Mendocino County Sues BofA, Others Over Libor Losses

By Jeff Sistrunk (November 14, 2013, 4:27 PM EST) -- Mendocino County, Calif., on Thursday sued Bank of America Corp., Barclays Bank PLC, Citigroup Inc. and more than a dozen other banks in California federal court, becoming the latest municipal body to allege that the banks' manipulation of the London Interbank Offered Rate caused it to lose money on investments tied to the benchmark. 

Mendocino, a midsize county in northern California, claimed the defendant banks' manipulation of Libor deprived it of interest it should have received from its investments. The Libor benchmark is based on an average of interest rates for interbank borrowing, set by the British Bankers' Association and based on...

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