The NCUA late Monday said it filed an antitrust lawsuit against 13 international banks involved in the Libor rate scandal.
The manipulation of Libor in 2007 and 2008 resulted in a loss of investment income at the five failed corporate credit unions, because they invested in Libor-indexed assets such as floating-rate securities and fixed-rate bonds with attached interest rate swaps.
Bank employees reported artificially low rates, which resulted in underpayment on the assets.
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