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Libor accords leave banks facing 'massive' state claims

Bloomberg  |  New York 

A multistate probe of alleged manipulation of interest rates threatens to leave banks liable for billions of dollars in estimated state and local losses from the scandal, even as they settle with national regulators. New York Attorney General Eric Schneiderman is helping lead a probe into claims that banks rigged global benchmarks for borrowing, adding to investigations by other authorities, including the US Justice Department. Royal Bank of Scotland Group Plc agreed yesterday to pay about $612 million to US and UK regulators to resolve their claims. “The damage to public entities ...

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First Published: Fri, February 08 2013. 00:19 IST