Libor Manipulation Suits Against Bank Giants Moved To NY

Law360, New York (August 16, 2011, 10:30 PM EDT) -- The U.S. Judicial Panel on Multidistrict Litigation on Friday consolidated in New York federal court seven antitrust class actions accusing large international banks such as Bank of America Corp. and Deutsche Bank AG of manipulating and driving down a key interest rate.

Sixteen banking giants are accused of suppressing the London Interbank Offered Rate, or Libor, a benchmark for pricing a number of fixed-income financial products. To calculate Libor each day, banks report how much it costs them to borrow from other financial institutions.

In an...
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