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IOWA ATTORNEY GENERAL: Miller announces $68 million multistate settlement with UBS for manipulating interest rates

By Press release submission | Dec 26, 2018

Iowa Attorney General issued the following announcement on Dec. 21.

Iowa Attorney General Tom Miller announced a $68 million, 40-state settlement with UBS for fraudulent conduct involving the manipulation of LIBOR (the London Interbank Offered Rate). LIBOR is a benchmark interest rate that affects financial instruments worth trillions of dollars and has a far-reaching impact on global markets and consumers.

UBS is the fourth of several LIBOR-setting panel banks to resolve claims following investigation by state attorneys general. The attorneys general have collected $488 million in payments from UBS, Citibank, Deutsche Bank and Barclays, almost all of which will be distributed to state and local government entities and nonprofits.

“The banks’ manipulation of rates cost school districts and state and city governments millions of dollars,” Miller said.

Banks use LIBOR to set rates on credit card, mortgage, student loan and other transactions, and to determine the cost of borrowing from one another.

Original source can be found here.

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