Published time: September 24, 2013 14:06Reuters / Mike Segar
JPMorgan Chase, Barclays, Credit Suisse, and 10 other world’s biggest international lenders are being sued by a US regulator for causing millions of losses to credit unions by allegedly manipulating the Libor benchmark rate.
Five credit unions were forced to close after they received less interest income than they were entitled to because of the manipulated Libor rates, according to the statement released on Monday by the National Credit Union Associations (NCUA). The complaint was filed in Kansas in a US District Court, Reuters reports.
“We have a responsibility to pursue recoveries through every available avenue against those who caused billions of dollars in losses to credit unions,” NCUA Board Chairman Debbie Matz said the Monday night statement.
“Some firms were manipulating international interest rates in a way that cost the five corporates to lose millions of dollars. Just as…
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