Houston City Council Votes To Sue Over Libor Manipulation

Law360, Houston (April 3, 2013, 6:24 PM EDT) -- Leadership in the city of Houston on Wednesday elected to move forward with litigation against as many as 18 major banks including UBS AG that allegedly manipulated interest rates that caused the city to lose as much as $9 million.

Houston City Council voted unanimously to approve a contingency fee contract with Mithoff Law Firm and Cotchett Pitre & McCarthy LLP to recover damages the city suffered as a result of the banks' alleged manipulation of the Libor.

"We're on a hunt," Houston Mayor Annise Parker said at a news conference immediately following Wednesday's council meeting. Parker did not elaborate on...

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