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Connecticut AG Looks Into Libor Manipulation

If it turns out Connecticut lost money due to the false interest rates, restitution could be sought from the banks.

 

Connecticut’s attorney general, along with those in four other states, is probing the alleged Libor interest rate manipulation to see what kind of potential losses the states’ finances suffered.

According to Bloomberg Businessweek, Connecticut Attorney General George Jepsen is working with New York, while Florida, Maryland and Massachusetts are also investigating.

Barclays, along with other lenders, are accused of manipulating the London Interbank Offered Rate. The rate is used to determine interest rates throughout the world, and the lenders are accused of falsifying the rates in order to increase profits.

Bloomberg Businessweek reports:

Jaclyn Falkowski, a spokeswoman for Jepsen, said the states are investigating “with the goal of providing restitution to state agencies, municipalities, school districts and not-for-profit entities nationwide that may have been harmed by any illegal conduct.”

 

 

 

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