“Some firms were manipulating international interest rates in a way that cost the five corporates to lose millions of dollars. Just as we are doing in our other suits, we are seeking to hold responsible parties accountable for their actions,” NCUA Board Chairman Debbie Matz said.

The NCUA claims the bank defendants individually and collectively gave false information to benefit their investments that were tied to Libor, reduce their borrowing costs, deceive the marketplace as to the true state of their creditworthiness and deprive investors of interest rate payments.

In addition to the lawsuits, banks involved in scheme have been under investigation by authorities in the United States and the United Kingdom.

The investigating authorities have so far collected approximately $2.5 billion in penalties from three firms: UBS, the Royal Bank of Scotland and Barclays. More than 40 suits altogether have been filed.

The NCUA said it would apply any proceeds from the suit toward the corporate stabilization fund.