16 Banks Sued By Real Estate Mogul For Role In Portfolio Default

16 Banks Sued By Real Estate Mogul For Role In Portfolio Default

NEW YORK - Real estate mogul Sheldon H. Solow sued 16 banks and certain of their subsidiaries in New York federal court on Feb. 13, arguing that the banks manipulated the London Interbank Offered Rate (LIBOR), causing a portfolio of more than $450 million in municipal bonds he purchased as collateral for LIBOR-denominated loans to default, costing him nearly $100 million in losses (7 West 57th Street Realty Co. LLC v. Citigroup Inc., et al., No. 13-0981, S.D. N.Y.).

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