Traverse City Record-Eagle

Business

March 21, 2013

Freddie: Big banks rig lending rate

(Continued)

Spokesmen for JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. declined to comment on Freddie’s suit.

The legal action by Freddie adds to a flurry of lawsuits filed by cities and municipal agencies in the U.S. against some of the banks that set the LIBOR. The cities and agencies are seeking damages for losses they say they suffered as a result of an artificially low rate, because they hold bonds and other investments whose value is pegged to LIBOR.

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