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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.