JPMorgan, UBS Said Among (7) Banks To Get N.Y. Libor Subpoenas

Source: Bloomberg

JPMorgan, UBS Said Among Banks To Get N.Y. Libor Subpoenas
By David McLaughlin - Aug 15, 2012 12:06 PM PT

JPMorgan Chase & Co. (JPM), Barclays Plc (BARC) and UBS AG (UBSN) are among seven banks subpoenaed in New York and Connecticut’s investigation into alleged manipulation of Libor, according to a person familiar with the matter and company filings.

Subpoenas were sent in recent weeks to Deutsche Bank, Royal Bank of Scotland Group Plc (RBS), and HSBC Holdings Plc (HSBA) in addition to Barclays and JPMorgan, said the person. Citigroup Inc. (C) and UBS received subpoenas earlier this year as part of the investigation.

New York Attorney General Eric Schneiderman and Connecticut Attorney General George Jepsen are jointly investigating alleged manipulation of the London interbank offered rate, or Libor, by lenders. RBS, UBS, Lloyds Banking Group Plc (LLOY) and Deutsche Bank are among the lenders regulators in Europe, Asia and the U.S. are investigating.

Confidence in Libor, a benchmark for financial products valued at $360 trillion worldwide, has been dented by Barclays’s admission that it submitted false rates. Robert Diamond resigned as Barclays’ chief executive officer after the bank was fined 290 million pounds ($454 million).

Read more: http://www.bloomberg.com/news/2012-08-15/jpmorgan-barclays-said-among-banks-to-get-libor-subpoenas.html