Texas Lawyers Blog


The Texas Lawyers Blog provides useful information on the law and Texas lawyers. For more information on this Blog or a legal topic, please feel free to submit an inquiry or send an e-mail message to blog@texaslawyers.com

Tuesday, August 14, 2012

Libor Lawsuits: States, Pensions, and Hedge Funds are Reviewing Potential Libor Lawsuits: Libor scandal riles Calpers chief investment officer

States, Pension Funds, and Hedge Fund Lawyers Are Reviewing Libor Fraud Lawsuits Regarding Rate Manipulation on Interest Rate Derivative Contracts and Other Investments by Texas Libor Lawsuit Lawyer and Texas Libor Interest Rate Manipulation Lawyer Jason S. Coomer

Several states, hedge funds, and pension funds are reviewing potential Libor fraud lawsuits and Libor interest rate manipulation lawsuits.   Financial managers for pension funds, state governments and many other entities should seek legal counsel to determine if they may have suffered significant damages from Libor fraud and Libor manipulation interest rate manipulation. For more information on Libor Fraud Lawsuits and Libor Interest Rate Manipulation Lawsuits, please feel free to contact Texas Libor Fraud Lawsuit Lawyer and Texas Libor Interest Rate Manipulation Lawyer Jason S. Coomer.

Libor Scandal Riles Calpers Chief Investment Officer

"Libor is compiled from estimates by big banks of how much they believe they have to pay to borrow from each other and is used for $550 trillion of interest rate derivatives contracts. It also influences rates on many lending transactions, including mortgages, student loans and credit card transactions."

"Suspected manipulation by global banks of Libor benchmark international rates shows the financial services industry cannot be trusted to act in the best interest of long-term investors like the California Public Employees' Retirement System and any misdeeds uncovered in Libor probes need to prosecuted, said Joe Dear, who oversees the assets of the $233 billion pension fund."

"On Sunday, a spokesman for New York Attorney General Eric Schneider said the state is investigating possible rigging of Libor, and other states, such as Florida, are also looking at possible legal actions. Connecticut's attorney general launched a probe six months ago."

"U.S. and British authorities last month fined Barclays Plc, the bank at the center of the Libor scandal, a record $450 million for manipulating the rate. Barclays employees are not shielded from criminal prosecution. The U.S. Justice Department is also building criminal cases against several financial institutions and their employees, The New York Times reported on Saturday."

No comments: