Houston sues banks over Libor issues

07/23/2013 | Bloomberg

Houston is suing a group of banks, including Bank of America, Citigroup and Barclays, for damages resulting from alleged manipulation of the London Interbank Offered Rate. "The complaint specifically notes three examples of transactions in which the Libor manipulation was detrimental to the City of Houston," Houston's attorney, Richard Mithoff, said in a statement. "Damages to the city resulting from this global interest rate manipulation could be substantial."

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