Community Bank's Libor Antitrust Suit Targets BofA, Others

Law360, New York (May 25, 2012, 9:16 PM EDT) -- A Wisconsin-based community bank launched a putative class action Friday against Bank of America NA, Citibank NA and JPMorgan Chase Bank NA, alleging that their manipulation of the London Interbank Offered Rate cost community banks between $300 and $500 million annually.

Community Bank & Trust, which filed the complaint in New York federal court, claims the defendants intentionally and fraudulently misrepresented and suppressed the Libor between August 2006 and May 2010, and that they knew their actions would have damaging effects on smaller banks with whom...
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