Libor scandal affected hedge funds, businesses and investors across the countryAugust 28, 2012 2:50 pm Leave your thoughts
As previously reported by this blog, a major scandal in the financial industry today is the manipulation of the London Inter-Bank Offered Rate (Libor). Brian Murray is a lawyer that filed suit on behalf of plaintiffs in Alaska, Wyoming and a large number of other states in dispute of the Libor scandal. The Los Angeles Times reported on August 27 that court cases relating to this rate-fixing issue have been piling up all over the country.
Investors, hedge funds and cities are among the plaintiffs and the news source stated that trillions of dollars worth of products are connected to the financial scandal. Plaintiffs in Arizona hurt by the Libor dispute should consider speaking to Phoenix business lawyers who can provide the necessary legal help for this case.
Investors and banks may also have been cheated out of fair returns because the defendants allegedly manipulated the rates and kept them artificially low. Barclay, a leading banking company, decided to settle its alleged involvement in the case by providing American and British officials with $450 million. Other major banks have been reported to be under investigation for the Libor scandal.
"Politically something has to fundamentally change in the way that Libor is run," Owen Watkins, a former regulator at the UK Financial Services Authority and currently a lawyer at Lewis Silkin LLP in London, told Bloomberg. "The obvious way to change it is to have regulators more involved than they were in the past."
The Huffington Post reported that the banks involved in the alleged crime may end up paying a total of $88 billion in fines and settlements.
Arizona businesses or investors that were affected by the Libor scandal would be wise to speak with a business attorney in Phoenix for the necessary legal help in this endeavour.
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