Solow sues banks for manipulating LIBOR

Continuing his penchant for legal battles, Sheldon Solow has sued a myriad of banks including Citigroup, JPMorgan Chase and Bank of America for alleged manipulations of the LIBOR rate that caused him to lose $100 million, Bloomberg News reported. In a complaint filed Wednesday, Solow-led 7 West 57th Street Realty Co. accused the banks of reporting false rates at which the banks themselves could borrow. These rates, reported to the British Bankers Association, helped lead to an “artificial” London Interbank Offered Rate (LIBOR) that affected trillions of dollars worth of transactions including bank loans and municipal bonds. [more]