between Aug. 1, 2007, and May 31, 2010, by supplying false information about their borrowing costs to the British Bankers' Association, knowing their actions could damage smaller banks that...
To view the full article, register now.