FDIC sues 16 banks alleging LIBOR manipulation in Doral Bank collapse

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Published : February 21st, 2018
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Category : GoldWire

A U.S. regulator on Tuesday filed a lawsuit against 16 U.S. and international banks alleging they had manipulated bbaLIBOR, which is a series of interest-rate benchmarks, leading to the collapse of Puerto Rico's Doral Bank.

The Federal Deposit Insurance Corp., which brought the suit in its capacity as receiver for Doral Bank, alleged that the rate rigging harmed Doral by causing substantial losses with regard to its loan portfolio and derivative holdings.

The suit is the latest in a long line of lawsuits in the U.S. District Court in Manhattan targeting the alleged rigging by banks of one interest rate benchmark, market, or commodity or another. ...

... For the remainder of the report:

https://www.reuters.com/article/us-usa-fdic-b...es-16-banks-...

 

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