Real Estate Mogul Sues Banks For $100M Over Libor-Rigging

Law360, New York (February 13, 2013, 7:07 PM EST) -- New York real estate mogul Sheldon Solow on Wednesday sued Citigroup Inc. and a host of other banks alleging that their manipulation of the London Interbank Offered Rate caused a loan portfolio he owned to default in 2008, costing him more than $100 million.

In the complaint, filed in federal district court in Manhattan, Solow and his 7 West 57th Street Realty Co. LLC allege that Citigroup and other banks' rigging of the scandal-ridden benchmark rate in September 2008 pushed down the value of a $450...
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