Philadelphia Sues Banks Over Libor Losses In Swaps

Law360, New York (July 29, 2013, 4:25 PM EDT) -- The city of Philadelphia on Friday sued nine major banks, including Bank of America Corp. and JPMorgan Chase & Co., in Pennsylvania federal court, alleging their manipulation of the London Interbank Offer Rate artificially suppressed its returns on interest rate swap agreements.

Philadelphia claims that the banks colluded on a global conspiracy to manipulate Libor, a benchmark used to set the rates for trillions of dollars of financial instruments, including the swaps held by the city. The manipulation resulted in Philadelphia, along with other municipalities and investors, taking on significant financial losses from suppressed returns and overpaying up to $110 million...

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