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JPMorgan Chase & Co, Deutsche Bank AG, Barclays PLC And Others Subpoenaed Over Libor-Reuters


Wednesday, 15 Aug 2012 05:19pm EDT 

Reuter reported that JPMorgan Chase & Co, Deutsche Bank AG and Barclays PLC are among a handful of banks recently subpoenaed in a joint New York-Connecticut investigation of possible manipulation of the Libor benchmark international lending rates. New York Attorney General Eric Schneiderman and Connecticut Attorney General George Jepsen have been looking into the possible rigging and manipulation of Libor by global banks for months. As part of that investigation, subpoenas were sent in recent weeks to Royal Bank of Scotland Group plc and HSBC Holdings plc, in addition to JPMorgan, Deutsche and Barclays. Earlier, UBS AG and Citigroup Inc received subpoenas as well. The subpoenas seek communication between executives related to possible collusion and other conduct that may have played a role in alleged rate manipulation, among other information. Last month, Falkowski said Jepsen and Schneiderman hoped to provide restitution to state agencies, municipalities and other entities that may have been harmed by any illegal conduct. Authorities around the world are investigating banks over alleged manipulation of the rates. Most of the banks have disclosed receiving demands for information from numerous agencies; others declined to comment. Libor, the London interbank offered rate, is compiled from estimates by banks of how much they believe they have to pay to borrow from each other. 

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