BofA, Barclays sued over Libor, Standard Chartered comfortable

Standard Chartered Shanghai Towers

Bank of America and Barclays are among more than a dozen banks sued by the Regents of the University of California over claims they manipulated the London Interbank Offered Rate.

Bloomberg News reports that the university system filed an antitrust complaint in federal court in San Francisco.

It accuses the banks of fraud, deceit and unjust enrichment, among other claims, and it seeks unspecified damages for either paying inflated interest rates or receiving deflated interest rates on its Libor-linked investments.

'The defendant Libor banks in this case engaged in illegal and improper conduct and engaged in a criminal conspiracy that caused harm to public entities and hundreds of millions of people around the world', the University of California said in the complaint.

And Bloomberg also reports that Standard Chartered, the bank that generates more than three-quarters of its earnings in Asia, reiterated its forecast for profit in 2013 amid a rout in emerging markets.

The bank said in a statement Wednesday it’s 'comfortable' with analyst estimates for full-year operating profit. That’s about $8bn for 2013 compared with about $6.88bn in the year-earlier-period, Finance Director Richard Meddings told reporters on a call. Revenue growth in the first half will be in the 'low single-digit' range compared with the year-earlier period, the firm said in a statement.

BofA, Citi Sued by University of California Over Libor

Standard Chartered ‘Comfortable’ With Full-Year Estimates

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