Will U.C. California Lawsuit Punish Major Banks?
The Regents of the University of California have joined the row of people looking to punish major banks for manipulating the London Interbank Offered Rate.
The Regents filed an antitrust complaint in federal court, accusing the banks of fraud, deceit, and unjust enrichment and are seeking unspecified damages.
According to the complaint, “The defendant Libor banks in this case engaged in illegal and improper conduct and engaged in a criminal conspiracy that caused harm to public entities and hundreds of millions of people around the world.”