Baltimore Latest To Sue Banks Over Libor Probe

Law360, New York (August 9, 2011, 9:36 PM EDT) -- The City of Baltimore launched an antitrust class action Friday against Bank of America Corp., Citibank NA and other banks in the latest suit stemming from an investigation into allegations that banks manipulated a key interest rate for the U.S. dollar.

The lawsuit claims the banks violated the Sherman Act by conspiring to artificially lower the London Interbank Offered Rate, known as Libor, starting in 2007. The city's mayor and city council filed the suit on behalf of Baltimore and other investors who purchased Libor-based derivatives...
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