Regent University, California and San Diego Association of Governments filed a lawsuit Tuesday in federal court for more than 20 current and former financial institutions, accusing them of manipulating the London Interbank Offered Rate.
Namche Nishimura said Pitre law firm Cotchett, a partner at McCarthy working two proceedings, the lawsuit alleges deceptive benchmark London Interbank Offered Rate linked to economic losses.
"They are in collusion behind us, and with the consent of the other, they will lie, reporting at different rates," Nishimura said. "
"The cheated, hard-working taxpayers," Nishimura said. "" If they get a lower interest rate, they are getting less money than they should have, if they are involved with the instrument inflated interest rates, they may have been paying too much. "
According to the UC Regents complaints, financial institutions as "deliberately exaggerated in concert and underestimate its true cost of borrowing, resulting in the London Interbank Offered Rate anthropogenic they" harvest the hundreds of millions, if not billions of dollars in illegal proceeds. "
Nishimura said her company's customers to measure the damage suffered, it is too early.
The Cotchett filed a similar lawsuit on behalf of the East Bay Municipal Utility District, San Mateo County, San Mateo County Joint Power Financing Authority, City of Richmond, City of Riverside, Riverside Public Financing Authority and financial institutions against San Diego County in January.
Council of the University of California at San Francisco U.S. District Court. Association of San Diego area in the United States District Court in San Diego.
Two lawsuits alleged violation of U.S. and California antitrust laws, naming as defendants the following organizations:
Bank of America;
Bank of America;
Bank of Tokyo-Mitsubishi UFJ, Ltd.;
Barclays Bank;
Citigroup;
Citibank;
Cooperatieve central Raiffseisen Rabobank;
Credit Suisse Group AG;
Deutsche Bank (Deutsche Bank AG);
Banking Corporation Limited;
HSBC Holdings plc;
JPMorgan Chase & Co.;
JP Morgan Chase Bank;
Lloyds Banking Group;
HBOS Plc's;
Royal Bank of Canada;
Norinchukin;
Societe Generale SA;
Royal Bank of Scotland Group;
UBS (UBS AG);
AG Portigon;
Westdeutsche ImmobilienBank AG.
 



Other News:
UC Regents, San Diego governments launch LIBOR lawsuit
GM to invest $691M in 3 assembly plants in Mexico
Rousseff's referendum plan for Brazil runs into trouble
New Samsung tablets mimic Galaxy phones
EU agrees on bank-failure rules to avoid bailouts
Russia, U.S. fail to set up Syria peace talks
Kevin Rudd sworn in as Australian prime minister
GMP, 4 colleges collaborate on energy innovation