Calif. Cities Sue Big Banks Over Libor Manipulation

Law360, New York (January 9, 2013, 7:07 PM EST) -- Five California cities and counties on Wednesday became the latest to accuse Bank of America Corp., Citigroup Inc. and more than a dozen other banking giants Wednesday of anti-competitively manipulating the London Interbank Offered Rate.

The counties of San Diego and San Mateo, the cities of Richmond and Riverside and the East Bay Municipal Utility District lodged separate suits in three California federal courts seeking to recover damages based on the proceeds of municipal bonds and other funds they invested in Libor-based financial instruments.

The municipalities...
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