City Of Philadelphia Sues Banks Over Interest-Rate Swap Libor Losses

City Of Philadelphia Sues Banks Over Interest-Rate Swap Libor Losses

PHILADELPHIA - The City of Philadelphia sued nine London Interbank Offered Rate (Libor) Panel banks and certain of their subsidiaries in Pennsylvania federal court on July 26, claiming that the defendants manipulated the Libor in an effort to minimize returns on a derivative they sold to entities such as the city in violation of federal antitrust laws (The City of Philadelphia v. Bank of America Corp., et al., No. 13-4352, E.D. Pa.).

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