San Fran Official Eyes Libor Suit Against Big Banks

Law360, San Francisco (January 29, 2013, 7:55 PM EST) -- San Francisco Supervisor John Avalos called on city legislators Tuesday to investigate how the international Libor scandal hurt city coffers and retirement funds, the first step in pursuing a potential class action against the banks that purportedly led the massive fraud.

During a legislative session Tuesday, Avalos asked the city's budget and finance committee to investigate just how deeply San Francisco's finances sunk after banks were discovered illegally manipulating the London Interbank Offered Rate. It's too soon to give a dollar figure on the city's losses,...
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