International banks sued by credit union regulator

|By:, SA News Editor

The National Credit Union Administration is suing JPMorgan (JPM), Credit Suisse (CS), UBS, Societe Generale (SCGLF.PK), Lloyds Banking Group (LYG), Royal Bank of Canada (RY), and several others on behalf of five failed credit unions.

According to the suit, the banks' alleged manipulation of LIBOR caused the defunct credit unions to receive "less in interest income than they were otherwise entitled to receive."