Libor Scandal Investigation Claims 7 Banks in Subpoenas
Authorities have been investigating London’s interbank interest rate. Earlier this summer, Barclays was fined by U.S. and U.K. officials to settle charges of manipulating the rate. The latest subpoenas come in a probe by state regulators in New York and Connecticut.
Seven banks have now been subpoenaed in an investigation involving LIBOR, that’s the London Interbank Offered Rate, or the rate at which banks lend money to one another.
The Libor scandal that rocked Barclays is far from over for some of the world’s biggest banks.
The seven banks are as followed:
- JPMorgan Chase
- Deutsche Bank
- Royal Bank of Scotland
- and HSBC
All of these banks have been subpoenaed by New York Attorney General Eric Schneiderman’s office for their roles in the rate-rigging.
Sources say there could be additional banks in the mix hit with subpoenas by the AG’s office.