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ARTICLE · 24 JULY 2012

LIBOR Rate-Fixing Scandal Deepens As Potential Plaintiffs Consider Legal Options

Perkins Coie LLP
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In the wake of the recent admissions by Barclays Bank PLC that its traders sought to manipulate the London Interbank Offered Rate ("LIBOR"), corporations and other investors are only now beginning to appreciate the magnitude of the scandal and to consider how it might impact their own investments.

United StatesFinance and Banking
Susan Foster
Susan Foster
George Fogg
George Fogg
David Taylor
David Taylor
Fred Rivera
Fred Rivera
Keith Miller
Keith Miller

In the wake of the recent admissions by Barclays Bank PLC that its traders sought to manipulate the London Interbank Offered Rate ("LIBOR"), corporations and other investors are only now beginning to appreciate the magnitude of the scandal and to consider how it might impact their own investments. To date, governmental investigators and private litigants have accused at least 12 international banks of manipulating, and in some instances colluding to set LIBOR rates. With the nominal value of derivative financial instruments alone estimated at $450 trillion, Robert Shapiro, former Under Secretary of Commerce for Economic Affairs in the Clinton administration has warned that "the LIBOR mess could be the biggest financial fraud in history."

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