NCUA Sues Barclays, 12 Others Over Libor Manipulation

Law360, New York (September 24, 2013, 7:28 PM EDT) -- The National Credit Union Administration on Monday sued 13 international banks, including JPMorgan Chase & Co. and Barclays Bank PLC, in Kansas federal court, alleging they manipulated interest rates through the London Interbank Offered Rate system, causing some federal credit unions to lose income.

The federal credit union regulator brought the 68-page suit as liquidator for five failed federal credit unions, contending the investment banks schemed to suppress Libor rates — which are used as a benchmark for short-term interest rates globally — in order to...
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