Update on the LIBOR class action by homeowners against the largest banks

Justice League

Remember this LIBOR class action case two years ago? From attorney John Walter Sharbrough law website:

Interest Rate Fixing
LIBOR Adjustable Rate Mortgage (ARM) Litigation

John W. Sharbrough, III, filed the first action on behalf of homeowners against the world’s largest banks for manipulating the London Interbank Offered Rate (“LIBOR”).  The LIBOR rate has been called the most important interest rate in the world.  The LIBOR index is used to set the interest rates on almost all adjustable rate mortgages and many other loans.

The banks charged with illegal manipulations include the following:

Bank of America Corporation
Barclays Bank, PLC
Citigroup Inc.
Citibank, N.A.
JPMorgan Chase & Co.
Chase Bank USA
Credit Suisse Group, AG
Deutsche Bank AG
Royal Bank of Canada
Royal Bank of Scotland

This case is pending in the United States District Court for the Southern District of New York.  The complaint…

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