Wednesday, June 26, 2013

UC Sues the Banks

From Bloomberg: Bank of America Corp. and Barclays Plc (BARC) are among more than a dozen banks sued by the Regents of the University of California over claims they manipulated the London Interbank Offered Rate.  The university system filed an antitrust complaint in federal court in San Francisco. It accuses the banks of fraud, deceit and unjust enrichment, among other claims, and it seeks unspecified damages for either paying inflated interest rates or receiving deflated interest rates on its Libor-linked investments. “The defendant Libor banks in this case engaged in illegal and improper conduct and engaged in a criminal conspiracy that caused harm to public entities and hundreds of millions of people around the world,” the University of California said in yesterday’s complaint..
Michael O’Looney, a spokesman for London-based Barclays, declined to comment on the lawsuit..[REALLY: That's his name!]  ...The case is Regents of the University of California v. Bank of America Corp. (BAC), 13-2921, U.S. District Court, Northern District of California (San Francisco)...  
Full story at:

For those who haven't lost their marbles, here is a little ditty to go with lawsuit:

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