U. Of Calif. Lodges Libor-Rigging Suit Against BofA, Others

Law360, New York (June 26, 2013, 2:42 PM EDT) -- The Regents of the University of California on Tuesday sued Bank of America Corp., Barclays Bank PLC, Citigroup Inc. and a host of other financial institutions alleging they manipulated Libor, impacting billions of dollars of the university system's lending portfolio.

The University of California system alleged that a spate of banks schemed to manipulate Libor — a key interest rate set daily in several currencies, based on submissions from a panel of major financial institutions — in violation of federal and state antitrust laws. In addition...
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