UK banking giants face fresh LIBOR probe

Seven leading global banks, including Barclays, RBS and HSBC, have been issued with subpoenas by the state of New York over the alleged rigging of LIBOR.

New York attorney general Eric Schneiderman has sent subpoenas to Barclays, RBS, HSBC, JPMorgan Chase, Citigroup, UBS and Deutsche Bank, according to the Financial Times, Bloomberg and other agencies. The demand for documents and communications centres on whether banks colluded to fix interest rates determined by LIBOR, consequently damaging borrowers and investors. It follows separate probes from other regulators in the US, UK and other territories. The UK's Serious Fraud Office, for instance, said last month it is launching a criminal investigation into the alleged manipulation. ...