Calif. Residents Propose New Homeowner Class In Libor MDL

Law360, New York (March 01, 2013, 6:48 PM ET) -- Two San Francisco residents moved Thursday to lead a nationwide class of homeowners accusing a slew of banks and their subsidiaries of manipulating the London Interbank Offered Rate, telling a New York federal judge that the four existing classes in the multidistrict litigation don't represent their interests.

Carl A. Payne and Kenneth Coker sued Bank of America Corp., Citigroup Inc., UBS AG and other banks in December on behalf of individuals who obtained Libor-based, adjustable-rate mortgage loans. The suit later was transferred and consolidated with the...
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