Solow Sues Citigroup, BofA Alleging Manipulation of Libor
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A Sheldon H. Solow-led New York realty company sued Citigroup Inc., JPMorgan Chase & Co., Bank of America Corp. and several other banks for allegedly conspiring to manipulate the U.S. dollar Libor rate.
In a complaint filed today in federal court in Manhattan, 7 West 57th Street Realty Co. accused the banks of falsely reporting to the British Bankers Association interest rates at which the lenders themselves were able to borrow money day to day, causing the BBA to set an “artificial” London Interbank Offered Rate for trillions of dollars worth of transactions including bank loans and municipal bonds.