Legal News

Class Action Suit Filed Against 12 Major Banks by Homeowners over Libor Manipulation
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

On Monday, the Financial Times reported that homeowners in New York have filed a class action suit against 12 major banks claiming that Libor manipulation made mortgage repayments costlier than they should have been under ordinary circumstances. While other class action suits have been brought against the banks concerning Libor manipulations by investors and municipalities, this is the first such class action brought by homeowners.

One of the lead plaintiffs in the lawsuit, Annie Bell Adams, is a pensioner who had her home repossessed as her subprime mortgage was securitized to Libor-based debt obligations, and then sold off by the banks to investors.

The lawsuit by the homeowners alleges that banks in North America and Europe manipulated the London interbank rate and made it higher on particular dates on which adjustable mortgage interest rates were reset. The Libor manipulations by banks led to homeowners paying more between 2000 and 2009 than they should have been paying. The defendants include Bank of America, UBS, and Barclays.

  
What
Where


The FT quoted the attorney of the class action saying that the plaintiffs could ultimately number more than 100,000 and most of them have lost thousands of dollars due to Libor manipulation by banks. Each of the plaintiffs claims to have lost thousands of dollars on mortgage repayments due to Libor manipulations.

Barclays was fined in June by regulatory authorities for manipulating the Libor interest rate system, while other banks continue to face probes.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!






 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Corporate, Mergers and Acquisitions and Securities Associate Attorney

USA-NY-New York City

New York City office of our client seeks corporate, mergers and acquisitions and securities associat...

Apply Now

Business Litigation Attorney

USA-CA-Santa Monica

Santa Monica office of our client seeks business litigation attorney with 1-3 years of experience. T...

Apply Now

Intellectual Property Litigation / Enforcement Associate Attorney

USA-CA-San Francisco

San Francisco office of our client seeks intellectual property litigation / enforcement associate at...

Apply Now

Health Industry Advisory Associate Attorney

USA-CA-Los Angeles

Los Angeles office of our client seeks health industry advisory associate attorney with 3-5 years of...

Apply Now

RELEVANT JOBS

Corporate Paralegal

USA-MA-Waltham

The Corporate Paralegal will assist the legal department in many facets of corporate law such as upd...

Apply now

Family Law Associate

USA-NY-New York City

Gorlick, Kravitz & Listhaus, PC. is seeking a general practice associate admitted in NY and NJ ...

Apply now

Office Technology Services Technician

USA-DC-Washington

We are looking for an Office Technology Services Technician to join our team.  Based in our Was...

Apply now

Associate - Mid-Level - GL Group

USA-NY-Valhalla

Defense firm seeking mid-level associate for Westchester office to fill General Liability position. ...

Apply now

SEARCH IN ARCHIVE

To Top