Sacramento County sues big banks, alleging rate manipulation

July 24, 2013
Sacramento Bee

Sacramento County waded into a massive global financial scandal over interest rates Tuesday, accusing some of the world's largest banks of rigging interest rates to maximize their profits at the county's expense.

The county sued Bank of America, Citigroup, Deutsche Bank and 15 others, saying they cost Sacramentans untold sums by manipulating the London Interbank Offered Rate, or Libor – a kind of super interest rate. Libor is arguably the world's most influential interest rate, a benchmark against which trillions of dollars in loans and other transactions are set... (To read the entire article, please click HERE)