Schwab Sues BofA and Other Banks Over Alleged Libor Manipulation
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Charles Schwab Corp., whose antitrust claims against banks over manipulation of the London interbank offered rate were tossed from federal court in New York, sued Bank of America Corp. and other financial institutions for fraud in state court in San Francisco.
Schwab alleged in a complaint filed April 29 that it and other company entities purchased billions of dollars in Libor-based instruments that are paying artificially low returns because the banks agreed to depress the rate.