Citi Bosses Manipulated Libor, Shareholder Says

Law360, New York (June 9, 2011, 9:38 PM EDT) -- A Citigroup Inc. shareholder filed a derivative suit Tuesday in New York state court against several of the bank's current and former directors, saying their alleged manipulation of a key interest rate will cost the company millions.

Citigroup CEO Vikram Pandit is among 19 defendants accused of breaching their fiduciary duty to the company by manipulating the London Interbank Offered Rate, a benchmark interest rate set by the self-reporting of 16 big banks, according to plaintiff Lawrence Zucker's complaint.

Zucker says that the directors should never...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.