Nine More Banks Subpoenaed Over LIBOR

According to unnamed sources cited by the Wall Street Journal, New York head prosecutor Eric Schneiderman and his opposite number in Connecticut, George Jepsen, have issued subpoenas to Lloyds Banking Group, Rabobank, Société Générale, West LB, Credit Suisse, Bank of America, Bank of Tokyo Mitsubishi UFJ, Royal Bank of Canada and Norinchukin Bank.

The investigation by the state prosecutors is part of a global probe, in which more than a dozen federal and other regulators across three continents are looking into allegations that several banks rigged Libor.

The development follows the seven subpoenas issued to Deutsche Bank, Barclays, JPMorgan Chase, RBS, HSBC, UBS and Citigroup in August this year by the same office, which is investigating the banks it suspects of rigging the benchmark interbank lending rate.

To read the full Wall Street Journal story click here.

Previously on monitordaily: House Panel Starts Reviewing Fed Documents on LIBOR, published October 16, 2012