London Interbank Offering Rate (“LIBOR”)
Keller Rohrback L.L.P. is investigating potential claims against member banks of the British Bankers Association (“BBA”) for manipulating the London Interbank Offering Rate (“LIBOR”).
LIBOR is the primary benchmark for short term interest rates globally, and affects the pricing of trillions of dollars worth of financial transactions. For this reason, LIBOR has been referred to as “the world’s most important number.” LIBOR is calculated based on submissions by member banks – the “LIBOR Banks” – which have included: UBS, Bank of America, Citibank, Deutsche Bank AG, Credit Suisse Group AG, JPMorgan Chase & Co., HSBC Holdings PLC, Barclays Bank PLC, Lloyds Banking Group PLC, Royal Bank of Scotland Group PLC, WestLB AG, Bank of Tokyo-Mitsubishi Group, Inc., Rabobank Group, Royal Bank of Canada, Societe Generale, and the Norinchukin Bank.
Investigations carried out by government agencies around the globe, including the United States Department of Justice and the United Kingdom Financial Services Authority, have revealed that from 2005 through 2010, many LIBOR Banks manipulated LIBOR to either benefit their own trading positions, or mislead the global markets about their financial strength and stability. Multiple LIBOR Banks have entered into settlement or deferred prosecution agreements with government regulators. These LIBOR Banks have been forced to pay hundreds of millions of dollars in fines, and provide binding admissions regarding their misconduct.
Because so many instruments and securities are tied to LIBOR, these manipulations may have resulted in substantial losses for investors that purchased LIBOR-linked instruments or entered into LIBOR-linked transactions. For example, the portfolios of state investment boards, investment management companies, pension funds, universities, hospitals, and municipalities have all likely been affected, in some cases incurring serious losses.
We encourage you to contact us promptly to investigate your potential claims before such claims are time-barred by statutes of limitation or other defenses.