BofA, Barclays Sued by Houston For Libor Manipulation
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Bank of America Corp., Barclays Plc and Citigroup Inc. are among a group of banks sued by the city of Houston for financial damages caused by the alleged manipulation of the London Interbank Offered Rate, or Libor.
Houston, the fourth-largest U.S. city, is one of the biggest to sue on rate-fixing allegations. The Texas city seeks unspecified damages for both receiving artificially low interest and paying artificially high rates on municipal investments dating back six years, according to a complaint filed today in federal court in Houston.