US regulator sues 13 banks in Libor rate-fixing case
NEW YORK CITY (AFP) - The US credit union regulator has filed an anti-trust lawsuit against 13 major international banks as part of the global crackdown in the Libor rate-rigging scandal.
The National Credit Union Administration (NCUA) said it aims to recover some of the funds lost by five corporate credit unions it supervised and which have since failed, according to a statement posted on the NCUA website on Monday.
"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.
"Some firms were manipulating international interest rates in a way that cost the five corporates to lose millions of dollars. Just as we are doing in our other suits, we are seeking to hold responsible parties accountable for their actions," she added.