Bank of America, Barclays, Credit Suisse Sued over Libor Manipulation
Bank of America Corp., Barclays Plc and Credit Suisse Group AG were among the banks sued by an investor over alleged manipulation of the Libor benchmark interest rate, Bloomberg News reported yesterday. The investor, 33-35 Green Pond Road Associates LLC, bought an interest rate swap with a floating rate tied to the U.S.- dollar Libor, it said in a complaint filed court yesterday. Green Pond Road seeks to represent a class of investors that bought U.S. dollar Libor-based derivatives beginning on Aug. 1, 2007. Green Pond Road claims the banks illegally colluded to fix Libor, injuring investors in securities based on the rate. The suit seeks unspecified damages, which could be tripled under U.S. antitrust law.