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Banks Subpoenaed in Probe over Libor Manipulation

HeadlineAug 16, 2012

Seven major banks have been subpoenaed in a probe of the manipulation of the London Interbank Offered Rate, or Libor, which provides the basis for rates on trillions of dollars in transactions across the globe. The manipulation meant millions of borrowers paid the wrong amount on their loans. New York officials have subpoenaed UBS, Deutsche Bank, Royal Bank of Scotland, JPMorgan, Citigroup, HSBC and Barclays Bank over the past several months. Barclays was fined $453 million in June for its role in fixing Libor. Both the Justice Department and the attorneys general of New York and Connecticut are currently conducting investigations.

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