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Seven banks summoned by US regulators

Seven banks summoned by US regulators

Category: Banking

Updated: 16/08/2012
First Published: 16/08/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Libor scandal has taken a new turn as seven major banks are summoned by US regulators investigating alleged inter-bank rate fixing.

HSBC, Royal Bank of Scotland, Barclays, JP Morgan Chase, UBS, Citigroup and Deutsche Bank have all been issued subpoenas from the attorney generals of New York and Connecticut as US regulators assess whether other institutions were involved in manipulating Libor rates.

The banks will be required to provide documents and information to New York Attorney General Eric Schneiderman and Connecticut Attorney General George Jepsen, to determine whether they were involved in the scandal and whether criminal charges can be bought.

There had been speculation that more banks would receive summons to appear before the US regulators, although not necessarily all at the same time.

Barclays was fined a record £290 million by US and UK regulators in June for manipulating rates.

US regulators have since stepped up their investigation of the Libor scandal, in a bid to ascertain what other banks conspired with Barclays to fix rates.

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