Homeowners Launch Class Action Suit Against Banks Over LIBOR Scandal

A class action suit that could involve up to 1,000 American homeowners has been launched against 12 of the world’s biggest banks; the homeowners allege that “Libor manipulation made mortgage repayments for thousands of Americans more expensive than they should have been.” Banks were caught manipulating the LIBOR — a key interest rate — earlier this year. An attorney for the homeowners says his clients lost “thousands of dollars each” due to the banks’ alleged malfeasance.