Massachusetts AG Investigating LIBOR Scandal Impact

Posted by Orb Staff on July 12, 2012 No Comments
Categories : Residential Mortgage

11969_marthacoakley Massachusetts AG Investigating LIBOR Scandal Impact The British scandal involving the manipulation of the London Interbank Offered Rate (LIBOR) has crossed the Atlantic and is now involving Massachusetts Attorney General Martha Coakley.

Reuters reports that Coakley's office has begun to investigate whether the LIBOR scandal had any impact on her state's economy. This follows last month's news that the British bank Barclays agreed to a $453 million settlement following charges that it manipulated LIBOR between 2005 and 2009. LIBOR is used for influencing interest rates on mortgages and other lending products.

‘Our office is aware of the allegations around the manipulation of the LIBOR, and we are working with other state agencies to determine whether Massachusetts has suffered any losses as a result,’ says a spokesperson for Coakley.

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