JPMorgan Chase & Co., Barclays Plc, Credit Suisse Group AG and 10 other international lenders were sued by a U.S. credit union regulator alleging they illegally manipulated benchmark Libor interest rates.
The National Credit Union Administration, an Alexandria, Virginia-based regulator, said it sued the banks today at a U.S. court in Kansas. The filing couldn't immediately be confirmed in court records.
Their alleged manipulation "resulted in a loss of income from investments and other assets held by five failed corporate credit unions: U.S. Central, WesCorp, Members United, Southwest and Constitution," according to an NCUA statement issued today.
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