Investors Implicate Banks In Libor Manipulation MDL

Law360, New York (May 1, 2012, 6:50 PM EDT) -- Three groups of investors lodged separate amended complaints in New York federal court Monday as part of multidistrict litigation accusing more than a dozen large international banks of manipulating and driving down the London Interbank Offered Rate.

Sixteen banks, including Bank of America Corp. and Deutsche Bank AG, allegedly suppressed the Libor, a benchmark for pricing a number of fixed-income financial products, harming plaintiffs who engaged in direct, over-the-counter transactions with the banks, purchased financial products tied to the Libor on exchanges, or purchased debt securities...
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