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General News 10/16/2012 at 12:22 AM EDT

Banks Sued by U.S. Homeowners Over Rigging of Libor Benchmark

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U.S. homeowners filed a lawsuit against 12 banks, including Barclays Bank Plc and JPMorgan Chase & Co. (JPM), claiming that manipulation of the benchmark Libor lending rate made their mortgage repayments more expensive. Traders at banks in Europe and North America such as UBS AG (UBSN), Bank of America Corp. and Royal Bank of Scotland Group Plc (RBS), "unjustly enriched themselves" by manipulating the rate, according to the complaint. That allowed them to increase the payments by homeowners on adjustable rate loans, boosting profit, according to the lawsuit.

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Sheila Samples is an Oklahoma writer and a former civilian US Army Public Information Officer. She is a Managing Editor for OpEd News, and a regular contributor for a variety of Internet sites.

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