US regulator sues major banks over Libor manipulation | Bangkok Post: news

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US regulator sues major banks over Libor manipulation

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The US Federal Deposit Insurance Corporation sued HSBC, Citigroup, Deutsche Bank and 12 other global banking heavyweights on Friday for manipulating the Libor benchmark interest rate. 

Two men use ATM machines at an HSBC branch in Hong Kong on March 4, 2013

The manipulation caused "substantial losses" to 38 US banks that were shut down due to insolvency during and after the 2008 financial crisis, according to the FDIC.

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