Trader Hits BofA, Citi, JPMorgan, UBS With Libor Suit

Law360, New York (July 7, 2011, 5:53 PM EDT) -- Bank of America Corp., Citibank NA, JPMorgan Chase & Co. and UBS AG unlawfully profited by manipulating a key interest rate, a trading firm claimed Tuesday in a proposed class action filed in New Jersey federal court.

Eldorado Trading Group LLC claims the defendants — among a group of big institutions whose rate reports help determine the Libor — violated the Commodity Exchange Act by manipulating the U.S. dollar-based London Interbank Offered Rate, referred to as the Libor. The defendants purchase and trade swaps, loans and...
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