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...
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