Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Barclays PLC    BARC   GB0031348658

Delayed Quote. Delayed  - 07/26 05:35:16 pm
149 GBp   -1.32%
02:05a AT&T : Atalanta Sosnoff Capital, LLC Decreases Its Position in AT&T ..
12:48a BARCLAYS BANK P : Announces Reverse Split of Two iPath® Volatility E..
07/26 BARCLAYS : Awarded Gold Status for Support of Disabled Customers, Cl..
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

New York lender sues big banks over alleged Libor manipulation

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/30/2012 | 03:20pm CEST

A New York lender has sued a group of large banks on the panel that sets a key global interest rate, saying it was cheated out of interest income through alleged rate manipulation.

The lawsuit, filed last week in District Court in Manhattan, seeks class-action status on behalf of similar lenders.

Berkshire Bank, which is not connected to Warren Buffett's Berkshire Hathaway (>> Berkshire Hathaway Inc.), says borrowers were able to take advantage of artificially low interest rates because of the big banks' "unlawful suppression" of benchmark rates.

Defendants named in the suit include Bank of America Corp (>> Bank of America Corp), Barclays Plc (>> Barclays PLC), JPMorgan Chase & Co (>> JPMorgan Chase & Co.) and Citigroup Inc (>> Citigroup Inc.).

At least one other community bank has filed similar legal claims, a sign that the rate manipulation scandal is having a broad impact. The Community Bank & Trust of Sheboygan, Wisconsin, said in a lawsuit several months ago that alleged rate rigging had kept its interest margins artificially low. That lawsuit also is pending in District Court in Manhattan.

Berkshire Bank had $854 million in assets at the end of last year, according to its website. It has 10 branches in New York and one in New Jersey.

The reliability of the London interbank offered rate, or Libor, which underpins transactions worth trillions of dollars, has been rattled by the rate manipulation accusations. Libor is used to set interest rates on credit cards, student loans and mortgages.

Big banks already face an array of Libor lawsuits by some big investors and local governments. Bank defendants have said in court papers seeking dismissal of these lawsuits that plaintiffs have failed to show banks acted to restrict competition, even if rates were improperly stated.

Berkshire Bank said in court papers dated July 25 that a misrepresentation in the referenced U.S. dollar Libor rate on the date on which a loan resets will generally reduce the lender's interest income.

"It was not only foreseeable but obvious that by manipulating the rate of U.S. dollar Libor, defendants would impair the interest income received by plaintiff and other lenders providing U.S. dollar Libor-tied loans," Berkshire said.

The case is Berkshire Bank vs. Bank of America Corp and others, Case No. 12-5723, U.S. District Court, Southern District of New York.

(Reporting by Sakthi Prasad in Bangalore; Additional reporting by Jonathan Stempel in New York; Editing by Martha Graybow and Lisa Von Ahn)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on BARCLAYS PLC
02:05a AT&T : Atalanta Sosnoff Capital, LLC Decreases Its Position in AT&T Inc. (T)
12:48a BARCLAYS BANK PLC : Announces Reverse Split of Two iPath® Volatility ETNs
07/26 BARCLAYS : Awarded Gold Status for Support of Disabled Customers, Clients and Co..
07/26 BARCLAYS : ZSE daily turnover plunges to US$105, lowest in seven years - The Zim..
07/26 BARCLAYS : Islanders on a power play with barclays
07/26BARCLAYS PLC : half-yearly earnings release
07/26 BARCLAYS : Form 8.5 (EPT/NON-RI) – ARM HOLDINGS PLC Amendment
07/26 BARCLAYS : Form 8.5 (EPT/NON-RI) - ARM HOLDINGS PLC - BCI
07/26 BARCLAYS : Form 8.5 (EPT/NON-RI) - DEUTSCHE BOERSE AG - BCSL
07/26 BARCLAYS : Form 8.5 (EPT/NON-RI) - ANHEUSER-BUSCH INBEV SA/NV
More news
Sector news : Banks - NEC
03:36aDJDeloitte Resigns as 1MDB Auditor
07/26DJNew UniCredit CEO Shakes Up Bank's Top Ranks
07/26DJUNICREDIT : New Unicredit Chief Shakes Up Bank's Top Ranks
07/26 HSBC : Swiss to pass information on HSBC accounts to U.S. tax agency
07/26DJKEYCORP : Profit Falls on Merger-Related Expenses
More sector news : Banks - NEC
News from SeekingAlpha
07/25 The Future Of Wealth Management And Morgan Stanley's $28 Billion Opportunity
07/25 BREXIT : The Spark That Could Plunge The European Financial System Into Chaos
07/24 As Long As The Music Is Playing, Should You Keep Dancing?
07/22 The Netting Fairy
07/21 After Hours Gainers / Losers
Advertisement
Financials ( GBP)
Sales 2016 19 845 M
EBIT 2016 5 326 M
Net income 2016 1 267 M
Debt 2016 -
Yield 2016 1,99%
P/E ratio 2016 22,95
P/E ratio 2017 9,84
Capi. / Sales 2016 1,29x
Capi. / Sales 2017 1,21x
Capitalization 25 539 M
More Financials
Chart BARCLAYS PLC
Duration : Period :
Barclays PLC Technical Analysis Chart | BARC | GB0031348658 | 4-Traders
Full-screen chart
Technical analysis trends BARCLAYS PLC
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 25
Average target price 1,77  GBP
Spread / Average Target 17%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
James E. Staley Chief Executive Officer & Director
John McFarlane Non-Executive Chairman
Paul H. Compton Group Chief Operating Officer
Tushar Morzaria Group Finance Director & Executive Director
Reuben Jeffery Independent Non-Executive Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
BARCLAYS PLC-30.65%33 489
WELLS FARGO & CO-11.76%244 308
JPMORGAN CHASE & CO.-2.88%233 551
INDUSTRIAL AND COML BA..-6.33%222 242
CHINA CONSTRUCTION BAN..-12.98%173 029
BANK OF AMERICA CORP-13.67%147 607
More Results