California Local Governments File Federal Suits Vs. LIBOR Banks

California Local Governments File Federal Suits Vs. LIBOR Banks

Four California cities and counties, and a Bay Area utilities district filed separate Federal antitrust suits this past week, seeking "disgorgement, restitution, and treble damages for antitrust violations, fraud and deceit, negligent misrepresentation, interference with economic advantage, breach of faith, and unjust enrichment" against banks that fixed and lied about LIBOR rates.

Courthousenews.com reports that the five Federal complaints came from the City of Riverside and the Riverside Public Financing Authority, in Los Angeles Federal Court; the County of San Diego, in San Diego Federal Court; San Mateo County, in Oakland Federal Court; and the City of Richmond and the East Bay Municipal Utility District, in separate complaints in San Francisco Federal Court. All have similar defendants and make similar charges.

Exemplary is the list of defendants in Riverside's suit: Bank of America Corp.; Bank of America NA; Bank of Tokyo- Mitsubishi UFJ Ltd.; Barclays Bank PLC; Citigroup Inc.; Citibank NA; Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Rabobank); Credit Suisse Group AG; Deutsche Bank AG; HSBC Holdings PLC; HSBC Bank PLC; JPMorgan Chase & Co.; JPMorgan Chase Bank NA; Lloyds Banking Group PLC; HBOS PLC; Royal Bank of Canada; The Norinchukin Bank; Societe Generale SA; The Royal Bank of Scotland Group PLC; UBS AG; Westlb AG; and Westdeutsche Immobilienbank AG.

Source: http://larouchepac.com/node/25175

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