NEW YORK, March 14 The Federal Deposit Insurance
Corporation sued 16 of the world's largest banks on Friday,
accusing them of collusively suppressing interest rates.
The lawsuit, filed in the federal district court in New
York, was the latest to accuse financial institutions of
conspiring to manipulate Libor, or the London Interbank Offered
The FDIC said the defendants' conduct caused substantial
losses to 38 banks that the U.S. regulator had taken into
receivership since 2008, including Washington Mutual Bank and
Among the banks named as defendants include Bank of America
Corp, Barclays PLC, Citigroup Inc, Credit
Suisse Group AG, Deutsche Bank AG, HSBC
Holdings PLC, JPMorgan Chase & Co, the Royal Bank
of Scotland Group PLC and UBS AG.
The lawsuit also named as a defendant the British Banks'
Association, the U.K. trade organization which during the period
at issue administered Libor.