JPMorgan Chase & Co. and Barclays Plc are among seven banks subpoenaed in New York and Connecticut's investigation into alleged manipulation of Libor, according to a person familiar with the matter and company filings.
Subpoenas were sent in recent weeks to five of the banks, Deutsche Bank AG, Royal Bank of Scotland Group Plc and HSBC Holdings Plc in addition to JPMorgan and Barclays, the person said yesterday. Citigroup Inc. and UBS AG received subpoenas earlier this year as part of the investigation.
New York Attorney General Eric Schneiderman and Connecticut Attorney General George Jepsen are jointly investigating alleged manipulation of the London interbank offered rate by lenders. RBS, UBS, Lloyds Banking Group Plc and Deutsche Bank are among the lenders regulators in Europe, Asia and the U.S. are investigating. The U.S. is conducting a criminal investigation.
Confidence in Libor, a benchmark for financial products valued at $360 trillion worldwide, has been dented by Barclays's admission that it submitted false London and euro interbank offered rates. Robert Diamond resigned as Barclays' chief executive after the bank was fined 290 million pounds ($454 million).
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