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7 Banks Subpoenaed Over Rate-Fixing

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AP

A person with knowledge of the matter tells The Associated Press that the attorneys general of New York and Connecticut have issued subpoenas to seven banks over the possible manipulation of an important global interest rate.

The person says subpoenas have been issued to Barclays, Citigroup, Deutsche Bank, JPMorgan Chase, HSBC, Royal Bank of Scotland and UBS.

The person spoke on condition of anonymity because they were not authorized to discuss the matter publicly.

American and British regulators have already fined Barclays $453 million. The bank has admitted that it submitted false information to keep the rate, known as LIBOR, low.

 

Copyright 2012 by The Associated Press