Banks sued over alleged aussie rate fixing

• Sixteen banks, including JPMorgan (NYSE:JPM), Citigroup (NYSE:C) and Morgan Stanley (NYSE:MS), are being sued by funds in the U.S. for allegedly manipulating a key Australian interest rate benchmark to generate hundreds of millions of dollars in illicit profits.
• The class action, claims they sought to fix the bank bill swap rate, the local equivalent of Libor, which is used to price floating-rate bonds and syndicated loans.