Sacramento County Sues Top Banks Over Libor Losses

Law360, Los Angeles (July 23, 2013, 5:16 PM EDT) -- Sacramento County hit Bank of America Corp., Barclays Bank PLC, Citigroup Inc. and several other banks with a lawsuit in Pennsylvania federal court on Tuesday, claiming that the banks' Libor manipulation caused it to lose money from bond issuances.

Sacramento's suit comes the same day as the city of Houston sued 17 major banks in Texas federal court, alleging their manipulation of the London Interbank Offered Rate had artificially suppressed its returns on $1.1 billion in interest rate swap agreements. The Libor benchmark is based on...
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