U.S. Credit Union Names 10 Banks in Libor Suit
U.S. Credit Union Names 10 Banks in Libor Suit (Bloomberg)
The National Credit Union Administration, a regulator based out of Alexandria, Va., has named JPMorgan Chase & Co., Barclay’s, Credit Suisse Group AG and 10 additional international lenders as participants in a Libor-fixing ring. The alleged manipulation of rates “resulted in a loss of income from investments and other assets held by five failed corporate credit unions: U.S. Central, Wescorp, Members United, Southwest and Constitution. The banks named are accused of giving false information in response to daily surveys by the British Bankers Association, which determines how much it would cost lenders to borrow money at any of the various levels from 10 different currencies. For investors in any of the 10 banks named, fear of fines shouldn’t be too much of a concern. Rather, the hit to the banks’ good name should be a bigger worry.