Berkshire Bank Sues Barclays, Citigroup Over Libor
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Berkshire Bank, a New York lender with 11 branches, sued 21 banks including Bank of America Corp., Barclays Plc and Citigroup Inc. for damages over the alleged manipulation of the London interbank offered rate.
Berkshire sought undisclosed compensation and punitive damages and the right to represent other lenders in a group lawsuit, or class action, in a July 25 filing in federal court in Manhattan. The lender claims in the suit that Libor fraud lowered interest payments it received.