FDIC sues 16 banks for rigging Libor

|By:, SA News Editor

Acting as receiver for 38 failed lenders, the FDIC  claims banks sitting on the U.S. Libor panel "fraudulently and collusively suppressed" the rate.

Among those sued: BAC, BCS, C, CS, DB, HSBC, JPM, RBS, UBS. Also named as a defendant is the British Bankers Association.