US regulator sues 16 banks for alleged Libor rigging

The Libor rate is used to set trillions of dollars of financial contracts, including mortgages and financial transactions around the world. The regulator said the manipulation caused substantial losses to 38 US banks which were shut down during and after the 2008 financial crisis. The sued banks include Barclays, HSBC, Citigroup and Royal Bank of Scotland, the BBC reports. The British Bankers' Association (BBA) has also been sued by the regulator - the US Federal Deposit Insurance Corporation (FDIC). "BBA participated in the alleged scheme to protect the revenue stream it genera...