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LIBOR Litigation

Archived Page

NOTE: This page is no longer being updated! 

These materials were originally collected between September 2012 through August 2015. This page was created in to reorganize the materials for archival purposes, with some new content for context. However, as of February 2020, information on this Libguide is not being updated. 

Other Events

FOREX Market Manipulation

Separate from investigations into LIBOR manipulation, Swiss, British and American regulators also fined a number of large, global banks for rigging benchmarks utilized by fund managers to decide what to pay for foreign currency in the foreign exchange (forex) market.

News and analysis: NY Times: Big Banks Are Fined $4.25 Billion in Inquiry Into Currency-Rigging, BBC Six banks fined £2.6bn by regulators over forex failings, Shadowproof: Regulators Fine Banks for Rigging Foreign Exchange Benchmarks, Crooks and Liars: Big Banks Get Wrist-Slapped Over Currency Manipulation Charges, NY Times: 5 Big Banks Expected to Plead Guilty to Felony Charges, but Punishments May Be Tempered

People v. Wells Fargo & Co.

Wells Fargo was accused of opening accounts and charging fees to customers without proper authorization to meet high quotas. The City of Los Angeles filed a lawsuit in May 2015 (People v. Wells Fargo & Co., Cal. Super. Ct., No. BC580778). 

News: LA Times: After L.A. lawsuit, Wells Fargo customers express anger over bank’s practices, Bloomberg: Wells Fargo Accused by Los Angeles of Running Fee Machine