Bloomberg wrote last week "BofA, Citigroup Are Accused by Schwab in Suit of Manipulating Libor Rates". The article said, "Charles Schwab Corp., the largest independent brokerage by client assets, sued Bank of America Corp., Citigroup Inc. and other banks claiming they manipulated the London interbank offered rate, or Libor, starting in 2007 in violation of U.S. antitrust law. The banks conspired to depress Libor rates by understating their borrowing costs, thereby lowering their interest expenses on products tied to the rates, according to the lawsuit filed Aug. 23 in federal court in San Francisco, where Schwab is based." Bloomberg added, "The case is Schwab Money Market Fund v. Bank of America Corp., 11-cv-4186, U.S. District Court, Northern District of California (San Francisco)."
