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Libor Fixing Scandal: Credit Unions Take Aim at JPMorgan, UBS and Credit Suisse

Published: September 24, 2013
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Source: IBT

A US credit union regulator has sued 13 banks including JPMorgan overalleged manipulation of Libor.

The National Credit Union Administration brought the lawsuit against JPMorgan Chase & Co, Credit Suisse Group, UBS and 10 other international banks on behalf of five failed credit unions.

The complaint, filed in a US District Court in Kansas, said the credit unions held tens of billions in investments and other assets that paid interest streams pegged to Libor.

"The credit unions received less in interest income than they were otherwise entitled to receive," the lawsuit claimed.

Over a dozen banks and brokerage firms have been investigated worldwide over alleged manipulation of Libor valuations, which directly influence the value of trillions of dollars of financial deals between banks and other institutions.

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